296. Gary Stevenson- how would a wealth tax help those on low incomes?

Wealth inequality stems from the post-1980s shift where high tax rates on the wealthy were abandoned, allowing for the massive accumulation of passive income. A 2% wealth tax on assets exceeding £10 million serves as a necessary intervention to stop the aggressive hoarding of assets and rebalance the ratio of wages to asset prices. While critics argue that such a tax lacks a clear transmission mechanism to help the working class, the core objective is to curb the power of a super-rich elite who currently dictate economic outcomes. Beyond fiscal policy, systemic issues in education and housing continue to stifle social mobility, leaving many without hope. Addressing these disparities requires not only taxing wealth but also confronting the structural causes of inequality that have left the middle class increasingly indebted and disconnected from economic growth.