Today in Focus Is it time for a wealth tax on the super-rich?
Jul 10, 2025
Dale Vince, a millionaire businessman and founder of Ecotricity, advocates for a wealth tax on the ultra-rich, arguing it's time for the wealthy to contribute more to public finances. Arun Advani, an economics professor, explains how implementing such a tax could enhance social equity and government revenue. They discuss the complexities of wealth taxation, challenges of assessing assets, and the moral imperative to address economic disparities. The conversation touches on the contrast between tax rates for wage earners and wealth holders, advocating for fairer tax reforms.
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Potential Revenue From Wealth Tax
- A 2% wealth tax on assets above £10 million could raise £10 to £11 billion annually.
- This amount is significant compared to government savings targets from welfare reforms.
Dale Vince's Homelessness Experience
- Dale Vince experienced homelessness and lived on the road for 10 years before becoming a wealthy entrepreneur.
- His past hardships fuel his empathy and drive to advocate for a wealth tax to reduce inequality.
Millionaires Supporting Wealth Tax
- Some millionaires organize as 'Patriotic Millionaires' to campaign for higher taxes on the rich.
- They see paying more tax as a moral duty to reduce inequality and improve social justice.