Rishi Sunak may hike income taxes or introduce a wealth tax – how will you be affected? | Personal Finance | Finance


Additionally, a Budget document from March outlined Mr Sunak was using “stealth taxes” in order to increase the amount the Government received from duties.

A stealth tax is defined as a tax levied in a way which makes it largely unnoticed, or not recognized as a tax at all.

They can take the form of business income taxes, sales taxes, property taxes, fees, surcharges, business licensing and permitting costs.

Jack Leslie, the Chief Economist at Resolution Foundation, told Express.co.uk earlier this year that the State should reform these wealth taxes as opposed to introducing brand new taxation schemes.

Mr Leslie said: “The Government should fix the system that it has, make it fairer, and close the loopholes.

“You could raise billions without touching the headline rates, fixing the current system is a better approach than trying to introduce a whole new wealth tax.

“One of the really big trends in the economy over the last 30 years is that the overall value of the wealth people hold is worth around twice what it was 30 years ago.”

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