Get behind a wealth tax, millionaire urges Lib Dems


The Lib Dems fought the last election on a manifesto pledge to raise capital gains tax and reverse Tory cuts to the levy on banks.

The party has since expressed an interest in getting the very wealthy to pay more in inheritance tax, whilst attempting to lessen the impact of the levy on those inheriting modest amounts via family homes.

The precise stance it takes on taxation ahead of the next general election, however, is not yet clear.

The party recently set up a working group to take evidence from experts on what its broad economic position should be.

Speaking at the fringe event, Lib Dem MP Bobby Dean cautioned that major tax announcements would normally be expected in the run-up to the next general election, so it “makes more sense as a package” to voters.

But he added that the party was already starting to think about how it could build on the policies it adopted at the last election.

Key to building support for additional wealth taxation, he argued, would be to link it more strongly to overall economic performance, describing the current tax system as “messy”, with incentives “all over the place”.

Also speaking at the event, Andrew George, another Lib Dem MP, said the issue would present a particular issue for his party, whose core vote had “certainly moved up the class ranking” in recent years.

He added that the issue of a wealth tax had almost become “taboo” – and the party should think about eschewing the term “wealth tax”.

“Maybe we need to use a different term, but the fact is this nut does need to be cracked, because we cannot allow inequality to continue widening,” he added.


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