Conversation with my colleague Joseph Sternberg in London with the Wall Street Journal

Editorial page, she writes political economics, the Labor Party is making many promises about taxes that they will not, and they will

not.

However, we find one tax that they have not said they will not raise, capital Gaines Tax, and Joe has a very careful response to

the likelihood, tax the rich. Here's Joseph Sternberg, capital gains in the United Kingdom to capital gains in the eyes of

labor on the eve, we're told, of an overwhelming victory on July 4th.

More of this later.

Again, I mean right now, the capital gains tax feels like the one tax that

labor might think the party could increase once it's in power.

They have not been promising that they won't increase it and it would play into

the labor's center-left social democratic impulse to tax the quote unquote the

rich. The problem they're going to discover is the tax regime on capital gains in the UK is already

pretty unfriendly compared to the US.

And the financial markets in London, the famed city, the equivalent of Wall Street already is concerned about losing a lot of business to New York.

And so they might discover that this is a tax they think they can raise, but practically they can.