‘Emergency’ Tax on the Rich Roils Britain
“As part of the global push to tax the rich, Britain is now debating an ‘emergency’ wealth tax. But the idea has hit fierce opposition from conservatives, who say the ‘politics of envy’ hasn’t made the country rich.
Deputy Prime Minster Nick Clegg, leader of the Liberal-Democrat Party, has proposed a one-time tax on the wealth (rather than the incomes) of high-net-worth Britons. The details aren’t clear, but Clegg says the country is facing an economic war caused by a prolonged recession, and needs to tax the rich in order to avoid social unrest.”