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Streeting pledges 'wealth tax that works' as part of leadership pitch
Key takeaways
- Streeting is proposing equalising capital gains tax with income tax, in a reform he estimates could raise £12bn a year.
- He said the change would address an unfair system that was "penalising work", while encouraging investment by offering lower rates of capital gains tax to "genuine" entrepreneurs.
- Streeting set out the policy on the BBC's Political Thinking podcast, in his first in-depth broadcast interview following his resignation as health secretary last week.
Why this matters: a developing story that could shape the day's news cycle.
Joshua Nevett Political reporter BBCWes Streeting is proposing reforms to capital gains tax Former Health Secretary Wes Streeting has backed the introduction of a "wealth tax that works", as part of his pitch for the Labour leadership.
Streeting is proposing equalising capital gains tax with income tax, in a reform he estimates could raise £12bn a year.
He said the change would address an unfair system that was "penalising work", while encouraging investment by offering lower rates of capital gains tax to "genuine" entrepreneurs.
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