The pandemic also saw the very rich get richer as well. We're headed back to Dickensian times in terms of the distribution of wealth.
The rising wealth inequality, primarily fuelled by property and equity acquisitions and speculation also had the consequence of seeing real tax contribution fall for the top wealth deciles (which is the tax contribution if the additional wealth had been income instead of assets).
Now, after Labour’s win, there is a a considerable market for tax avoidance services for the wealthy, including scheme for offshoring asset holdings.
In the interest of disclosure, I would be considered within the top 30% (even after my early forced retirement), and even I know my taxes are far, far too low, especially on my assets. I don’t employ any sort of intentional tax avoidance schemes, primarily because I am strongly ethical opposed to them as I see them as one of the reasons we are in this mess in the first place, but I also haven’t been paying more than my tax obligations, either. And that’s because I wasn’t going to give the Tory government a pound more than I was obligated to and watch them or their puppet masters pocket it at the determined of the country.
I will, however, gladly pay higher taxes if Labour are able to institute them and it is obvious they are being used responsibly. That is especially the case if they could relieve the burden on those in the lower wealth deciles who are really struggling with the cost-of-living crisis.
I can’t take it with me, as I’ll likely see sooner than than later, and my family doesn’t need more.
But many others do, because they have been harmed by the last 15 years of incompetent, corrupt governance.
Avarice is the root of much of the evil in the world today and the Tories have been a diabolical example of it.
