France plots tax on super-rich to rearm – and Britain could be next

Arun Advani, associate professor at Warwick University, told The Telegraph: “It’s clear that there is going to be an increase to demand on defence relative to what we expected before the election. “Either you have to be quite severe in cutting the state even further when public services are struggling or raise the money somehow, which means going for tax. “Some other countries are looking particularly to taxes on wealth at a time when people have been squeezed for some time. The pain is relatively less at the top when you increase taxes but no one likes having their taxes increased.” He said the wealthiest taxpayers are able to “stack” tax reliefs to pay substantially less than the top rate of tax in Britain on their earnings. “One thing that is always worth highlighting is that we have a top rate tax that is 45pc, [but] when we look at the actual rates, people are paying much lower than that, there are some with millions of pounds who are paying closer to 20pc.” Meanwhile, Ms Ree ... Read full article.