{"id":217,"date":"2021-12-20T09:53:16","date_gmt":"2021-12-20T09:53:16","guid":{"rendered":"https:\/\/finconcile.com\/blogs\/?p=217"},"modified":"2022-01-04T08:48:34","modified_gmt":"2022-01-04T08:48:34","slug":"is-a-wealth-tax-the-answer-to-our-covid-fiscal-problems","status":"publish","type":"post","link":"https:\/\/finconcile.com\/blogs\/is-a-wealth-tax-the-answer-to-our-covid-fiscal-problems\/","title":{"rendered":"Is a wealth tax the answer to our Covid fiscal problems?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"217\" class=\"elementor elementor-217\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-868da30 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"868da30\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2183bf3\" data-id=\"2183bf3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f1efeca elementor-widget elementor-widget-heading\" data-id=\"f1efeca\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-large\">Wealth Tax The Answer To Our Covid Fiscal Problems<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-22d12f6b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"22d12f6b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4a9e6450\" data-id=\"4a9e6450\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2f21aacb elementor-widget elementor-widget-text-editor\" data-id=\"2f21aacb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.23.0 - 05-08-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<!-- wp:paragraph -->\n<p>Will a wealth tax be enough to solve Britain&#8217;s post-pandemic debt problem, or should we focus on reforming the taxes we presently levy?<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>These issues were discussed as CIOT returned to the Labour Party Conference in Brighton for the first of our party conference events, which was co-hosted with the Institute for Fiscal Studies (IFS).<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>The title A Wealth Tax to Pay for Covid? Our guest speakers, who were introduced by CIOT Director of Public Policy John Cullinane, were:<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Dame Angela Eagle, a member of the Treasury Select Committee in the House of Commons (who served as Exchequer Secretary to the Treasury from 2007 to 2009)<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>IFS&#8217;s Head of Tax, Helen Miller<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Arun Advani is a member of the Wealth Tax Commission and a professor at the University of Warwick.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>She proposed that rather than introducing a new wealth tax, the government should attempt to utilise current tax regimes for targeted reforms, mentioning capital gains and inheritance tax as examples.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list -->\n<ul><li>Because property and pensions account for three-quarters of all wealth, a broad wealth tax may potentially affect a wide range of people, depending on its form.<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul><li>The UK&#8217;s wealth distribution is unequal, which has been exacerbated by the epidemic.<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:list -->\n<ul><li>The cycle of riches. A person&#8217;s wealth may not reflect their route to future wealth if captured at a single point in time. Economists are afraid that as a result, people will be taxed for saving and developing their money as they advance through life.<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>According to Arun Advani, a wealth tax would need to be explicit about its goals to be properly developed and administered. Miller also suggested that, rather than imposing a new tax, the government could consider using the capital gains and inheritance taxes to implement targeted reforms.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Over five years, a 1% fee on the wealth of \u00a3500,000 would raise \u00a3260 billion. An annual wealth tax of between \u00a38 and \u00a310 billion might be raised. This is a better use of the tax system than the government&#8217;s proposed Social Care Levy.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Advani: Reducing wealth disparities would necessitate a mix of existing tax measures and an annual wealth tax imposition. John Cullinane: To balance the budget, reconstruct society, and make it more equal, it&#8217;s necessary to start thinking about the unimaginable.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>&#8216;That age is over,&#8217; Eagle added, despite the Prime Minister&#8217;s assurances that he is a low-tax politician. She reminded the gathering that the desire to develop a more wealthy and egalitarian society would define the UK&#8217;s next 20 to 30 years of politics.<br>Finconcile is an <strong><a href=\"https:\/\/www.finconcile.com\/management-accounts.php\">UK-based outsourcer<\/a><\/strong> and we facilitate all accounting and <strong><a href=\"https:\/\/www.finconcile.com\/\">payroll outsourcing services to accountants<\/a> <\/strong>helping them get along with the needs with profound accuracy.<\/p>\n<!-- \/wp:paragraph -->\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Wealth Tax The Answer To Our Covid Fiscal Problems Will a wealth tax be enough to solve Britain&#8217;s post-pandemic debt problem, or should we focus on<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":218,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[14],"tags":[3,27,35],"class_list":["post-217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-management-accounts","tag-payroll-outsourcing-for-accountants","tag-uk-based-outsourcer-2","tag-wealth-tax"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/posts\/217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/comments?post=217"}],"version-history":[{"count":5,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/posts\/217\/revisions"}],"predecessor-version":[{"id":393,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/posts\/217\/revisions\/393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/media\/218"}],"wp:attachment":[{"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/media?parent=217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/categories?post=217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finconcile.com\/blogs\/wp-json\/wp\/v2\/tags?post=217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}