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Wealth Taxes Are Pointless While Tax Havens Exist (novaramedia.com)

submitted 2 days ago by okwithmydecay@leminal.space to c/unitedkingdom@feddit.uk

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Over the past few years, wealth taxes have reentered public debate. Popular economists like Gary Stevenson, Grace Blakely and Faiza Shaheen, and now political leaders like Zack Polanski, argue that the UK must tax the richest more aggressively if it hopes to repair crumbling public services and address spiralling inequality. They’ve managed to persuade 68% of the public. But the wealth tax debate often misses a crucial problem. Wealth today does not simply sit inside national borders, waiting to be taxed. It moves; it hides.

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[–] HumanPenguin@feddit.uk 9 points 2 days ago (1 children)

The UK is one of the world's biggest tax heavens.

We just allow foreign property ownership to provide a tax heaven from other nations taxation.

The UK introducing a wealth tax on both UK wealth and foreign owned property. Would be the first step to ending tax heavens,

And as soon as the billionaires etc decide to move their wealth from property. Capital gains tax is assessed.

[–] l_isqof@lemmy.world 3 points 2 days ago* (last edited 2 days ago)

It's technically a tax haven, but for the UK tax dodger it is really a bit of heaven.

These territories have really taken the piss beyond belief, yet the public discourse has been dominated by Brexit and migration for 15 years.

It's what happens when a few clowns own all the media and real journalism is dead