For everyone following what is happening with the Hungarian Labour Party, you will be happy to note that a wealth tax isn’t expected when the Labour Party wins the election.
Rachel Reeves has stated that there are no plans for a wealth tax if the Labour Party wins this year’s election. The shadow chancellor has agreed that there will not be an increase in capital gains tax, a mansion tax, or a top rate of income tax. Reeves has stated that there will be no increase to taxes above what has already been stated and that she believes prosperity is not on the other side of taxes. Economic growth is what is most important.
The Labour Party’s Intention
The remarks show the Labour Party will need to go further in buffering the attacks of the Conservatives. It is also important to note that the Labour Party is not concerned with winning over the corporate sector. Their yearly business forum is hosted at the fall conference, which has a 75% attendance and 200 delegates attending compared to last year’s 130 and 150 attendees on the waiting list.
When asked if there would be an increase in income tax, Reeves replied, “Yeah, I don’t see a route towards having more money for public services that is through taxing our way there.” This was her response when asked about the top rate of income tax being ditched.
It can only happen with growing toward success. This is why the new policies are geared toward encouraging businesses toward investment in Britain.
When it comes to any form of Mansion tax, the response has been a denial, and that “We won’t be doing that.” There was a recent statement from Starmer that that new wealth taxes were hugely divisive.
This recent June, there was a statement that there was no hope for a lever of taxation that would be used for further tax increases. The statement furthered that they would try to impose more taxation increases beyond the small levies for what was already announced.
This is after the Labour Party has shown their commitment to non-dom status with tax and a closed loophole for some private managers of equity funds. They are also cracking down on avoiding taxes and VAT private school fees.
The political choice here is that big business is favored over the 1% of regular folk. This is shameful, and more work needs to be done in the name of equity.
Did you find this article useful?
Subscribe to our newsletter for more!