The proposed 2% wealth tax on individuals with assets over £10 million is gaining attention ahead of the government’s Spring Statement, with support from Labour MPs, Green Party, lobby groups, and charity organizations. The tax could potentially raise £24 billion per year, but critics are skeptical due to possible tax avoidance strategies. While many support the tax to fund public services and address economic inequality, challenges in administration and potential negative impacts on wealth accumulation and emigration have been raised. Jason Hollands, managing director of Evelyn Partners, criticizes the idea of a wealth tax, stating that it would drive capital and people to other jurisdictions and hinder wealth creation. Despite lobbying efforts from Patriotic Millionaires UK, there is little government enthusiasm for a wealth tax, with Treasury emphasizing the contributions of the top 1% of taxpayers and the revenue from existing wealth and asset taxes to fund public services.
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Bitcoin, Ethereum, and Dogecoin Soar as "Risk On" Trade Continues
Investors are actively buying risk assets, including growth stocks, tech stocks, and cryptocurrencies, with Bitcoin (BTC) rising 2.9%, Ethereum (ETH) 5.1%, and Dogecoin (DOGE) 6.2% due to positive macroeconomic news, particularly expectations of de-escalation in the U.S.-China trade war. Bitcoin has shown to be a risk asset rather than a hedge, while Ethereum and Dogecoin face uncertainty regarding their long-term value, especially as Ethereum struggles with transaction costs and Dogecoin lacks fundamental use cases. Overall,...
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