Tell George Osborne to stand firm on Capital Gains Tax
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Petition text:
Dear George Osborne,
Please stick to your commitment in the Coalition Agreement by increasing Capital Gains Tax to rates similar to income tax by:
- making the top level of Capital Gains Tax the same as income tax
- reducing the level at which people have to start paying tax on money earned from investments like stocks and shares, and second homes
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Increasing Capital Gains Tax rates to be in line with income tax will make the tax system fairer, and was an important part of the Coalition Agreement. It will stop the mega-rich avoiding their fair share of tax by using capital gains as a tax loophole. By accepting part of their income as capital gain, the wealthy can significantly lower the amount of tax they have to pay. But now there are fears that the government are losing their nerve and might be about to break their promise to bring Capital Gains Tax in line with income tax.
David Cameron has warned that Britain's “whole way of life” will be disrupted for decades by the “painful” cuts that are needed to tackle the budget deficit. Spending cuts are always worst for the poorest and most vulnerable people. But if the richest people also avoid paying a proper share of taxes, it's a double injustice.
Increasing Capital Gains Tax is one of the only policies promised by the new government that ensures that the wealthiest people shoulder their fair share of the burden of reducing the UK's deficit.
But now George Osborne is wavering on his promise after a backlash from Conservative backbenchers and the right-wing media.
We've teamed up with One Society to show that opponents of a fair increase in Capital Gains Tax don't speak for all of us. Sign our petition now and ask George Osborne to stand firm on the pledge to bring Capital Gains Tax in line with income tax rates.
