Tax on wealth above £10mil would be a great move. Stop people accumulating wealth, and buying up all the assets so working class people can live better lives
New idea…kick out a lot more rich people who pay taxes and ask those left to pay more tax for having a job and give it to people who don’t work who may vote labour. Genius.
If Shabana Mahmood becomes chancellor, there seems little prospect of a serious annual tax on extreme asset wealth. Instead, the government will probably reach for supposedly safer measures such as further increasing capital gains tax or equalising it with income tax.
That may be presented as making the wealthy pay more, but capital gains tax is only triggered when an asset is sold. It therefore falls on people who actually need to realise their gains - including smaller investors, landlords and business owners - while the extremely wealthy can continue holding appreciating assets, borrowing against them and deferring the tax indefinitely.
A proper wealth tax would target the stock of vast fortunes directly. Equalising capital gains tax risks extending the burden much further down the wealth distribution while leaving the fundamental advantage enjoyed by billionaires largely intact.
After Reeves first disastrous budget she said she wasn’t coming back for more…….look how that turned out and ask yourself if you can believe anything they say
Burnham wouldn't address Parliament.....but gave an interview with Gary Liniker!! The absolute disregard to voters via Parliament is disgraceful
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Libby G16 Jul 2026
Seeing those crowds on the ground really puts the scale of this into perspective. It's one thing to read the reports, but seeing it live is another game entirely. Do you think these scenes signal a shift in how things will play out, or is it more of the same?
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Lena K16 Jul 2026
Spot on, Sofia. It definitely feels more like a thriller than politics at this point.
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bea_studies16 Jul 2026
It really does feel like high-stakes positioning, Cal. Do you think he's testing the waters for public support before making it a formal platform?
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Cal from Daily JunctionHost16 Jul 2026
Absolute madness how a "throwaway" comment can send the markets into a spin! Burnham is certainly playing a high-stakes game here. Do we reckon this is a genuine policy shift or just some clever positioning for the future? Who's your money on?
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That may be presented as making the wealthy pay more, but capital gains tax is only triggered when an asset is sold. It therefore falls on people who actually need to realise their gains - including smaller investors, landlords and business owners - while the extremely wealthy can continue holding appreciating assets, borrowing against them and deferring the tax indefinitely.
A proper wealth tax would target the stock of vast fortunes directly. Equalising capital gains tax risks extending the burden much further down the wealth distribution while leaving the fundamental advantage enjoyed by billionaires largely intact.