Motion: Wealth Tax
Council Meeting - 5th October 2021
This council calls on the Stormont Executive to oppose the 1.25% National Insurance rise and to instead request that the British Government implement a Wealth Tax. In turn we are calling on Boris Johnson and the Tory Government to scrap the recently announced 1.25% Tax increase and for it to be replaced by a wealth Tax to cover the cost of the NHS and Social Care.
We believe that a Wealth Tax would be more suitable to raise the finance needed for the NHS. This Wealth Tax should be designed and implemented in such a way that rebalances the unfair Taxation of lower paid workers by closing the loopholes which are used by the super wealthy for example the Capitol Gains Tax and the Non Domicile Status. The Capitol Gains Tax loophole enables the super rich to pay tax rates which can be as low as 10% which is half the rate that the lowest earners pay and surely cannot and should not be acceptable in a democratic society.
With general Corporation Tax at 19% and certain listed exceptions as low as 10% again this is lower than the lowest earners which is 20%
A Wealth Tax of just 1% on people earning £1 million a year or over would raise over £52 billion a year in contrast the new tax increase of 1.25% on national insurance will raise £13 billion.
This request is to be sent to the First and Deputy First Ministers in Stormont, Boris Johnson, the Chancellor of the Exchequer and circulated for consideration to all other councils in the North of Ireland.
Proposed by: Proposed by Councillor Keenan and seconded by Councillor O'Cofaigh