The Welfare Budget & Wealth Taxes
Part of the letters to my MP series…
Dear [insert MP name here]
I am addressing this email as a matter of grave concern regarding the proposed welfare reductions, which will negatively impact disabled people, including those with hidden disabilities, those who are unable to work, and those already existing at or below the poverty level. Instead of going after society's most vulnerable, I urge you to take a fairer approach to funding welfare programs—taxing high-net-worth asset holders with over £10 million in holdings.
42% of poor UK homes contain a disabled person, according to the Joseph Rowntree Foundation. Cutting welfare would push many into further hardship, more homelessness, reliance on food banks, and worsening mental and physical health.
The UK welfare system not only benefits individuals but also the overall economy. Cutting benefits reduces consumer spending, decelerating economic growth, claims the Resolution Foundation. On the other hand, ensuring adequate welfare payments retains money in local economies, benefiting business and employment.
Instead of balancing the budget on the back of the most vulnerable, we should apply a wealth tax on those with more than £10 million worth of assets.
The richest 1% of UK families own close to a quarter of the country's wealth (ONS statistics). At the same time, wealth inequality has increased over the last ten years, but these people pay a disproportionately low amount in taxes because of loopholes and lower effective tax rates on wealth than on income.
Spain and Norway have wealth taxes that fund social welfare, so the richest help contribute in a just way. France's previous ISF (solidarity wealth tax) raised billions before it was phased out and replaced with a tax on luxury real estate.
A minimal 1-2% assets levy above £10 million would net tens of billions annually, covering welfare costs without hurting hardworking and middle-class families.
The government will not be able to force people who are already suffering into additional hardship while multimillionaires and billionaires are able to increase their fortunes unchecked. A wealth tax is not radical—it is a necessary correction to an economy that has left too many people behind.
I call on you to resist benefit cuts and call for a sensible tax system which gets the wealthiest contributing their fair share. Will you commit to tabling this in Parliament and campaigning for a just way?
I look forward to hearing from you.
Yours sincerely,
LJ
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