What is the suggested wealth tax?

I agree with Richard Murphy on wealth tax.

For those not familiar with what he says, I suggest watching this:

www.youtube.com/watch?v=vJRdnaJpWl8

Maybe we could then have a sensible discussion about the points he raises. Would they be a good idea? Or wouldn't they? Why/why not?

Hopefully we will be able to see many more of those with views in this area on these threads and get a real cross section of views we can discuss.

I await this 'discussion' with great interest.

While the establishment persists in following economic theory Thatcher espoused, which is the complete antipathy of the Keynesian policies which enabled the post WW2 economy which you applaud here, there will be no change in inevitable acquisition of the UK's 'wealth' by the wealthy.

Anything moving us away from oligarchic capitalism would be good.

My post above was in answer to MaizieD Sat 26-Jul-25 11:42:54

I'm not interested Maizie as you must, by now, be aware. Richard Murphy has a very effective advocate in you and as a critic of others Murphy seems to be able to take on the censorship of anyone he sees encroaching on his view of the his truth, loudly and often.

Hopefully we will be able to see many more of those with views in this area on these threads and get a real cross section of views we can discuss. At least we've started. I'm sure Richard Murphy has the best champion he could ask for in you.

Such a tax could pull our economy back towards the mixed economy established after the war which meant many more people were decently housed, (not instantly so people did complain as they would now), many more got a good education and the opportunities that went with it (also not perfect but a huge step forward) and, of course, the NHS was born.

While the establishment persists in following economic theory Thatcher espoused, which is the complete antipathy of the Keynesian policies which enabled the post WW2 economy which you applaud here, there will be no change in inevitable acquisition of the UK's 'wealth' by the wealthy.

How about addressing the problems inherent in this 'wealth tax', PN?

And what do you think of the proposals in the Taxing Wealth Report?

For anyone who might be interested, Professor Murphy is running a You Tube series on 'wealth'. This is his current video and there are links to the ones he has already posted in his blog post.

www.taxresearch.org.uk/Blog/2025/07/26/wealth-series-7-the-real-cost-of-flaunting-it/

Usedtobeblonde

Thank you PoliticsNerd for researching and answering my question.
Really very few people affected then.

Yes, but these are the people who have ultimately benefited from some right-wing policies seemingly intended to help those in need.

Such a tax could pull our economy back towards the mixed economy established after the war which meant many more people were decently housed, (not instantly so people did complain as they would now), many more got a good education and the opportunities that went with it (also not perfect but a huge step forward) and, of course, the NHS was born.

Just from a personal point of view Maisie, some forms of communication still discriminate. The use solely of the internet or solely of the written word both do that. However, the internet interviews can and are reported in print and some printed documents can be accessed over the internet with more now having an audio version available.

Things are moving forward but perhaps not fast enough for some.

Thank you PoliticsNerd for researching and answering my question.
Really very few people affected then.

Does someone have to be on You Tube before anyone takes any notice of what they’re saying? (*MaizieD*)

Quite possibly. As of the latest available data (up to October 2023), approximately 70-75% of the UK public now get their news from the internet. This includes news accessed via websites, social media platforms, and news apps.

Many of the live appearances are now, thankfully, available to a much bigger audience via YouTube and other sources. It also works in reverse. Alistair Campbell and Rory Stewart now garner huge audiences for their live tours, but they have built that up via the Internet.

I did actually say that others were suggesting a wealth tax Maizie.

While I was looking for the answer to usedtobeblonde's question, I found this:

"However, some Labour MPs have instead proposed an annual 2pc wealth tax on assets exceeding £10m, claiming it would raise £24bn a year."

Usedtobeblonde This will not be exact (more caveats!) but AI's best guess is:

- Estimate of high-net-worth individuals (HNWIs) assuming about 20,000 individuals have wealth above £10 million.

- Total UK taxpayers: Approximately 32 million.

- Percentage of taxpayers with wealth > £10 million:

20,000/32,000,000×100≈0.0625%

Therefore, roughly 0.06% of UK taxpayers would be directly affected by a 1% wealth tax on wealth above £10 million.

PoliticsNerd

There are others talking about a wealth tax and it would be interesting to know what they are suggesting, and if others have a defined policy.

Does someone have to be on You Tube before anyone takes any notice of what they’re saying?

I have linked to this comprehensive report, which proposes a number of straightforward ways that wealth could be taxed, several times but you, PN, have never shown the slightest interest in it. Which, in the light of what you say in your post, that it would be interesting to know what others are suggesting, is rather annoying.

taxingwealth.uk/wp-content/uploads/2024/04/Taxing-Wealth-Report-2024-Shorter.pdf

FWIW, Gary is not the only person proposing a ‘wealth tax’, Neil Kinnock recently suggested a 2% tax levied on ‘wealth’ of more than £10 million, perhaps Gary is running with that idea.
There are also people who are keen on the idea of a land value tax, on the grounds that land can’t be hidden away.

As far as I can see there are problems with both these proposals. Making the initial assessment would be difficult because the actual ownership of the assets which comprise the ‘wealth’ would have to be established, then they would have to be valued. How would something such as shares be valued for the purpose if taxation when their ‘value’ can change from day to day?

Land is problematic in both those areas, too, establishing ownership and establishing value. These assessments could be very expensive and so diminish the worth if the tax collected.

I think the idea of taxing the means of the accumulation of wealth is more straightforward because the information on the wealth being acquired is already available, it just needs to be taxed more progressively.

I think it

When I first brought the wealth tax up on here suprisingly many gransnettters were concerned.

First caveat: this hasn't happened yet nor does the government seem interested (but who knows what is being discussed in the coridors of power ).

Second caveat: there will be shouting about people leaving the country if a wealth tax is brought in. Just remember, if the assets are here they can be taxed. The person can be here or elsewhere - their choice.

As far as I can see no one supporting a wealth tax - however structured - is suggesting further taxation for workers or taxation of small (relatively) savings/investments.

That has given me a laugh or at least a wry smile.
I wonder what percentage of the population will be affected by that.

There are others talking about a wealth tax and it would be interesting to know what they are suggesting, and if others have a defined policy.

Me too - not worried.

Phew, we’ll be all right, then. 🙂

I know I have nothing to worry about, yet I have always paid my taxes...