A majority of voters across both Labour and Conservative support a wealth tax
A majority of voters support a wealth tax, exclusive polling for LFF has revealed.
The poll, which was carried out by Savanta ComRes, asked respondents the following: “To what extent do you support or oppose a ‘wealth tax’, where those with assets (housing, pensions, business, equity and savings) above £500,000 would have a one-off 5% levy placed on that wealth?”
A majority of those asked, 55%, supported the idea of a wealth tax, with support highest among 25-34 year olds at 59%, compared to 51% of 18-24 year olds.
Breaking the results down by region, support for a wealth tax was highest in the North-West at 68%, followed by 64% in the North East. A majority of both Conservative and Labour voters support a wealth tax, at 51% and 67% respectively.
64% of Lib Dem voters supported a wealth tax as did 58% of Green Party voters.
Only 18% of those asked were opposed to the idea of a wealth tax, with opposition highest among those aged 65 and over at 24%. When it comes to party affiliation, the highest opposition to a wealth tax can be found among Conservative voters.
It comes after Labour’s Jon Trickett called for a ‘bold wealth tax’ to help rebuild Britain. The Labour MP put forward plans for a wealth tax that would raise nearly £220 billion in extra revenue over five years.
He proposed four different options for a wealth tax. These include a one-off tax of 5 per cent on wealth above £500,000, as proposed by an independent Wealth Commission – to raise £52bn a year, as well as a one-off tax on wealth above £2m on tapered rates rising from 8 per cent to 15 per cent – raising almost £40bn a year. The other two options include an annual tax on wealth above £2m, excluding main residences, on a tapered rate rising from 1 per cent to 2 per cent – raising £22bn or a hybrid tax, including a one-off tax on wealth above £2m and an annual tax on wealth gained afterwards – raising £61bn.
Commenting on the latest poll findings, Trickett told LFF: “Wages and salaries are taxed. But wealth is not. This is simply unfair. Especially now, when the pandemic saw accelerated wealth & enrichment for the elite, we think of up to £2 trillion, while wages after a decade of standing still look set to fall. It’s unsurprising that your poll shows the majority of voters want to see this corrected. That’s why we have been calling for a tax on the wealthiest people in our country.”
Cat Hobbs, We Own It Director, told LFF: “After more than a decade of austerity, inequality is growing and our public services are being run into the ground. It’s clear that people have had enough, and it is encouraging to see that the public support a wealth tax, which could provide billions in much needed funding for our NHS, our public services in general, and a Green New Deal.”
Basit Mahmood is editor of Left Foot Forward