A coalition of 19 organisations, together with Greenpeace, the New Economics Basis, and Patriotic Millionaires UK, is urging the UK Authorities to implement a sequence of tax reforms focusing on the super-rich and massive polluters.
The proposed measures embody a 1-2% wealth tax on property exceeding £10 million, probably producing £22 billion yearly.
The coalition recommends closing tax loopholes, equalising capital beneficial properties with revenue tax charges and reforming non-domiciled resident standing.
The extra income generated from these tax reforms is proposed to fund a devoted inexperienced abilities growth fund, subsidies to scale back public transport fares and a social tariff within the vitality market to help households combating vitality payments.
Campaigners argue that the wealthiest 1% globally, accountable for twice as many emissions because the poorest 50% mixed, ought to contribute to the local weather disaster answer.
Within the UK, the place 1% of households personal 25% of the wealth, the coalition sees an untapped useful resource among the many richest households with a mixed wealth of £748 billion.
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