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Proposals for Higher Taxes on the Super-rich

Volume 699: debated on Wednesday 21 July 2021

I rise to present a petition, alongside a corresponding petition online that is getting many thousands of signatures from those appalled by the grotesque levels of inequality that scar our country, and from those who are deeply shocked that British billionaires have used this crisis to further enrich themselves to the tune of more than £100 billion while poverty has soared and food bank use has hit record highs. I present the petition on behalf of those who want to see a fairer taxation system as part of building a fairer more inclusive country. The petition states:

The petition of residents of the United Kingdom,

Declares that proposals to introduce higher taxes on the super-rich as a step to tackling the widespread poverty and inequality that scar our society should be considered; further that the COVID-19 pandemic has not only shone a spotlight on the huge inequalities in our society – it has deepened them; notes that in May the Sunday Times Rich List revealed that Britain's billionaires have increased their wealth by £106 billion during the pandemic - that's £290m per day; notes that, in contrast, a record 2.5m food bank parcels were given to people in crisis in the past year; declares that as we come out of this pandemic, if we are to learn the lessons and build a more equal and more inclusive society, then we need to acknowledge that trickle-down economics is flawed and decades of failing tax policy must be tackled.

The petitioners therefore request that the House of Commons urge the Government to take into account the concerns of the petitioners and review proposals to introduce a wealth tax intended to raise tens of billions from the wealthiest in our society, a windfall tax on corporations that made super-profits during the pandemic and a more progressive income tax system including a new 55% income tax rate on all income over £200,000 per year, a 50% income tax rate for those on over £123,000 and 45% rate for income over £80,000.

And the petitioners remain, etc.