A wealth tax in practice

It is commonly thought that a wealth tax is paid by other people and that therefore there is nothing to worry about. If it is always so paid there is no yield and it is therefore not worth having in the first place.

HM Treasury has declined to rule out such a tax. And I presume that Blubber Reeves has decided that since she is under pressure to look socialist she had best pretend to take silly ideas seriously.

But the reality is that it is a confiscatory tax which is not levied on a gain. And this simply does not work. Of course it might work once or twice but those whose wealth it is soon get their heads round its nature and lay out various trusts and companies to shield the brunt. Or disappear abroad and let the wealth taxers follow them as best they can - which of course they cannot.