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RICHARD BURGON has submitted amendments to the government’s Finance Bill calling for a 55 per cent tax on very high incomes ahead of a vote in Commons.
It is estimated that the measure could raise between £500 million and £1 billion a year. The current highest rate of income tax is 45 per cent for those earning above £150,000.
The left-wing Labour MP is also calling for a windfall tax on companies making super-profits from the Covid-19 crisis.
Mr Burgon said: “This pandemic has shone a spotlight on the deep inequalities that blight our society. Years of keeping taxes low for the very rich did not boost the economy, it just allowed inequality to run out of control.
“Building a more equal society as we come out of this pandemic requires us to radically reform the tax system.
“More than simply raising funds, I hope these proposals will help kick-start a much wider debate on the need for a more progressive tax system.”
MPs will vote on the legislation on Monday.
