Additional Tax for UK's Wealthiest People

Clegg still wants to clobber the wealthy

Deputy Prime Minister, Nick Clegg, has not weakened his resolve to squeeze more tax out of the rich. When parliament reconvenes on 3rd September, Mr Clegg will be pressing for a “time-limited” additional tax on the UK's wealthiest people.  He also argues that this would help the very rich feel as though they are contributing to the 'national effort'!

The tax would be in addition to the Liberal Democrats proposed mansion tax on properties with a value in excess of £2 million, and Clegg argues that such a tax is necessary to safeguard the social unity of the country as it ploughs through the economic mire. This new tax would have to be levied on wealth rather than income because there are no plans to alter the top rate of income tax of 45%.

In an interview with The Guardian, Clegg said, “If we want to remain cohesive and prosperous as a society, people of very considerable personal wealth have got to make a bit of an extra contribution.”

The Deputy P.M went on to say, “The action is making sure that very high asset wealth is reflected in the tax system in the way that it isn't now, making sure that we continue to crack down very hard on tax avoidance, making sure that tax breaks don't go disproportionately to people at the very top.”

Outlines of the proposed wealth tax will be revealed at the Lib Dem conference this month.

Chris Leslie, the Labour shadow Treasury minister, accused Clegg of “taking the British people for fools”, according to The Guardian. He also suggested that Mr Clegg was operating double standards as he voted for the cut in the top rate of tax from 50 to 45%.
By:Steven Bailey

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