The Deputy Prime Minister Nick Clegg says we need a wealth tax. No we don’t. A wealth tax is immoral and counterproductive.
Right now, Mr Clegg and his government should be focusing on creating wealth, not shuffling it around. We need a growth agenda of lower taxes and less red tape in order to get businesses expanding and employing people. A wealth tax, like any other kind of tax, simply shifts potentially productive resources from the private sector to the government. And governments are not usually thought of as being ‘productive’ or as ‘wealth creators’, are they?