Wealth Taxation for Public Services

As an amendment to motion S7M-00249 in the name of Jenny Gilruth (Wealth Taxation for Public Services), leave out from “believes" to end and insert “notes the data published by HMRC and research by the Institute for Fiscal Studies, which show that each 1% increase in income tax results in a 0.77% reduction in tax revenue; believes that this acts as a disincentive to growth and contributes to economic stagnation and loss of opportunities for everyone; further believes that increasing taxation for some people has a wider impact on everyone; considers that evidence suggesting that, in retrospect, increases in wealth taxes can lead to a significant flight of tax revenues, contradicts previous assessments by the Scottish Fiscal Commission (SFC) that increasing taxation would result in only a minimal flight of tax revenue, and calls on the SFC to review its approach to modelling of using contradictory real data against its hypothetical forecasts."