socialmedian: Pressure builds for radical reform of tax system to tackle wealth inequality

Add News Flash

User-submitted headlines for this story

Clips

Pressure builds for radical reform of tax system to tackle wealth inequality

Source: guardian.co.uk Society

Nov 08, 2009

Summary

Levy on homes and high pay inquiry considered as wealth gap widens

A fierce debate within the government on how to tackle entrenched wealth inequality – possibly through a high pay commission or a tax on assets – is to be ignited by a report ordered by Harriet Harman, the Labour deputy leader and the minister responsible for equalities.

The report is due to be published in January. Early drafts seen by ministers say wealth inequality has deepened, with the rungs on the ladder having grown further apart, reducing social mobility. It is also expected to underline the degree to which access to pensions and housing play a crucial role in entrenching inequalities in wealth and income.

Harman sees the report, which has been commissioned from a team of academics chaired by Professor John Hills, as a political opportunity for Labour to frame a progressive debate on inequality before the election.

Downing Street and the Treasury would be opposed to a new wealth tax, but there may be pressure for a tougher capital gains tax on main homes, or widening council tax bands. It

...Read the full article

Comments (0)

Add Your Comment