LBC reports:
Row erupts over French academic’s radical idea to redistribute entire world’s wealth and pay everyone £4,325 a month
A report by the The World Inequality Lab, a Paris-based research centre has been branded 'potty'.
Meanwhile another of Wes Streeting's big ideas is a proposal for capital gains tax rates would be aligned with the three bands of income tax rate: 20 per cent, 40 per cent for higher rate taxpayers and 45 per cent for additional rate taxpayers.
So if you sell an asset, like a house, the capital gains tax liability is aligned with income tax.
Seems like a good deal for the government but not for investors in assets like second homes who already pay extra council tax for the privilege of contributiing to local economies when they use less local services for the tax they pay.
It may seem potty now, but the fact is that AI will drive the need to pay some kind of basic income to everyone as jobs simply disappear for many.
So we better get used to wealth re-distribution before it's too late, potty or not.