A coalition of 19 organisations, including Greenpeace, the New Economics Foundation, and Patriotic Millionaires UK, is urging the UK Government to implement a series of tax reforms targeting the super-rich and big polluters.

The proposed measures include a 1-2% wealth tax on assets exceeding £10 million, potentially generating £22 billion annually.

The coalition recommends closing tax loopholes, equalising capital gains with income tax rates and reforming non-domiciled resident status.

The additional revenue generated from these tax reforms is proposed to fund a dedicated green skills development fund, subsidies to reduce public transport fares and a social tariff in the energy market to assist households struggling with energy bills.

Campaigners argue that the wealthiest 1% globally, responsible for twice as many emissions as the poorest 50% combined, should contribute to the climate crisis solution.

In the UK, where 1% of households own 25% of the wealth, the coalition sees an untapped resource among the richest families with a combined wealth of £748 billion.

Article source: https://www.energylivenews.com/2023/11/21/coalition-calls-for-wealth-tax-and-green-reforms-to-cut-energy-costs/