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Camilla Cavendish is entitled to stealth tax (“British social care needs to be revamped, but stealth tax is not the answer”, Opinion, FT Weekend, July 24) but fails to name the most useful area where taxes can be increased – property.
The refusal of successive governments to deal with the unjust and regressive taxation (which has remained firm and outdated since 1991) is one of the biggest contributors to the built-in distortion of our economy. The result was a tax-cheap invitation for the rich to park their wealth in property while we pushed the rest of us out of the cities for space and price, and a source of runaway inflation.
It’s an undeserved wealth of the most damaging kind, but it’s not on any party’s agenda, perhaps because politicians remember the last time anyone tried to wrestle with this kind of tax and the riots that followed. But these were riots of the mass of people. Will the wealthy FT readers come out and confront the riot police on Trafalgar Square? These changes must be made with caution so as not to harm the actual long-term livers whose property has accidentally accumulated in value. But this kind of tax will be fair, considered fair and ultimately help rebalance the economy.
Gravesend, Kent, United Kingdom