29 August, Thursday, 2024
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More countries use wealth taxes to ease cost of living crisis

Governments raise levies to fund support as Britain faces calls to reform system

The rich are increasingly being squeezed by wealth taxes as governments raise levies to pay for cost of living support.

There was a “notable increase” in countries increasing net wealth taxes and property taxes last year, the Organisation for Economic Co-operation and Development (OECD) said in its latest report on tax policy reform.

It comes amid growing calls for a wealth tax to be introduced in the UK.

Spain imposed a temporary “solidarity tax” for 2022 and 2023 on residents worth more than €3m (£2.6m) to help the government cope with the cost of living crisis.

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