Society and Culture

Alienate the wealthy and prepare to feel the cost

Mark Littlewood writes for The Times

Mark Littlewood, IEA Director General, has written his column for The Times on the vast contributions made by the wealthy to our economy and asserts that instead of demonising them, we should recognise their impact.

Mark demonstrates the historic ineffectiveness of wealth taxes and argues that while the richest in society must, of course, pay their taxes, that governments should be wary of over-zealous taxation.

“The French Socialist president François Mitterand introduced a wealth tax in 1982. It is estimated that the losses in tax flight from the country were twice the revenue it brought in. In the first 16 years of the new millennium, more than 60,000 millionaires left France. When François Hollande sought to introduce a supertax, 12,000 millionaires departed in 2016 alone.”

Read the full article here.