Unsolicited advice for the shadow chancellor

Article Abstract:

Great Britain's Labour Party has long advocated the introduction of an annual wealth tax. Proponents of the wealth tax argue that it would bring the net worth of taxpayers into the tax base and reduce inequalities in the distribution of wealth. It is argued that a wealth tax would neither increase horizontal equity nor reduce wealth inequality. The results from European countries that have implemented wealth taxes similar to that proposed by the Labor Party suggest that wealth taxes create as many, if not more, problems than they solve. An alternative to wealth taxes would be to strengthen and improve death duties.

Wealth, Wealth tax

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The costs of paying tax

Article Abstract:

Compliance with tax laws often has many hidden costs in addition to the obvious costs of tax payments. It is estimated that compliance costs from tax payments, which includes the time spent preparing and processing tax returns, represents close to 2 percent of Great Britain's gross national product. As a result, policy makers should recognize these costs by making changes in tax laws less frequently and by giving careful thought to the methods used in administering new taxes.

Finance, Tax administration and procedure, Tax administration

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Towards a real inheritance tax

Article Abstract:

It is recommended that Britain's Labor Party drop its proposal for annual wealth tax and in its place advocate the use of death and gift taxes to reduce inequalities in taxation. An accessions tax would promote a wider distribution of wealth without the adverse affects that a wealth tax would have.

Tax policy

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