It has been reported that wealth taxes, including inheritance tax and capital gains tax, will cost households nearly £90billion over the next five years.

Responding to the reports, IEA Policy Adviser Sam Collins told the Daily Mail, that “wealth taxes lead to economic distortion, harming businesses and individuals.”

“Instead of increasing the tax burden on businesses and individuals”, Sam added “the Chancellor should go for growth and take radical steps to simplify our tax code – leaving more money in the hands of individuals, families and businesses.’

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