Every year, Forbes releases its list of billionaires, shedding light on the extraordinary levels of wealth concentrated in the hands of just a few thousand people (Taylor Swift among 141 new billionaires in ‘great year for rich people,’ April 2). This level of prosperity is unlike anything we have ever seen before.
The world lurches from crisis to crisis. There is an urgent need to decarbonise the economy and it is imperative to improve public services and healthcare, both here in Britain and globally. Taxes on wealth are an essential tool to raise revenue to invest in healthcare and tackle climate change, as well as reduce inequality.
In Great Britain, a wealth tax applies to the very rich could generate up to £22 billion a year. This would pay for the salaries of 276,000 nurses and double dental financing in Englandwith change left.
Reforming the tax system is the smart solution to meet the challenges of our time. Both sides must open their eyes to sensible choices to revive Britain. Maybe then we can have a great year for everyone, not just the richest.
Robert Palmer
Executive Director, Tax Justice UK