Great article. The shift in what is considered "thinkable" is a really interesting point. We are seeing this exact friction play out with the Makerfield campaign and the wider Labour leadership conversation. The political appetite for wealth taxation is clearly moving mainstream, but as you rightly point out, the fiscal mechanics and behavioral realities (like HMRC's own estimates on CGT hikes losing revenue over time) mean the arithmetic remains incredibly tough.
Tax expert Dan Bridle questions the effectiveness of a wealth tax and suggests changes th capital gains tax and inheritance tax instead. He also proposes a modern property tax to replace council tax and stamp duty.
Wealth tax is inherently difficult to assess. And even more difficult to police. It’s a very involved and costly exercise. And because if that is deemed to be a non starter.
But you’re so right. The penny had began to drop with people that the inequality of the rich over the poor is becoming too wide.
But everyone isn’t thinking straight. It’s not a wealth tax that’s the answer. It’s SPENDING that’s needed. And you can’t spend stuff. And the inland revenue needs to be paid in money.
No the system we have is a greed based ‘we want our cake and eat it’. That is we want lots of money to spend but also lots of money to keep.
As we start to worry about the economy it becomes clear money doesent get spent. In fact it gets hoarded. Kept unspent. This hiatus causes the rest who are waiting to be paid to be devoid of that money. And do you get the haves and the have nots.
The haves have the money and the have nots don’t. They are waiting for it. And the longer the worse it gets. This leads to borrowing. And now our governments borrow too!
It’s commerce and monetary net that triggers all taxes! Even income tax is triggered by the SPENDING of an employer on the wages of his employee!
So all taxes us triggered by SPENDING and do when commerce and the economy flows insufficient turnover means inadequate and insufficient tax take. So there is the problem Zoe.
We need more money that’s already out there to be SPENT so more taxed can be triggered thus growing the economy to finally pay our governments way.
We can have a surplus each month so we don’t need gilt sakes at all!
Tax doesent bring in very much. One tax a year is pretty poor. But much tax from much more increased SPENDING brings in loads of money!
So no Zoe. It’s not a wealth tax we need. We need all those with loads of money that’s already hitherto fail to spend it back to start to?…. SPEND it all back! That tsunami of SPENDING van raise do much from vat alone we won’t need any other taxes! None!! Just vat.
So we get more tax money from less taxes and taxation just by spending the money we’ve already given to them!
We all spend our money each month. Found clothing heat light water mortgage rent loans you name it we spread everything.
It’s the mega rich who have their cake and eat it who will have to sacrifice their SPENDING. But they get equal in return! Tax just takes. Spending it gets the reward of money. It’s fair!
What’s unfair is a system that allows people to earn obscene amounts of money and refuse the. To spend it back in a fair exchange.
I’m all for earning as much as we can! I’m no communist. But unless it’s SPENT back how on earth can the rotation or cycle continue? It can’t. And it won’t unless we realise you can’t keep money. You have to keep spending it to continue passing it back once received.
Great article. The shift in what is considered "thinkable" is a really interesting point. We are seeing this exact friction play out with the Makerfield campaign and the wider Labour leadership conversation. The political appetite for wealth taxation is clearly moving mainstream, but as you rightly point out, the fiscal mechanics and behavioral realities (like HMRC's own estimates on CGT hikes losing revenue over time) mean the arithmetic remains incredibly tough.
Tax expert Dan Bridle questions the effectiveness of a wealth tax and suggests changes th capital gains tax and inheritance tax instead. He also proposes a modern property tax to replace council tax and stamp duty.
https://taxpolicy.org.uk/2025/07/22/uk-wealth-tax-anti-growth/
Dan Neidle!
Great point of view Zoe.
Wealth tax is inherently difficult to assess. And even more difficult to police. It’s a very involved and costly exercise. And because if that is deemed to be a non starter.
But you’re so right. The penny had began to drop with people that the inequality of the rich over the poor is becoming too wide.
But everyone isn’t thinking straight. It’s not a wealth tax that’s the answer. It’s SPENDING that’s needed. And you can’t spend stuff. And the inland revenue needs to be paid in money.
No the system we have is a greed based ‘we want our cake and eat it’. That is we want lots of money to spend but also lots of money to keep.
As we start to worry about the economy it becomes clear money doesent get spent. In fact it gets hoarded. Kept unspent. This hiatus causes the rest who are waiting to be paid to be devoid of that money. And do you get the haves and the have nots.
The haves have the money and the have nots don’t. They are waiting for it. And the longer the worse it gets. This leads to borrowing. And now our governments borrow too!
It’s commerce and monetary net that triggers all taxes! Even income tax is triggered by the SPENDING of an employer on the wages of his employee!
So all taxes us triggered by SPENDING and do when commerce and the economy flows insufficient turnover means inadequate and insufficient tax take. So there is the problem Zoe.
We need more money that’s already out there to be SPENT so more taxed can be triggered thus growing the economy to finally pay our governments way.
We can have a surplus each month so we don’t need gilt sakes at all!
Tax doesent bring in very much. One tax a year is pretty poor. But much tax from much more increased SPENDING brings in loads of money!
So no Zoe. It’s not a wealth tax we need. We need all those with loads of money that’s already hitherto fail to spend it back to start to?…. SPEND it all back! That tsunami of SPENDING van raise do much from vat alone we won’t need any other taxes! None!! Just vat.
So we get more tax money from less taxes and taxation just by spending the money we’ve already given to them!
We all spend our money each month. Found clothing heat light water mortgage rent loans you name it we spread everything.
It’s the mega rich who have their cake and eat it who will have to sacrifice their SPENDING. But they get equal in return! Tax just takes. Spending it gets the reward of money. It’s fair!
What’s unfair is a system that allows people to earn obscene amounts of money and refuse the. To spend it back in a fair exchange.
I’m all for earning as much as we can! I’m no communist. But unless it’s SPENT back how on earth can the rotation or cycle continue? It can’t. And it won’t unless we realise you can’t keep money. You have to keep spending it to continue passing it back once received.