What about the Wealthy?
Denis Healey once promised to tax the rich ‘until the pips squeak’, and he mentioned a wealth tax. In Britain we do not have a ‘wealth tax’, but there is a variety of taxes levied on stocks of wealth or property rather than on current flows of income, expenditure or profits. They raise very little revenue: excluding rates, they contributed 2.2 per cent to the UK total in 1987 (see Table 10.1), and only 1.8 per cent in 1989 (see Table 4.1).
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