While there were differing views about the respective merits of net wealth taxes versus gift or estate and inheritance taxes and the need for specific exemptions from such taxes, participants generally agreed that it would be more efficient for tax systems to seek to treat capital income on a more equal footing with earned income and then, generally, either tax...
Widespread concerns about unequal wealth accumulation and growing government expenditure obligations have led many to call for increased taxation of personal wealth. Some see wealth tax reform as a means of funding essential government services, at the same time as supporting equality of opportunity through wealth redistribution. However, when implemented in the past, certain wealth taxes have proven to be...
The welfare state must be funded in a way that spreads the cost fairly across the generations. The UK population is aging, putting increased pressure on the health and pensions system. Over the last 40 years, the wealth-to-income ratio has moved from around 3:1 to 7:1, largely due to increases in the value of houses and pensions. To pay for increased healthcare costs, there needs to...
