Campaigners are pushing for a wealth tax to finance the transition to a sustainable economy and relieve the financial burden on the poor. The Pay Up campaign, supported by numerous civil society organizations, is urging the government to implement wealth taxes rather than cuts. This initiative aims to raise funds for public services and tackle climate issues by taxing the assets of the ultra-rich at fair rates. A proposed 2% tax on wealth exceeding £10m is anticipated to generate significant annual revenue for investment and reform.
The Pay Up campaign, backed by over 20 civil society groups, calls for wealth taxes to avoid burdening the poor while transitioning to a sustainable economy.
Tax experts estimate a 2% tax on wealth over £10m could generate £22bn annually, alongside proposed changes that could yield an additional £50bn.
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