A growing share of income coming from wealth and property is set to widen inequality between households and hurt social mobility, the Institute for Fiscal Studies has warned.
A lack of taxes on wealth means young people are left paying a disproportionate share of the tax burden, despite older people generally being wealthier, an expert has said.
The UK government could fund its ‘levelling up’ ambitions by raising taxes on high income earners without increasing the national deficit, according to the International Monetary Fund.
Calls to replace council tax and stamp duty with a wealth tax should be rejected due to negative consequences for local government finance, says Chris Buss.
Chancellor Rishi Sunak has distanced himself from a post Covid-19 tax raid on higher earners, as he insisted the UK tax system is already “very progressive”.
