Increase all forms of taxation on the richest 10% of individuals in the UK…..
As Adam Smith advocated "taxation in line with ability to pay"…
Increase marginal rates of direct taxation
Increase VAT on luxury goods
Increase Inheritance and CGT on transfers of over £1million
Why is this idea important?
Demonstrates "fairness and responsibility"
It is fair, because the most fortunate are in the best position to pay additional taxation
It is responsible, because we need to address the budget deficit by raising revenues as well as cutting expenditure