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Does the financial crisis create opportunities for taxing wealth? A study of tax policy debates in the United Kingdom

Prabhakar, Rajiv (2015). Does the financial crisis create opportunities for taxing wealth? A study of tax policy debates in the United Kingdom. Social & Legal Studies, 24(2) pp. 271–287.

DOI (Digital Object Identifier) Link: https://doi.org/10.1177/0964663915572501
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Abstract

Taxing wealth is an important part of tax policy debates today. The prospect though for taxing wealth seems to be bleak. But does the financial crisis create opportunities for taxing wealth? The financial crisis might change debates by acting as a shock to the tax policy process and boost political arguments for taxing wealth. This article explores whether the financial crisis has such an impact by looking at tax policy debates in the United Kingdom. The article looks at examples of three main ways of taxing wealth, namely, proposals for an inheritance tax, mansion tax and capital gains tax. This article argues that the financial crisis has an impact on political debates but that its impact is uneven. The financial crisis provides a greater boost for a mansion tax idea over inheritance tax or capital gains tax. However, political arguments for taxing wealth are refracted by other factors such as lobbying by vested interests.

Item Type: Journal Item
Copyright Holders: 2015 The Authors
ISSN: 1461-7390
Keywords: capital gains tax; financial crisis; inheritance tax; mansion tax
Academic Unit/School: Faculty of Arts and Social Sciences (FASS) > Social Sciences and Global Studies > Economics
Faculty of Arts and Social Sciences (FASS) > Social Sciences and Global Studies
Faculty of Arts and Social Sciences (FASS)
Research Group: Innovation, Knowledge & Development research centre (IKD)
Item ID: 43256
Depositing User: Rajiv Prabhakar
Date Deposited: 26 May 2015 09:57
Last Modified: 06 Aug 2019 08:47
URI: http://oro.open.ac.uk/id/eprint/43256
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