Re Polly Toynbee’s article (George Osborne is a walking ad for a wealth tax. Labour should target the inheritocracy, 3 December), of course a tax on wealth as well as on income has been needed for a long time. But how about this for a quick fix? The top 350 richest people in the UK have a combined wealth of £795bn. A tax of just 5% would bring in around £40bn, the amount referred to in Rachel Reeves’s budget. It could be called a “renewal UK contribution”.
This cohort of 350 wealthy people is 0.0005% of the population. After that, the government might consider making the top richest 1% regular contributors, as per various trade union proposals.
W Gwyn Thomas
London
• Polly Toynbee hits the nail squarely on the head when she says “tax wealth, not work”. However, if someone is born into wealth, that’s not their fault, and if this wealth accumulates over time as a result of good business management, is that really flaunting and flamboyant?
I’m no fan of George Osborne or the austerity policies he inflicted on millions of people. But individuals like him and organisations that accumulate vast wealth employ professionals to manage their wealth and ensure that they pay the least tax possible. We are foolish to think that they will be happy to pay more than they have to.
For as long as big business and wealthy individuals hold key influence in British politics, no government will bring in a wealth tax that would ensure a fairer society. Until this changes, the rich will just keep getting richer.
Stuart Finegan
Lewes, East Sussex
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