Last week Labour used the King’s Speech to set out their plans for government. This included some sensible tax reforms.
They reiterated their pledge to abolish private schools’ exemption from paying VAT.
This will fund 6,500 new teachers.
Apart from the King’s speech, Labour have also committed to raise the windfall tax on North Sea oil and gas companies.
This all indicates an encouraging direction for the new government.
We’ve been meeting MPs
Rachael, our head of advocacy and policy, has been meeting with MPs and political advisors for months to build support for our suite of tax reforms.
We’ve got policies – from taxing income from wealth the same as work, to applying National Insurance to investment income – that can make a massive difference to the country.
We’ll continue making the case to MPs and the new Labour government to look at broader tax reform in order to get the UK back on its feet.
The NHS and public services have suffered more than a decade of underfunding. We all know these services simply don’t have enough money to function properly.
Reforming our tax system can raise a lot more money to repair public services. Our key proposals are:
- A 1-2% wealth tax on those with £10 million+ to raise up to £24 billion a year.
- Close corporate tax loopholes used by oil giants to raise £4.4 billion a year.
- Make capital gains tax rates the same as income tax rates raising £16 billion a year.
These changes would affect a tiny number of very wealthy people and big corporations. The money raised would breathe life back into public services we all rely on. See our other tax reform proposals here.
We’re asking our supporters to tell their MP about these fair, sensible and achievable tax reforms – showing public support for them.
Our existing tax system has allowed a tiny number of wealthy families in this country to amass huge, unnecessary fortunes:
Ask your MP to tax the super rich more
It’s time we tax that money and put it to work. We can use it to employ more doctors, nurses and teachers.
We can use it to repair our crumbling schools and roads.
We can use it to repair the social fabric of our broken country.
By emailing your MP, you can help get our tax reform message to the heart of this parliament.