We’re calling on the UK Government to introduce wealth taxes – taxes on unearned income such as investments, rents and inheritances – at an equal level to taxes on work.
At Church Action for Tax Justice, we want to see a society that reflects the values of fairness and compassion. So we’re calling for a tax system that helps the poorest, and enables the wealthy to contribute a fairer share to society. This must include wealth taxes.
In the UK there have been clear winners and losers from the Covid-19 pandemic: whilst many households are struggling, the richest amongst us have benefitted significantly. Our society has become much more unequal, and our tax system makes it worse, favouring the wealthy and harming the poorest. If your income comes from shares, property or other valuable assets, you pay a much lower rate of tax than if you do from working. Taxes fall disproportionately on the poorest in society, letting the rich hold onto a far greater share of their wealth – and even increase it. Wealth taxes would help to redress this whilst raising valuable revenue to pay for public services.