REFNATION
EconomyEnded 21 Jul

Should the UK tax wealth not work for assets over 10 million in value and reduce tax on income?

Yes 60%No 40%113 votes cast

Campaigners including Tax Justice UK propose an annual wealth tax of around 2% on net assets above £10 million, which would affect roughly 0.4% of the population and could raise up to £24 billion a year. This comes amid stagnant economic growth of 0.1% and discussions of further tax rises, with Andy Burnham recently refusing to rule out a wealth tax. The UK currently taxes earned income, capital gains and inheritance but has no annual levy on total net wealth.

Jump to opinions· 4

The chamber's instinct was less about soaking the rich for its own sake than about rebalancing the tax system itself, with three in five voters endorsing a levy on assets over £10 million paired with lower tax on earnings — a verdict that reads as a judgment on what gets taxed, not just how much.

The age pattern is the tell. Voters in their late fifties and early sixties, the group most likely to have built up housing equity or a pension pot without ever crossing the £10 million threshold, split against the idea, while both the youngest cohort and the over-65s backed it strongly — suggesting the coalition for a wealth tax runs from those who feel priced out by asset-rich elders to older voters confident the threshold would never touch them, with only the pre-retirement middle uneasy about where a "wealth tax" might one day land.

The result lands squarely on the fault line Andy Burnham reopened by refusing to rule a wealth tax out: a Treasury raising taxes against 0.1% growth, an economy that taxes salaries harder than inherited or passive fortunes, and a public increasingly asked whether that trade-off still makes sense.

That argument was made most sharply by the floor's top Yes voice, Mark, who called it "insane" that "we pay more tax if we go out to work than if we send our money out to work for us." The most-respected No case, from osiris, warned the policy would drive capital and business away, asking "why run your business from uk only to be robbed of 2pc a year, 1/5 of your business stolen in a decade."

Britain's tax base is only 0.4% wealthy enough to feel this directly, but the vote suggests plenty of the other 99.6% have already decided whose turn it is to pay more.

At the moment we pay more tax if we go out to work than if we send our money out to work for us. That is insane.

YES case · Mark · 1 respect

Why would you invest in England and loose 2pc a year, compared to other countries? Why run your business from uk only to be robbed of 2pc a year, 1/5 of your business stolen in a decade.

NO case · osiris · 3 respects

LeftCentreRight
60%
Yes · 68 votes
40%
No · 45 votes
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Debate

4 Opinions

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The Market-State Traditionalist
Voted noRight lean

Define assets - a London penthouse? A fancy car? A stake in a business? A bank account? A pension fund?

CJB1970· 430
The Armoured Care Traditionalist
Voted noRight lean

Wealth has been earned through work and has already been taxed, either through income tax or CGT on dividends or profits. When you draw down on invested wealth you pay CGT again. If you pass it on to your children it's taxed again at 40%. Just how many times should earned money be taxed? The cumulative rate is 90% as it is. A further wealth tax will just reduce investment and entrepreneurship, stifle growth and drive the biggest taxpayers away. It's a regressive policy.

osiris· 653
The Contender
Voted noRight lean

Why would you invest in England and loose 2pc a year, compared to other countries? Why run your business from uk only to be robbed of 2pc a year, 1/5 of your business stolen in a decade.

Mark· 300
The Border-State Social Democrat
Voted yesRight lean

At the moment we pay more tax if we go out to work than if we send our money out to work for us. That is insane.