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Lessons from history: France’s wealth tax did more harm than good

Most European countries that had wealth taxes have scrapped them over the past couple of decades
Lessons from history: France’s wealth tax did more harm than good
  • The UK government is pondering ways of plugging the country's post-Covid deficit
  • History suggests a wealth tax is not the answer

It’s easy to see why a wealth tax captured the nation’s imagination last year. The pandemic has clearly exposed and sharpened inequality in the UK, as those who can’t work remotely are disproportionately low paid and have been significantly harder hit by the virus.

In a poll carried out by Ipsos Mori last October, 44 per cent of Brits said they were prepared to pay more taxes to help address the government’s expected £400bn budget deficit. Unsurprisingly, the wealth tax received the broadest approval, with three-quarters of people supporting the measure. 

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