There was an item on Channel 4 News last night which examined the cost of pay settlements - the 'experts' brought in to discuss the matter talked about the part that income tax could play but neither they nor the Channel 4 presenter referenced the elephant in the room - WEALTH TAXES.
|Wealth Taxes for a more just society|
Here is a the latest newsletter I received from Tax Justice.UK:
In a world struggling with a cost of living crisis, recent research by Oxfam and ActionAid has shed light on a shocking reality.
In 2021 and 2022 the world's 722 largest companies reaped windfall profits totaling a staggering $1 trillion annually.
It couldn't be clearer that tackling the cost of living crisis requires a bold approach. This has to include higher taxes on both companies and the wealthy.
The cost of living crisis affects ordinary individuals and families who struggle to makeends meet, as prices soar for essential goods and services while wages struggle to keep pace.
Meanwhile, wealthy corporations have seen their profits skyrocket during these challenging times. This discrepancy highlights the urgent need for systemic change.
This new research serves as a wake-up call, urging governments and policymakers to reassess the current way of doing things. By implementing higher taxes on wealthy companies, we can ensure that corporations contribute their fair share towards public services like the NHS. These windfall profits should be channeled back into society, supporting those who are most vulnerable and struggling to cope with the increasing cost of living.
It is also vital to address wealth inequality. By increasing taxes on wealth, governments can start to bridge the gap between rich and poor. Money can be put into struggling public services, including the NHS, schools and housing. By actively working to level the playing field, we can create a more just and equitable society.
Unison backs a wealth tax
We aren’t alone in calling on MPs to take a different course of action. Appearing on BBC’s Politics Live this week the boss of the UK’s biggest union, UNISON, said it was time politicians looked at “how we tax wealth in this country, not just pay.”
Meanwhile, multimillionaire film director Richard Curtis, creator of Notting Hill and Four Weddings and a Funeral, joined the call for higher taxes on wealth in a BBC Radio 4 interview yesterday.
From Hollywood to the heart of the trade union movement, there’s agreement that we need wealth tax reform.
I couldn’t agree more!
I think those details and ideas are well worth sharing - a trillion is a million million which reads, in pounds, £1,000,000,000,000. In the last two years, 722 companies have reaped windfall profits to that value. Why aren't the Opposition Parties in Parliament demanding wealth taxes to finance redistribution through national investment in infrastructure and essential services such as the NHS and education? The neoliberal Tories in power will never take this path.