What the project is about

The aim of the Taxing Wealth Report 2024 is to suggest the most comprehensive range of potential reforms to the UK's taxation system that might remove the bias to wealth inherent within it that has ever been published.

Doing so does, however, require that a reason for undertaking this work be identified. This can be found in this note. This suggests that those with the highest levels of income and increases in wealth over time in the UK pay tax on those combined sources of financial well-being at approximately half the rate that those in the lowest decile of income earners in the UK pay on their income.

The methodology used to appraise proposed changes is noted here.

The proposed changes are all noted here, as is their cumulative total.

It is not suggested that any government need to make all these proposed changes. Nor would it be necessary for any government to accept the proposed rates of tax noted in this report. It might well be inappropriate for any government to adopt all these proposals simultaneously. That would almost certainly impose far too much strain on the tax system at a single point in time.

Instead, what this report makes clear is that there are plentiful options available to any government that wishes to raise tax to pursue its policy goals.

An explanation of the policy goals that tax might be used to fulfil is available here.

It is stressed that one of those policy goals might be to cut the taxes owed by those on low income. The proposals made do not, therefore, necessarily imply that there should be net additions to overall government expenditure, although that is obviously a possibility.

The aim of the Taxing Wealth Report 2024 is, then, to encourage debate and to inform better decision-making on matters relating to tax and fiscal policy in the UK whilst also empowering any politician who has to face a journalist who asks them the question "How are you going to pay for it?" whenever a policy proposal is made.