Greens Want To Eat The Rich

[davidg]

The Green Party has proposed a 2% wealth tax on wealth over 3 million pounds. They say this redresses imbalances highlighted by Thomas Piketty in his book Capital in the 21st Century. The Greens reckon they'll raise 40 billion with the tax. However this seems ambitious, in France, cited by the Greens as an example to follow the wealth tax is imposed on assets above 650,000 pounds and only raises around 4 billion.

http://www.theguardian.com/politics/2014/jul/24/green-party-calls-wealth-tax-assets-multimillionaires

the tax has certainly got the Guardian readers frothing at the mouth. If the rate was set at the French level of 650k it would make civil service pension pots and boomer house price gains vulnerable.

Edited July 25, 2014 by davidg