Andrew Northall (Letters, Solidarity 438) asks important questions about taxing the ultra-rich and the merely well-off. No socialist strategy, I believe, can escape the risk of a “counter-revolutionary reaction” from the rich.
That is not just because of our challenge to their income. It is because of our challenge to their wealth and their power. No socialism is possible without taking the top 1% down a peg, and they will resist that ferociously. At certain times they will shrug and pay more tax.
Labour’s plans are modest. In 1944-5 (under a Tory-led government), Britain had a top income