Private Wealth Industry Reacts To ‘Solidarity’ Tax Proposal


James Ross commented on the International Monetary Fund (IMF) proposal to introduce a “solidarity” tax on high-earners and very profitable companies with a view of strengthening social cohesion. He told eprivateclient:

“Tax systems have various purposes – to raise money for public services, to enable redistribution of income, and to change public behaviour (think of ‘sin taxes’) – all valid and worthwhile aims. But the rationale for this proposal is expressed to be ‘symbolic’ – which implies that it will achieve none of those aims and is merely intended to send a political signal. This is not a suitable use of the tax system, which is complex enough as it is without the insertion of additional provisions with no practical purpose in terms of revenue-raising, redistribution or changing behaviour.” To find out more, go to