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.@BenChu_ discusses the intellectual support for a wealth tax. @NIESRorg @RebuildMacro @warwicknewsroom Here is what I proposed in 2017. niesr.ac.uk/blog/mondays-m… There is a big difference between the disincentive effects of a high marginal ...
... tax on earned income, which I oppose, and taxing wealth, which I support. Taxing earned income at a high rate is wildly unpopular as this Beatles classic suggests. The top marginal rate was 98% at the time they wrote this song.
But wealthy people earn most of their income from capital gains which are taxed at a much lower marginal rate than earned income. The first important change to the tax system is to tax capital gains at the same rate as wages.
The second important change is a small tax on large fortunes. In the UK context I suggested an exemption for net wealth less than £700k. This would allow the Chancellor to LOWER top marginal rates on wages and possibly also to *lower* business taxes. 
Under the present system of global taxation that would encourage businesses to move to the UK, a policy that we will be free to enact after leaving the EU. It is becoming increasingly clear that the current system of taxation is inconsistent with democracy ...
... in a world in which technology is generating an increasingly unequal distribution of wealth as middle class jobs are replaced by automation.
