So, Labour has finally, shambolically, released its capital gains tax policy, and as signalled it is a weak extension of the bright-line test, covering only non-residential property (but not farms), pre-compromised into oblivion in a desperate effort to avoid offending anybody. When they teased this idea back in September, I said that they're going to pay the political price of a CGT, in order to not raise enough money to do anything useful. All cost, no benefit. That hasn't changed. About the only thing going for this policy is that it can be implemented quickly, within a year of an election. And it can be extended later to cover the things Labour has excluded, like farms and shares and other financial instruments, some of which might require tricky policy work. But Labour isn't talking about that, so they're not even teasing incrementalism here. So even if you have an optimistic view that this is part of a secret plan to incrementally impose a comprehensive CGT one sector at a time, Labour simply can't be trusted to follow through on it.
(As for their quid pro quo - three free GP visits a year for everyone! - they've lumbered it with a pile of NeoLiberal rationing and a de facto universal ID card. Which is just intrusive, pointless waste. FFS, just fund health...)
It is clear that the state needs money to pay for the things we want it to do. It is also clear that we need to arrest inequality and the political power of the ultra-rich, by taking money away from the wealthy and using it for public purposes. Labour's bullshit half-measure doesn't really do any of these things. So I won't be voting for them. Instead, I'll be voting for a party which promises an actual wealth tax, which whacks the rich and raises enough revenue to actually fix things. I encourage everyone on the left, who wants proper public services and hates billionaires, to do the same. Labour's half-measure is OK as a transitional step towards a real wealth tax. But its not enough - and looking at their institutional culture of complying-in-advance with the demands of the rich, nothing from them ever will be.
