Comments by "" (@lonevoice) on "Green Party on scandal of millionaires paying less tax than nurses" video.

There is no CGT on primary residence. The problem with the wealthy is that they are unable to spend enough. They always have a surplus of personal income over personal expenditure which they then invest. They invest by buying assets such as shares, property etc but with the UK's growing wealth inequality, there is a growing competitive demand for assets which is pushing up prices. However, not only is it pushing up asset prices but there is an increasing flow of money out of the active economy of business, jobs, services etc into asset purchases. This is economically damaging and will continue to get worse until it is tackled.
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@cosmosnomad That's correct. The rate of tax that the wealthy pay is generally far below that of others. That's because they can manipulate how they are paid, i.e. by switching income to capital gains etc. We saw this with Rishi Sunak when he disclosed his Tax Return details. His rate of tax was around 22% on total income of £2.2m and that is not untypical. Reeves only made a feeble attempt to align CGT rates with income tax. She increased the lower rate of CGT from10% to 18%, i.e, just 2% below the basic rate of tax. For high earners she increased the CGT rate from 20% to 24%, i.e. 21% and well below the top rate of income tax. She didn't explain why the discrepancy.
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@irisaviation852 Sometimes a capital gain is taxed as income but that is usually as an anti avoidance measure. The most common one is on a person's home. This is usually exempt in whole or part from capital gains tax under the principal private residence exemption but that ceases to apply in certain circumstances. Most notably where a person's house is developed with the intention of making a gain. In that situation the development activity is treated as a trade and is subject to income tax. There are similar anti avoidance measures.
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