Zack Polanski has said introducing a wealth tax would be a “day one priority” for the Green Party if they got into power.
On Wednesday, Polanski gave a major speech at the New Economics Foundation in which he laid out his party’s economic plans and policy.
One of the Green leader’s headline policies was that implementing a wealth tax would be a “day one priority” for the party.
Ever since becoming the leader of the Greens last September, Polanski has called for a wealth tax of 1% on assets above £10m, and 2% over £1bn.
And whilst he acknowledged this would not be a magic bullet for the UK’s economic struggles, Polanski made clear his belief that it would be a pretty good place to start.
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“We know a wealth tax wouldn’t fix everything,” he said. “No one has ever pretended it would, but it would be a very good place to start!
“Implementing a 1% tax on wealth over £10m and 2% on £1bn would raise around £50bn per year and it would send a very clear message that those who have accumulated the most money would pay a little bit more.
“Get that money flowing through the economy, make sure it is benefitting everyone.
“For a truly progressive government, a wealth tax needs to be a day one priority.”
Polanski said “all of the levers we have” would need to be pulled to truly “get the economy moving.”
This included equalising capital gains tax in line with income tax, closing down avoidance loopholes and expanding national insurance to cover income from investments as well as earned income.
However, Polanski conceded these would be more long-term goals and policies.
“No one’s saying economic policy is easy, nor that we need to make all these changes overnight,” he said.
“But let’s face it, the framework right now is not working, nor is even the way we talk about our economy.”