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February 12, 2008

A Charity Levy for Britain's Wealthy?

Affluent British people who do not give at least 10 percent of their incomes to charity should pay an equivalent surcharge in taxes, said Frank Field, former welfare reform minister for Britain’s Labour party, according to The Financial Times.

Mr. Field wants to levy a 10-percent surcharge on British taxpayers’ earnings or investment income of more than $294,095 per year. The British government should create a national endowment fund to distribute the money if the taxpayer does not designate charities to receive his or her money, he added.

Mr. Field’s idea would “encourage richer taxpayers to embrace the responsibilities of wealth,” he said, and raise an estimated $7-billion annually.

Tuesday February 12, 2008 | Permalink

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