Since the founding of the Liberal Party, we have held that taxation must do more than fund the state: it must correct the injustice of extreme wealth. As John Stuart Mill wrote in his Principles of Political Economy, “The State should use taxation as a means to mitigate the inequalities of wealth.”
Across the UK today, campaigners, economists, and MPs from several parties are calling for a modern Wealth Tax. The current proposal is a 2% annual tax on all wealth above £10 million, affecting only a tiny fraction of the population but raising billions to support public services, reduce inequality, and strengthen the foundations of our society.
Many worry that taxing wealth could reduce incentives to invest or innovate. This small Wealth Tax is intended as a starting point—it allows individuals to retain vast sums before taxes apply, and in the future, there may be more required to ensure fairness and shared prosperity.
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