The New Statesman | UK politics and culture Why aren't we getting a wealth tax?
9 snips
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.
AI Snips
Chapters
Transcript
Episode notes
Wealth Tax Challenges
- Wealth taxes, while attractive in theory, have proven difficult to implement effectively.
- They often fail to generate substantial revenue due to the ease with which the wealthy can move and hide assets.
Targeted Wealth Tax
- A targeted wealth tax on a small group of ultra-wealthy individuals, with full market valuations of their assets, is theoretically possible.
- This approach might be more effective as a small tax bill increase for the wealthy isn't worth moving abroad.
Millionaire Exodus Myth?
- The claim of a "millionaire exodus" due to Labour's policies is disputed, with evidence suggesting the numbers are inflated.
- A company providing migration services to the rich supplied the figures, making their objectivity questionable.