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U.K. Urged to Levy $350 Billion Wealth Tax to Fund Pandemic (1)

Dec. 9, 2020, 11:54 AM

A one-off 5% tax on wealth in the U.K. could raise more than 260 billion pounds ($348 billion) to help fix the coronavirus-hit public finances, according to a panel of experts.

In a report published Wednesday, the independent Wealth Tax Commission called for a charge of 1% a year for five years on individual assets above 500,000 pounds. About 8 million residents would be affected.

The debate over wealth taxes has gained momentum as the government considers how to address its fiscal situation, with the Office for Budget Responsibility predicting borrowing is on course to reach almost 400 billion pounds ...