Fabian Society Pamphlet Launch – ‘A Unique Contribution’

‘A Unique Contribution’, by Nick Donovan, with a foreword by Dan Jarvis MP, targets those who have used tax heavens or domestic tax avoidance schemes and aims at reducing spiralling inequality in the UK by reinventing taxation policy.

During the open discussion at the House of Commons, the author pointed out that the revenue raised by the proposed one-off levy would take a significant bite out of the current budget deficit and will thus ease the pressure on spending cuts. The other panellists agreed that the proposed ‘unique contribution’, despite suffering from some disadvantages, is an inventive way to tilt the tax system away from earned income towards unearned wealth.

During the discussion with the audience alternative taxes such as the land value tax or the capital gains tax on property came up as possible ways of making the tax system fairer. It was suggested to aim at creating a new tax code that appeals to people and not the technocratic details of its own structure. There needs to be a more stringent approach to tax avoidance so that everyone pays their fair share. Global systems and international cooperation are therefore crucial for dealing with those who have kept their wealth hidden.