As Rachel Reeves prepares to unveil the 2024 budget, it’s crucial we address the pressing need for tax reform and its impact on our lives 💰 In my book Now What?, I explore the stark reality of how the super-rich manipulate the system to avoid paying their fair share. For the past 14 years, they’ve written the rules, benefiting from schemes that allow them to legally minimise their tax bills. Meanwhile, those who rely on earned income are left to carry the burden 😡 Take Rishi Sunak, for instance. In the financial year 2022–23, he reported earnings of £2.23 million and paid just £508,308 in tax, resulting in an effective rate of only 23%. This is significantly lower than the top income tax rate of 45%. If all his earnings had been taxed as income, he would’ve paid around £1,036,313—double what he actually paid. Why the discrepancy? Sunak’s capital gains tax rate is stuck at 20%, allowing him to pay far less than many workers. While he did contribute £163,364 on an income of £432,884, he also benefitted from a much lower rate on his capital gains, which accounted for the majority of his income. This isn’t just a coincidence; it highlights the systemic inequality embedded in the tax framework. As the Trades Union Congress aptly pointed out, “It really is a mystery why Rishi Sunak raised income tax but not capital gains tax.” The gap between income tax and capital gains tax encourages significant tax avoidance, leaving ordinary people to pick up the slack. As Benjamin Franklin said, “In this world, nothing is certain except death and taxes.” It’s time for a tax system that reflects that truth for everyone, not just the elite! 👉 Want to learn more about this? Dive into Now What? for insights and solutions! Link in bio!