If a wealth tax brought in zero revenue to the government, would people still support it? If yes, why?

[percypiggy200]

I’m curious and I’d love to know people’s reasoning.

Of course! Private school tax a prime example of the hate to people who do well. However, super wealthy people special the ones who buy properties here should pay more.

Wtf?
I am reading a thread on a topic I'm interested in and I'm responding to comments. That's how forums work

We need better policies to grow the economy. As it stands, we will keep coming back for more tax for an ever increasing public sector bill. Fewer people working and more claiming benefits also adds to the cost. As always it will be the people in the middle who will pay the bill.

Reeves changed the initial pledge and put in more transitional policy.

Maybe you said something too factual ;

Exactly. Poster posts on topics repeatedly raised that she finds interesting. Shocker.

Exactly! They have gone to the state sector, we know this. A small minority (like 1-2%) have moved to HE but most have gone to state.
Interestingly that's causing a huge issue in Scotland at present ie lack of capacity.

🤣

@EsmeSusanOgg yes, I work p/t to keep my wage lower.

Can this not be another debate derailed by school fees?

Sure but we had 19% Corp Tax rate for several years and it made no difference to growth.

Taxes are not the only thing that hinders growth.

The state has taken 40% of my wealth over many years, the super rich do not pay 40%, they often pay very little.

I ve got some relatively small investments, its quite incredible the amount of tax i don't have to pay, ISA wrap, CGT's either zero % or very low compared to PAYE.

I literally don't have to do a thing and the money just keeps growing.

What would be the point, if it raised no revenue? Just to spite people for working hard and saving?

I'm still waiting for that poster to show the data to support their claims, as I was able to do. I know I won't get it because there is no data to support their spurious claims.

It's really common if you look at the stats. At the other end of the spectrum it's the cliff edge with benefits that also causes issues - earn slightly above certain thresholds and lose everything (notably carers allowance is very bad for this).

The state has taken 40% of my wealth over many years, the super rich do not pay 40%, they often pay very little.

Yes, people get confused. Just because the 0.1% pay a lot of tax it doesn’t mean they are paying the same proportionally.

I ve got some relatively small investments, its quite incredible the amount of tax i don't have to pay, ISA wrap, CGT's either zero % or very low compared to PAYE

This is the disparity I refer to when I said upthread PAYE is disproportionate.

It is a prime example of a policy based on ideology which brings no material income though. It's highly pertinent to the OPs initial post.
Talking about a specific policy isn't "derailing" if it illustrates a point in the OP. The Education Tax illustrates it perfectly ie many people were happy to support it even if it brings in £0 because they feel they are getting 1 up on the "wealthy".

Yes I think it's good but really would only ok if everywhere implemented one.

There are enough wealth and resources in this world to stop people living in poverty. Our economic system is one that only benefits a certain demographic generally.

It is also something we need to look into more. The rise of AI and automisation is going to see more people plunged into low paid jobs as previously skilled jobs become obsolete.

Anyone who thinks that billionaires are perfectly justified in removing their assets from a country when the tax becomes higher which in real terms will still leave them with an incredibly privileged lifestyle, needs to give their heads a wobble.

The fact that we're really talking about not being able to draw revenue from the wealthiest in society because they'll fuck off is ridiculous.

Yes people will support it. See tax on private school fees.

Something has to change, there is far too much burden on the young starting out who will be on paye & face huge housing costs. We can’t keep pushing the burden on them & they are actually the ones who will leave because their skills will be needed by other countries who are also facing changing demographics & low productivity.

Have you seen the data though? We are paying Scandinavian level taxes for US style services ie we go on paying more + more tax yet nothing improves

@twistyizzy its not pertinent when nothing new is added to the debate & people just want to constantly bicker back & forth about it. You can crack on though.

I dont think a big gap between rich and poor its good for society but I dont know how a tax that raised no money would reduce inequality. Is the idea it raises not money, as people avoid it or leave the country?

Maybe a policy that encourages them to invest and spen in the uk would be better. Huge tax relief on running libraries. Like philanthropy, but the government flags specific types of charity rather than the giver.

It is relevant to the op though. On supporting no gain from taxes.

We are paying Scandinavian level taxes for US style services ie we go on paying more + more tax yet nothing improves

Well lower earners aren’t & what income is included? all income or just paye?

This....
UK tax receipts reached a record high of £858.9 billion in the 2024-2025 tax year, a 3.7% increase from the previous year. This continued upward trend is primarily driven by factors such as frozen tax thresholds (fiscal drag) and rising asset values, which pull more individuals and estates into higher tax brackets or into the tax net for the first time

But its not coming from the super rich.