Tax Favors Wealthy in London's Billionaires Row

Tax Favors Wealthy in London's Billionaires Row Play

Oct. 25 (Bloomberg) -- Billionaires living in London's Kensington pay only 32 pounds ($51) more tax on their mansions than the families living just around the corner in their rented 3-bedroom rowhouses. The disparity prompted the coalition government’s Liberal Democrats to push for a so-called mansion tax of 1 percent a year for homes valued at more than 2 million pounds. Their coalition partners, the Conservative Party, rejected the idea. (Source: Bloomberg)

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