Economics
U.K. Urged to Levy $350 Billion Wealth Tax to Fund Pandemic
- Wealth Tax Commission calls for 5% charge over 500,000 pounds
- Debate over wealth taxes comes amid record peacetime borrowing
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A one-off 5% tax on wealth in the U.K. could raise more than 260 billion pounds ($348 billion) to help fix the coronavirus-hit public finances, according to a panel of experts.
In a report published Wednesday, the independent Wealth Tax Commission called for a charge of 1% a year for five years on individual assets above 500,000 pounds. About 8 million residents would be affected.