A one-off wealth tax on millionaire couples paid at 1% a year for five years would raise £260 billion, according to the final report of the Wealth Tax Commission.
The Commission recommends that if the government chooses to raise taxes as part of its response to the Covid-19 crisis, it should implement a one-off wealth tax in preference to increasing taxes on work or spending.
The report follows intensive research by a team of over fifty international experts on tax policy and practice. The three Commissioners are academics from the London School of Economics and Political Science (LSE) and the University of Warwick, and a leading barrister with long experience of advising High Net Worth Individuals.
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