Former Labour party leader Neil Kinnock called for a wealth tax earlier this week

That “millionaires don’t need all that money” misses the point. Wealth taxes hurt us all, writes Callum Price

Neil Kinnock knows a thing or two about the Far Left. His time as leader of the Labour Party (1983 – 1992) was overshadowed by frequent clashes with what we would now call the Corbynite wing of the movement. Kinnock must know better than probably anyone else in the country that one cannot deal with these people by meeting them half-way.

Which makes it all the more surprising that it is Kinnock, of all people, who is now responding to the potential electoral threat from a new socialist party – led by Jeremy Corbyn and Zarah Sultana – by reviving the political zombie of the wealth tax.

Wealth taxes were once a fairly common form of taxation. In the mid-1990s, a dozen OECD countries still had some variant of such a tax. But they then fell out of favour, and were quietly dropped in country after country. Today, the only major economies that still have wealth taxes are Spain, Norway and........

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