A wealth tax could raise billions of dollars for public services
Scottish Green Party finance spokesman Ross Greer said the case for a wealth tax was irrefutable and growing every day.
His comments came as The Sunday Times published its annual rich list, showing that Britain's 350 richest people own assets worth more than £795 billion.
Research by the Tax Justice Network has found that a wealth tax of 1% per year on net worths over £10 million could raise around £10 billion a year, while only affecting the richest 0.4% of the population.
“It's astonishing that such vast and spectacular wealth is controlled by so few people,” Greer said.
“Nobody needs more money than they can spend in 100 lifetimes, and some of the ways in which that money was made were highly questionable. The usual characters were the bloated rich, predatory asset strippers and corporate fraudsters who gained their wealth from the suffering of people who have much less and the exploitation of the planet.
“At the same time, households and families across our country are struggling with a cost of living crisis, forcing them to go without basic necessities.
“The UK has more than enough money to ensure everyone grows warm and safe – but much of it goes into the hands of the ridiculously wealthy few, rather than to the people who need it most. The need for a wealth tax is clear and grows by the day.”
“The Scottish Greens have ensured that Scotland has the fairest and most progressive tax system in the UK. By asking those on the highest incomes to pay a little more, we have provided an extra £1.5 billion every year for the services we all rely on, like schools and the NHS.”
“Taxing income fairly is important, but the vast majority of the money the super-rich save each year goes untaxed, which is why it's so important we take steps to tax their entire wealth. Unfortunately, the most significant powers and tools are in the hands of a billionaire chancellor who acts only in the interests of his banker friends and wealthy donors.”
“In the years to come, people will look back in horror at this grotesque excess and greed, and ask how it got so out of control. I hope we can tell people what we've done to address the problem, and how a fairer, more progressive tax system has played a role in building a fairer, greener and better society.”
