Tax wealth, not work.
A 2% annual tax on net wealth above £10 million would leave 99.96% of people in the UK untouched. This journal tests that proposal against the evidence, one objection at a time.
Doesn't Capital Gains Tax Already Tax the Rich?
The charge is attached to an event. A shareholding that doubles and stays where it is meets no capital gains charge, so the honest version of the objection is about timing.
Could Payment Be Deferred Until an Asset Is Sold?
Deferral sounds like a loophole until you look at the interest. Norway prices the wait at its policy rate plus five points, and Britain already runs a ten-year instalment option in inheritance tax.
What About Founders Whose Shares Cannot Be Sold?
A founder cannot sell a fifth of a company to settle a tax bill. Norway defers for up to three years and charges interest; Spain exempts the holding altogether, and pays for that elsewhere.
By email
New articles, when they are published
One email per article. No tracking pixels. Unsubscribe from any email.