David McWilliams: Why do we tax income instead of wealth?

Budget 2019 is a political pageant that avoids true economic action

The top 5% in the country own over 40% of the wealth and what’s more, 85% of this wealth is in the form of property and land.

The top 5% in the country own over 40% of the wealth and what’s more, 85% of this wealth is in the form of property and land.

At this time of year my inbox fills up with emails urging me to attend something called a “budget breakfast” on the morning after the budget. Such events are normally held in the plush offices of well-respected accountancy firms. These chrome and glass financial citadels on the river are testimony to the enormous fees paid by the wealthy to advisers in order to avoid tax.

The tax avoidance industry is one of the staples of the professional classes. And the annual nature of the budget ensures that these fees are fool-proof recurring annuities.

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