Will Labour ever stop pushing for punitive taxation? Not content with gifting the Conservatives an 80 seat majority in December, the supposedly more moderate Labour party under Keir Starmer is already dreaming up ways it can extract large sums from our pockets. Shadow Chancellor Anneliese Dodds floated a ‘wealth tax’ at the weekend, so that the burden of paying for the Covid 19 crisis might fall upon the ‘very best off people’.
Except it won’t be the very best-off people who get whacked by a wealth tax, as she should surely know. The highly mobile global super rich wouldn’t hang around for five minutes after a Labour government announced a wealth tax – any more than they did in France when Francoise Hollande introduced the same thing. The burden would end up falling on grafters who have spent a lifetime saving and investing to earn a decent and independent retirement.
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