The New Statesman | UK politics and culture
Why aren't we getting a wealth tax?
Mar 28, 2025
Will Dunn, the Business editor for the New Statesman, joins Rachel Cunliffe and Andrew Marr to dissect the complexities of a proposed wealth tax in the UK. They discuss the challenges of accurately assessing wealth and the fear of the super-rich fleeing the country. Dunn suggests that reforms to existing tax structures might be more effective in tackling wealth inequality. The conversation also touches on unintended consequences of tax policies and highlights the chaos of politicians' reliance on disappearing message apps, blending humor with serious implications.
21:51
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Quick takeaways
- The skepticism around a wealth tax stems from concerns about its revenue generation and the ability of the wealthy to evade taxation.
- Addressing council tax reforms could provide a more equitable solution to wealth distribution without the complications of implementing a new wealth tax framework.
Deep dives
Challenges of Implementing a Wealth Tax
The discussion around a potential wealth tax highlights significant challenges and skepticism regarding its effectiveness. Many doubt that such a tax could generate substantial revenue due to historical failures in other countries, where implementation has been difficult and often resulted in minimal financial return. Arguments suggest that affluent individuals have sophisticated means to hide and transfer their wealth, complicating any attempt to tax their assets effectively. The political ramifications also pose a concern, as there is fear that introducing a wealth tax could deter investment and lead to an exit of wealthy individuals from the country.
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