Wealth Transfer – bottom to top

Wealth Transfer – bottom to top

The richest 1,000 people in the United Kingdom have more wealth (£576 billion) than the poorest 40% of households (£496 billion).  In 2016 they saw their wealth increase by a staggering £28.508 billion.  The entire budget of the Department of Transport was £29 billion and Department of Personal Social Care was £30 billion.   Property, Interest & Dividends are the main sources of unearned incomes.

Equality Trust – Wealth Tracker 2016

Institute of Fiscal Studies: The Distribution of Household wealth in the UK


Wealth Taxation for the UK – Tax Justice.

As stated by Richard Murphy at Tax Research  “There are wide range of reasons for charging additional tax on those with wealth or income from investments. These include:

  • Ending the prejudice within the tax system against those who work for a living;
  • Ending the incentive to avoid tax that so many people who use limited companies to offer their services, often in competition with those on PAYE, exploit at present;
  • Increasing the effective rate of tax for those on higher incomes so that we have a more progressive tax system as moves towards income equality demands;
  • Ensuring that those with the greatest capacity to pay do so;
  • Tackling the wealth gap;
  • Providing the resources required to provide public services to those most in need in our communities.


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