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Top Income Inequality and Tax Policy - Richard Blundell (UCL & IFS) A remarkable set of contributions, all live at https://www.ifs.org.uk/inequality

7 April 2022

Summary

Tax and top incomes Top Income Inequality and Tax Policy Richard Blundell (UCL & IFS) A remarkable set of contributions, all live at Chapter: Isaac Delestre, Wojciech Kopczuk, Helen Miller and Kate Smith Commentaries/articles/interactions: • Owen Zidar, ‘Discussion of top incomes and capital tax policy’ • Arun Advani and Andy Summers, ‘Measuring and taxing top inc. [...] A picture of top incomes and top income taxation…… Top Income Inequality and Tax Policy, April 7th 2022 © Institute for Fiscal Studies Mean average tax rate by type of individual within the top 1% of UK adults, 2018–19 Top Income Inequality and Tax Policy, April 7th 2022 © Institute for Fiscal Studies Top marginal statutory tax rates, 2021–22 Top Income Inequality and Tax Policy, April 7th 2022 ©. [...] Top Income Inequality and Tax Policy, April 7th 2022 © Institute for Fiscal Studies A picture of top incomes and top taxes • Top income shares: The top 1% receive 15% of fiscal income, more than the bottom 55% of adults combined, an increase from 6% in 1980. [...] • Financial services: 29% of wage earners in the top 1%, and 44% in the top 0.1%, work in financial services, compared with just 5% across the top half of the income distribution. [...] © Institute for Fiscal Studies Top Income Inequality and Tax Policy, April 7th 2022 A balance of policies • Inequality at the top matters: In our poll 58% of Britons ‘worried’ that ‘the top 1% of earners have more money than the other 99% of people’ • Capital gains: Whether or not we include taxable capital gains in the measurement of top 1% income, capital gains taxation is a key issue.

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