Wes Streeting pledges 'wealth tax that works'
Wes Streeting has proposed a new wealth tax aimed at reforming capital gains tax as part of his bid for the Labour leadership. He believes equalizing capital gains tax with income tax could generate significant revenue while addressing perceived inequities in the current system. Streeting's proposal includes lower rates for genuine entrepreneurs and closing loopholes that allow income to be disguised as capital gains.
- ▪Wes Streeting is advocating for a wealth tax that equalizes capital gains tax with income tax.
- ▪He estimates that this reform could raise £12 billion annually.
- ▪Streeting's policy aims to address an unfair tax system and support genuine entrepreneurs.
Opening excerpt (first ~120 words) tap to expand
Wes Streeting pledges 'wealth tax that works'Just nowShareSaveAdd as preferred on GoogleJoshua NevettPolitical reporterBBCWes Streeting is proposing reforms to capital gains taxFormer Health Secretary Wes Streeting has backed the introduction of a "wealth tax that works", as part of his pitch for the Labour leadership.Streeting is proposing equalising capital gains tax with income tax, in a reform he estimates could raise £12bn a year.He said the change would address an unfair system that was "penalising work", while encouraging investment by offering lower rates of capital gains tax to "genuine" entrepreneurs.Streeting set out the policy on the BBC's Political Thinking podcast, in his first in-depth broadcast interview following his resignation as health secretary last week.He quit the…
Excerpt limited to ~120 words for fair-use compliance. The full article is at BBC News — UK.
Discussion
0 commentsMore from BBC News — UK
