One of the Most Destructive Taxes of the Past 40 Years Could Soon Be Axed

Danny Alexander’s decision to ditch his party’s commitment to a wealth tax on expensive properties – the infamous mansion tax – and to replace it instead by additional council tax-style bands, represents one of the bravest policy reversals of recent years. The seismic nature of the shift, which still needs to be approved by a deeply sceptical Lib Dem membership, has gone largely unnoticed, partly because it is being downplayed by Alexander. But if it is also eventually adopted by the Labour Party, as seems likely, it would represent a major improvement in the Left’s attitude towards the taxation of property. Extending the council tax, while objectionable, is less pernicious than introducing a completely new wealth tax. Read more on the Daily Telegraph website.