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Has the time come to tax wealth?

The idea has progressive credentials—but that’s not enough

By Paul Wallace  

Cornered by bleak growth forecasts, pressure to ease austerity and resistance to tax increases, Philip Hammond resorted to borrowing more in his budget. Despite praise among fellow Tories for his efforts on 22nd November the chancellor of the exchequer delivered a budget as fiscally feeble as the government is politically weak. Yet finance ministers are never really short of ingenious ways to raise more revenue. At a time of booming asset markets, one option open to a stronger chancellor would have been to plug some of the borrowing gap by introducing…

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