U.K. Greens Propose Wealth Tax for $5 Million in Assets

The U.K.’s Green Party proposed a wealth tax on individuals with assets of more than 3 million pounds ($5 million) in a move it said would make the richest 1 percent pay their “fair share” to society.

About 300,000 people in the U.K. would be affected by the tax, which could raise about 21 billion pounds at a rate of 1 percent or 43 billion pounds at a rate of 2 percent, the party said in a statement today.

“Other political parties are offering business as usual,” the Greens’ leader, Natalie Bennett, whose party also advocates a 50 percent tax rate on incomes above 100,000 pounds, said in the statement. “A wealth tax is part of the Green Party’s policy program that will deliver real change for the common good.”

The party, which has one lawmaker in the House of Commons, placed fourth in European Parliament elections in May, ahead of the Liberal Democrats. It’s supported by 4 percent of voters nationwide, according to a YouGov Plc poll of 1,897 adults published today. The poll was conducted online July 22 and 23. No margin of error was given.

The wealth tax would be levied on the total value of a person’s assets, including property, pension savings and investments, the party said in a briefing note. People without sufficient income or liquid assets to pay the tax could arrange for the accumulated unpaid amount to be taken from their estates after death, the party said.

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