5. (2014 April) Huffing and Puffing: How to Tax the Rich

“The greatest source of wealth is the ownership of land and yet it is only lightly taxed in the UK. The simplest way to change this would be to revalue council tax bands (we’re still on 1991 values) and add lots of new bands so people with expensive houses pay much more. Better still would be a land value tax, an annual tax on the underlying value of land owned (rather than the value of buildings that occupy it). This is a policy that has been recommended by economists from across the political spectrum, and could wholly replace current taxes like council tax and stamp duty. Done right, it would mean lower bills or equal bills for the vast majority of the population, and substantially increased taxation on the top 10%.”


Leave a Comment