Streeting pledges 'wealth tax that works' as part of leadership pitch
Summary
Wes Streeting, the former UK Health Secretary, has proposed a new "wealth tax" plan as part of his campaign to become the Labour Party leader. He suggests changing capital gains tax rates to match income tax rates in order to raise more revenue and close tax loopholes.Key Facts
- Wes Streeting plans to equalise capital gains tax rates with income tax rates (20%, 40%, 45%).
- He estimates this change could raise about £12 billion yearly.
- The tax would be calculated by combining income and capital gains.
- Streeting wants to close loopholes where people label work income as capital gains to pay less tax.
- Lower capital gains tax rates would be offered to entrepreneurs who take business risks.
- This proposal differs from the Green Party's plan for an annual wealth tax on very rich people.
- Streeting resigned as Health Secretary and is aiming to challenge Keir Starmer for Labour leadership.
- He criticized the current government for lacking clear direction and vision.
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