Labour leadership contender proposes wealth tax

The man seeking to take become leader of Britain's opposition Labour Party has proposed a wealth tax on the country's highest earners as part of what he cast as a "socialist revolution" to woo Labour supporters, The Times newspaper reported. Owen Smith, who is seeking to replace socialist Jeremy Corbyn as Labour leader, promised a public spending spree funded by 200 billion pounds of extra borrowing and taxes on business and the wealthy that would net 13.5 billion pounds a year, the newspaper sa