Pressure group calls for "more progressive" tax system

Making changes to the tax system would ensure wealth distribution is more even, according to one pressure group.

Campaigns manager for Compass Joe Cox said that the re-implementation of a ten per cent income tax rate and the use of a 50 per cent income tax for those who earn over £100,000 would make the tax system ’more progressive’.

He was commenting after the release of a report by the New Economics Foundation, which revealed that there are currently large disparities in pay across the UK, with the country seeing a 44 per cent increase in inequality over the past 30 years.

Should the changes that have been suggested by Compass be implemented, those with large private wealth may be forced to look at alternative methods for managing their assets, such as offshore banking investment or social investing.

Mr Cox added that the present fiscal deficit ’should be used as an opportunity’ to make alterations to the current tax system.ADNFCR-2318-ID-19524402-ADNFCR