08-02-2016, 07:18 PM
Only the first paragraph was published under the heading” ‘Wealth tax’ will not work”.  
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Owen Smith’s “wealth tax” is not a wealth tax, it is an investment income tax.  It may help to finance the NHS, which is great, but it would do nothing to reduce the growing inequality of wealth in the UK and the dangerously growing awareness of that inequality.  To tackle this wealth gap, he must start talking about the positive redistribution of inherited wealth in each new generation.
 
He should take a leaf out of the Liberal Party’s policy book (see . Genuine Opportunity).
 
Once we are out of the EU, we can and must introduce a gradually increasing UK Universal Inheritance payment for all 25 year old UK-born UK citizens, financed and clawed back in due course from the more fortunate by taxing cumulative lifetime receipt of capital gifts and bequests.
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Owen Smith’s “wealth tax” is not a wealth tax, it is an investment income tax.  It may help to finance the NHS, which is great, but it would do nothing to reduce the growing inequality of wealth in the UK and the dangerously growing awareness of that inequality.  To tackle this wealth gap, he must start talking about the positive redistribution of inherited wealth in each new generation.
 
He should take a leaf out of the Liberal Party’s policy book (see . Genuine Opportunity).
 
Once we are out of the EU, we can and must introduce a gradually increasing UK Universal Inheritance payment for all 25 year old UK-born UK citizens, financed and clawed back in due course from the more fortunate by taxing cumulative lifetime receipt of capital gifts and bequests.