Wealth tax insufficient

Despite income inequality in the UK being largely fuelled by the massive pay and bonuses for company CEOs, resulting in obscene boss/employer ratios like the one in retail of 140:1, it is not surprising that our current government, which laughably claims to hold "one-nation" principles, does nothing about it. What is unexpected, however, is that the Labour leader, elected to run a united party intent on executing the 2019 manifesto, is so quiet on the subject. Not only should he be condemning the "shameless self-enrichment by the wealthiest in society", Starmer should be putting forward policies which explain Labour`s position now (It`s time to address the salaries of shameless CEOs with no moral compass, 17/12/20). The Tory preference for "naming and shaming" has no effect whatsoever, but companies with pay ratios above around 20:1 could face higher corporation tax, be banned from acquiring any government contracts, and be subject to windfall taxes..Greedy bosses and executives need to be taxed more; how about 60% over £500,000, 80% over a million, and 100% over £5million? Similarly, when, as your editorial states, "the public mood" suggests there is widespread support for all those "crucial to the nation`s wellbeing", pay increases for the lower-paid would be welcomed .Instead of freezing the pay of public sector workers, as Sunak proposes, far better to award 10% pay rises, not forgetting how economic multipliers would make this far less expensive than it sounds. With borrowing costs so low, the government could borrow £30,000 to pay a nurse`s salary and pay less than £30 a year in interest, and the nurse would pay back so much more in income tax and VAT! By all means, let`s "revisit" the "notion of regulating the pay ratio", but Labour, in line with Starmer`s leadership election campaign pledges, should be demanding immediate legislation "Runaway boardroom pay" is indeed "acute", as last week`s excellent Business Leader stated, and higher taxes are now essential (The myth of trickle-down economics is dead. It`s time to tax the rich harder,20.12.20). Despite income inequality in the UK being largely fuelled by the massive pay and bonuses for company CEOs, resulting in obscene boss/employer ratios like the one in retail of 140:1, it is not surprising that our current government, which laughably claims to hold "one-nation" principles, does nothing about it. What is unexpected, however, is that the Labour leader, elected to run a united party intent on executing the 2019 manifesto, is so quiet on the subject. Not only should Starmer be condemning the self-enrichment by the wealthiest in society, he should be putting forward policies to remedy a situation which has for too long been an indictment of our society. Greedy bosses and executives need to be taxed more, with top rates increased to 60% on incomes over £500,000, 80% over a million, and 100% over £5million. Their companies should be targeted too, so that those with pay ratios above around 30:1 facing higher corporation tax, and be banned from acquiring any government contracts, and subject to windfall taxes With companies so adept at minimising their tax payments, perhaps consideration should be given to tightening rules so that the Treasury could be compensated via massive corporate fines? Is it beyond the ken of politicians to draw up legislation to set a legal limit on pay ratios, and also to guarantee all companies not only pay their workers a living wage, but treat them with dignity and respect, thereby stopping, for example, the degradation of Amazon`s employees in their workhouses. Repeated huge fines would soon have an impact on profits and shareholders` dividends, and, therefore, very quickly on company practice!