The Green Party has pledged to raise taxes on UK's top earners in its manifesto, claiming the plans will generate £70bn a year to mend "broken Britain".
The plans include raising the National Insurance (NI) rate to 8% on annual wages above £50,270 - equivalent to an extra £283.74 per year in tax for someone earning £55,000.
In the lead-up to the manifesto launch, the party committed to spending
£50bn per year on health and social care by 2030.
Ahead of the manifesto launch, Mr Ramsay said the party intended changing the "conspiracy of silence" on taxes by creating a fairer system and asking those "with the broadest shoulders to pay more".
The party will also set out details of a Green Economic Transition programme aiming to upgrade homes across the UK, making them warmer and cheaper to run by increasing energy efficiency.
To pay for their plans the party has proposed a new wealth tax charged at 1% on all assets worth more than £10m declared in a self-assessment tax return, increasing to 2% on all assets above £1bn.
They would also reform the NI system.
Currently employees pay no NI on earnings of up to £12,570, 8% on earnings of between £12,570 and £50,270, and 2% on earnings of above £50,270 for the 2023/24 tax year.
Under the Greens' plans, the 8% rate would be paid on all wages above the upper earnings threshold.
The Greens said they would also:
- Introduce a carbon tax on businesses starting at £120 per tonne emitted, rising to £500 per tonne over ten years, to push businesses to decarbonise
- Expand the 75% windfall tax on fossil fuel profits to banks, aiming to raise an extra £9bn a year
- Bring Capital Gains Tax in line with income tax bands.
^^^^ This is the sort of stuff that Corbyn had in his manifesto, but got destroyed by the right wing press (with the terrorist sympathiser nonsense) For me it's what a Labour Govt should be doing, but they know they will get roasted for saying it, so it's left to the Greens who do not need to worry too much about what the press think as it won't affect their votes as much.