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Telegraph

Labour should ignore Lord Kinnock and steer well clear of a wealth tax

SIR – You report (July 7) that Lord Kinnock is nudging Labour to implement a wealth tax. As Labour has already hammered the wealthy in so many areas – from VAT on private school fees to the abolition of non-dom status – such a tax would be the final nail in the coffin. It's often suggested that this Government is relatively centrist. With the introduction of a wealth tax, however, it would start to be perceived as a hard-Left administration. Labour would be wise to ignore a former leader who never knew what success was at a general election. Henry Bateson Whittingham, Northumberland SIR – Lord Kinnock, who previously supported Labour's mansion tax proposals, now wants to see a wealth tax. He has enjoyed a taxpayer-funded salary and pension for decades. He knows nothing of wealth creation. David Miller Chigwell, Essex SIR – The Labour Left's desire to clobber those it deems wealthy will bring negative consequences for growth, businesses and jobs. Wealth taxes haven't worked elsewhere, serving simply to scare away entrepreneurs and investors. Moreover, imagine the level of bureaucracy and intrusion involved in calculating the value of an individual's assets. Presumably Labour will have HMRC assessing every piece of jewellery, family silver, art and furniture. Mike Hughes London SW10 SIR – The wealthy might be more willing to pay such taxes if they felt confident that their contributions were not being used unwisely. Pamela Wheeler Shrewsbury SIR – Wealth taxes are politically easy: 'the rich' have always been a convenient enemy. However, what those who wish to squeeze this group don't realise is that its definition will change quickly. Wealth tax advocates say they 'only' want a tax of 2 per cent on assets over £10 million, but this 'modest' levy is just the thin end of the wedge. When it doesn't raise enough money (and it never will, because government spending is unlimited and statist politicians always want to spend more) it will become 20 per cent on assets over £5 million – and so on. People tend to assume that wealth is only something that happens to others. You might not consider yourself rich, but no one ever does. The decision will not be yours to make. Robert Frazer Salford, Lancashire SIR – If the Government chases all the 'givers' away, we shall be left only with 'takers' – who will have nobody to take from. Barbara Jackson Epping, Essex