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.
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.