“With these National Insurance hikes, the Tories are engaging in simple class warfare, letting the wealthiest off the hook while forcing millions of people ever deeper into a cost-of-living crisis.”
By the Labour Outlook Team
Ahead of today’s Spring statement mini-budget, over 60,000 people have backed a call by Richard Burgon MP for the National Insurance hike to be axed and replaced with a Wealth Tax on the richest 1%.
The petition, launched just last week, warns that millions of people are already facing huge increases in energy bills, high inflation, real-term wage cuts and cuts to Universal Credit and simply cannot afford this Tory tax hike.
It calls for the rich to be the ones to pay for any tax increases – not those at the sharp end of a cost-of-living crisis.
Specifically, Richard Buron MP is calling for an annual tax of just 1.5% on all wealth above £5m. This would raise £14bn per year, according to the UK Wealth Tax Commission calculator. Such a move would raise the same as the National Insurance hikes.
But whereas tens of millions of working people will be hit by the National Insurance hike only around 260,000 families would be rich enough to have to pay the new tax.
The petition is part of a wider campaign launched by Richard Burgon and the Labour Assembly Against Austerity for a wealth tax alternative including a Parliamentary motion already backed by over 60 MPs from 8 parties.
Richard Burgon MP told Labour Outlook: “With these National Insurance hikes, the Tories are engaging in simple class warfare, letting the wealthiest off the hook while forcing millions of people ever deeper into a cost-of-living crisis.
“There is an alternative to this tax hike on working people which is to make the very richest pay more through a Wealth Tax.
Britain’s wealth gap has ballooned in recent years and it’s time that the very richest were finally made to pay their fair share.”
- Add your name to the call for a Wealth Tax NOT a National Insurance Hike by signing the 60,000 strong petition here.
- You can also lobby your MP to sign Richard Burgon’s Early Day Motion backing a Wealth Tax instead of a National Insurance Hike.