We voted to:
Support a Wealth Tax
Points considered in the debate include:
For a Wealth Tax:
For the wealthiest individuals, income tax and death duty are too easy to avoid and have become ‘optional’.
To redistribute wealth, it is essential to tax it directly.
Against a Wealth Tax:
A wealth tax will hit many, such as pensioners and others who are ‘asset rich but income poor’.
There is widespread social acceptance that income should be taxed, but taxing growing wealth is not widely accepted and will lose votes.
Rather than focus on taxation we should make sure wages and pensions rise in relation to profits.