Thursday, May 21Thursday, May 21Wes Streeting, a Labour leadership contender, has proposed equalizing tax rates on income and capital gains as part of a broader plan for a "wealth tax that works." He argues that the current system, where capital gains tax is significantly lower than income tax, is unfair and penalizes workers. Streeting claims this reform could raise approximately £12 billion annually while making the tax system more progressive . His proposal has been framed as a challenge to Keir Starmer’s leadership, with Streeting positioning himself as a candidate who could address wealth inequality more aggressively .
In contrast, Treasury minister Lucy Rigby has defended the current tax system, stating that wealth is already being taxed appropriately through measures introduced by Chancellor Rachel Reeves in her budgets. Rigby emphasized that existing policies aim to ensure fairness and progressivity in taxation .
In Germany, the SPD has called for a higher "Reichensteuer" (wealth tax) targeting top earners, arguing that those with broader financial capacity should bear a greater tax burden. The proposal has gained traction with the CDU/CSU, though business groups, particularly family-owned enterprises, have expressed concerns, as many pay income tax rather than corporate tax and could face higher liabilities .
Wes Streeting calls for equal tax on income and capital gains in Labour leadership pitch MP says current system is unfair and his idea would result in a wealth tax that worksUK politics live – latest updatesThe former health secretary Wes Streeting has set out plans for a wealth tax that works, by equalising tax on assets and income.Streeting said the current system – in which capital gains tax is generally much lower than income tax – was not fair and penalised work. Continue reading...
theguardian · about 3 hours ago
Streeting calls for wealth tax that works in pitch for leadership
gdeltproject.org · about 3 hours ago
Rachel Reeves tells foul-mouthed Reform UK heckler good manners matter Chancellor wins support from Conservative Mel Stride, while Farage says hed like to buy man a pintUK politics live – latest updatesRachel Reeves surprised onlookers when she gave a stern rebuke to a foul-mouthed heckler who shouted at her from his van as she conducted a broadcast interview.However, the chancellor has won support from unlikely sources as Conservative politicians have leapt to her defence. Continue reading...
theguardian · about 4 hours ago
Rich already being taxed properly, says minister, as Streeting calls for wealth tax that works– UK politics live Treasurys Lucy Rigby says Rachel Reeves introduced measures in her first budget as Streeting calls for capital gains rates to be aligned with income taxGood morning. Its a big day for Rachel Reeves, the chancellor. In a Commons statement, she is announcing a series of measures to help people with the cost of living. She wants people to enjoy a Great British summer, she says. Reevess plan for what makes for a good summer is not quite the same as Samantha Nibletts; the chancellor is talking about free bus travel for children, as Heather Stewart, Peter Walker and Sarah Butler report in their preview.Reeves is speaking after 11.30am.We already tax wealth in this country. The chancellor introduced a host of measures in her first budget, and then further measures in the last budget as well, that try and make sure that tax is as progressive and fair as possible. Continue reading...
theguardian · about 4 hours ago
Starmers leadership challenger Streeting floats UK wealth tax that works Former British health minister Wes Streeting, a potential candidate for the leadership of the Labour Party, said he backed the introduction of tax changes which would equalise capital gains tax with income tax to make the system fairer. Streeting said on Saturday that he wanted to challenge embattled Prime Minister Keir Starmer if there is a contest, days after he stepped down and urged Starmer to set a timetable for his departure. The former health minister, who has already said he...
south china morning post · about 5 hours ago
Streeting floats wealth tax in bid to woo Labour left Leadership hopeful says equalising capital gains tax rates with income tax could raise £12bn a year
financial times · about 5 hours ago
SPD fordert höhere Reichensteuer: Breite Schultern tragen schon heute mehr Die Union öffnet sich dem Wunsch der SPD, Spitzeneinkommen stärker zu belasten. Die Familienunternehmer sind alarmiert, denn viele von ihnen zahlen Einkommensteuer, nicht Körperschaftsteuer.
faz · about 6 hours ago
Reeves cuts food tariffs and childrens bus fares in cost of living push UK chancellor to announce wide-ranging package intended to win back voters
financial times · about 15 hours ago
Reeves to promise free summer bus rides for children and food tariff cuts in living costs package Chancellor launches Great British summer savings scheme after Keir Starmer postpones fuel duty increasePlanned fuel duty rise to be scrapped, says Keir StarmerRachel Reeves is to promise free summer bus rides for children and cut tariffs on some food imports, as part of a package of measures aimed at easing the costs of the Iran conflict.The chancellor will give a statement in the House of Commons on Thursday, outlining her latest plans for cushioning the blow to consumers from an expected rise in inflation later this year. Continue reading...
theguardian · about 15 hours ago