Skip to main content
Advertise Buy the paper Contact us Shop Subscribe Support us
Capital gains tax: an open goal for Labour
Raising capital gains tax to match income tax is not only economically sound but morally just, potentially raising billions for public services — it’s an absolute no-brainer for any Labour government, argues BERNIE EVANS

SINCE the election, speculation has been rife about which taxes Chancellor Rachel Reeves will increase in the forthcoming Budget.

Having accepted the idiotic Tory fiscal rules, raising income tax, VAT, and corporation tax isn’t an option for her, and so attention has been focused on other possible ways of acquiring much-needed resources to fund our public services.
 
Increasing National Insurance contributions from employers is clearly on the cards, but it has the disadvantage of hitting small businesses like local pubs, shops and restaurants, many of which are already in danger of going under.

Along with a new wealth tax, which sadly seems to have been given the thumbs down by Reeves, and closing all the loopholes around inheritance tax, paid by only 6 per cent of the country’s population, the most sensible option is to concentrate on capital gains tax.

Support the Morning Star
You have reached the free limit.
Subscribe to continue reading.
More from this author
Features / 31 January 2025
31 January 2025
BERNIE EVANS despairs of a government that is asking the crooks sucking Britain dry how to get the economy back on track
Features / 9 January 2025
9 January 2025
Labour’s ex-banker Chancellor plans deregulation while City profits soar and customers suffer — between money laundering scandals and the exploitation of Covid loans, it’s clearly time to end this madness, says BERNIE EVANS
Features / 20 December 2024
20 December 2024
Everyone knows the royals cost us all a fortune, but recent revelations have shown mind-boggling greedy behaviour, like charging hospitals and cancer charities rent — it’s time for action, writes BERNIE EVANS
Features / 3 October 2024
3 October 2024
Labour’s refusal to challenge banking profits or tax the rich exposes its painfully hollow rhetoric of ‘tough choices,’ while the trousering of freebies and schmoozing the gambling industry undermines its basic integrity, argues BERNIE EVANS
Similar stories
Features / 4 November 2024
4 November 2024
In the second of two articles on Labour’s weak Budget, ROBERT GRIFFITHS argues that Britain’s massive private wealth and offshore tax havens show clear potential for radical redistribution through progressive taxation
Features / 3 November 2024
3 November 2024
In the first of two articles, ROBERT GRIFFITHS argues that despite a parliamentary majority, Labour’s timid Budget fails to seize a historic opportunity and lacks the ambition needed to address Britain’s deep social and economic crises
Editorial: / 31 October 2024
31 October 2024