‘A wealth tax can only go so far – how about preventing people amassing riches in the first place?’

Wealth cap, not tax 

In her article, Rebecca Gowland says a wealth tax would be only 2% on wealth above £10 million. This is precisely the problem. Being such a small part of their overall wealth means that it doesn’t stop their existing wealth from compounding and further increasing inequality.   

The problem needs to be approached from the other end: preventing people amassing unreasonable wealth in the first place. One possibility is something like a tax of 100% on all corporate incomes that exceed, say, 20 times the median income in a company. This would curb excessive incomes and high salaries could only be enjoyed if employees had their salaries raised too. This would ensure that employees shared in the success of their companies rather than being an exploited resource for excessive wealth accumulation by the few. It would greatly reduce the welfare bill, as well as increase the tax take from better-paid workers. 

Noel Castellino  

Take it to the bank 

Ethical banking could help save the planet. Last year $906 billion was put into the fossil fuel industry by the world’s most successful banks. 

Money is a huge part of all our lives, so doing some research and investing your pay into ethical banks like Triodos, Nationwide or The Cooperative Bank, can reduce your carbon footprint more than switching energy providers, changing to a vegan diet or even quitting flying on planes all combined, although there is no reason why you can’t do all four. 

Tilly Holbrook, Coventry

Farewell to a friend 

Hello I just wanted to send you this lovely picture I took of Liam on 22 December 2022. We agreed that I would send it to Big Issue but I never got around to it. 

I had long chats with Liam every day that I worked from Sketty Cross for about seven years. We would put the world to rights and also have a laugh. I was truly gutted when my friend posted that he had died and I’m heartbroken since reading how he died. 

Mair Llewellyn  

Model student 

I was first introduced to Big Issue in 1996 as an American university student studying in London. Thirty years later, I brought my 17-year-old son for his first visit to London and was reintroduced to the magazine. Thanks to Ita and the other Big Issue vendors near Coal Drops Yard and King’s Cross, he was fascinated to learn about this long-time initiative that offers dignity and meaningful opportunity while providing important insights to the reading public. 

As he gets ready to head off for his own university studies in social leadership here in the States, the Big Issue model really made an impact on his thinking as a contributor to future problem-solving for these issues back home. Thank you.

Anne Delgado, New Jersey, USA

Read more:

• The Sunday Times Rich List is back. Is it time for a wealth tax?
• Brits overwhelmingly back a wealth tax on the ultra-rich. Would it work in the UK?
• Why Britain’s next prime minister must tax billionaire wealth now. Democracy is on the line

Good influence 

I was a journalist for about 50 years and am now retired but I read every sentence in every issue to keep me up to date with the world we live in. One issue in particular made my heart beat faster: Issue 1725, guest edited by Gary Stevenson who introduced the influencers fighting inequality. I thought of myself as that when I was working but sadly I couldn’t change the world I lived in. I hope Gary and his fellow influencers will work that miracle and make life better for everyone

Wendy James, Cambridge

Responses to: Angela Rayner meets John Bird

Sure Start was an incredible programme which supported so many families. 

@c.1aire.25, Instagram

Totally agree [with Rayner, about receiving state support]. I was able to go back to college and pass all of my exams to be a successful executive assistant. I am so grateful for that opportunity. It changed my life and it cost nothing but my hard work!! 

@nanamixmix, Instagram

Now, we need to look at how disabled people can also be supported. The Big Issue is amazing. The extra support and training for other careers within Big Issue is exceptional.  

@jonathanmleroux, Instagram 

John Bird is inspiring! 

@andvinmk, Instagram

100% agree – a secure home, especially as a child, is the key to SO much else in life. 

Jean Timlett, Facebook 

Do you have a story to tell or opinions to share about this? Get in touch and tell us more. 

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