Submitted by Alice Donnellan on Friday 10th September 2021
Published on Monday 20th September 2021
Current status: Closed
Closed: Sunday 20th March 2022
Signatures: 196
Relevant Departments
Tagged with
2020 ~ 5 years ~ commission ~ December ~ Experts ~ INCREASE ~ Individuals ~ insurance ~ millionaire ~ National Insurance ~ News ~ NHS ~ NHS and Social Care ~ RISE ~ Scraps ~ Small businesses ~ Social care ~ Tax ~ The NHS ~ UNIVERSE ~ Universities ~ Warwick ~ Years
Scrap rise in National Insurance and use a Wealth Tax to save NHS & Social Care
The increase to NIC cuts take-home pay for lower earners & younger workers. It also increases costs for small businesses.
A 1% tax on millionaire households in the UK could raise an astonishing £260 billion in 5 years (see Wealth Commission report). The NIC hike might only raise £36 billion/3 yrs.
Experts from LSE, the University of Warwick, and a barrister advising High Net Worth individuals state in the Wealth Commission report that a one-off wealth tax would work, raise significant revenue, and be fairer and more efficient than the alternatives. A wealth tax like this demonstrates that there are better ways to raise serious tax revenue to save the NHS and social care.
Source: https://www.lse.ac.uk/News/Latest-news-from-LSE/2020/L-December/Wealth-Commission-report
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