Capital gains should be taxed at the same rate as income, says accountant Richard Murphy in his Taxing Wealth Report.
He said the arguments are fairly straight-forward – capital gains are profits that people make from selling land and buildings, or pieces of art, or stock and shares, or anything else if that sort that, by and large, wealthy people own.
Murphy stressed: “I can’t see any reason why they should pay a lower rate of tax on the money that they make from this activity than you and I do on working for a living.”
He explained that what happens now (by and large) is these people pay tax at half the rate they would if they were working to make the same amount of money. “That’s unfair,” he said.
It is also very costly. We could raise at least £12 billion of extra tax revenue a year if the rates were equalised.
Watch his video at: https://www.youtube.com/watch?v=GFBFL_NBjmc&t=6s.
You can read the Taxing Wealth Report 2024 at: https://taxingwealth.uk/
