The Time To Abolish Capital Gains Tax Is Now!

Adebayo Adeniran
5 min readSep 9, 2021

Our Failure to tax the wealthiest in society is democracy’s greatest failing ever.

Kelly Sikkema’s image via unsplash

During the 2019 general election that was called to break the Brexit deadlock, Boris Johnson was asked if he was going to raise taxes to pay for Britain’s public services and he said the following:

I guarantee that we will not raise the rate of income tax, VAT or national insurance

Granted that this assurance was made by the British prime minister just before the global pandemic wreaked havoc on our physical and mental health. Our livelihoods, jobs and economy, something about the recent announcement of the arbitrary increase in taxes speaks to the profound moral bankruptcy of the current conservative government.

And I will explain why.

New Tax Rates In The Age Of Austerity, Minimum Wage And Zero Hour Contracts

It is widely accepted across the political spectrum that there’s a massive shortfall in money to pay for public services such as the National Health Service, Transportation and schools. If anything, the events of the last eighteen months have demonstrated why an increase in taxation is an absolute moral imperative.

What isn’t at all acceptable are the people at whom the increase in taxes are directed, which I have taken great care in listing below:

· Nurses, who were recently given a 1% pay rise in recognition of their service.

· Retail employees ( shop assistants) on zero hour contracts

· Uber and delivery drivers who are self employed

· Those earning between 20,000–40,000 pounds per annum

· Employees on the minimum wage, which in the United Kingdom is £7 per hour.

· Young graduates

· Teachers and teaching assistants.

The tax hike of 1.25%, which is being described as the highest increase since the end of the second world war is poised to eat deep into the earnings of those who are already struggling as it is to get by in twenty-first century Britain.

And this is all in stark contrast to the very wealthiest among us, who have paid…

Adebayo Adeniran

A lifelong bibliophile, who seeks to unleash his energy on as many subjects as possible