Arya News - Calling themselves ‘Patriotic Millionaires’, they say ‘wealth and power have been concentrated in a small group for too long’.
A group of 120 millionaires in the United Kingdom have asked the new Prime Minister Andy Burnham to increase taxes on the ultra-wealthy, saying they are willing to pay more so that the country can reinvest back into its people.
In a “Proud to Pay” letter released on Thursday, the millionaires, including sports broadcaster Gary Lineker and actress Julia Davies, told Burnham: “As millionaires we have a clear message for you, our new Prime Minister: tax us. We are proud to pay and here to stay.”
Recommended Stories
list of 3 items list 1 of 3 Burnham pledges devolution and discipline if he becomes UK prime minister list 2 of 3 ‘Where do I get that from?’: UK asylum seekers face hefty repayment bill list 3 of 3 Elon Musk poised to make history as world’s first trillionaire end of list Calling themselves “Patriotic Millionaires”, the group said “wealth and power has been concentrated in a small group for too long”, hurting “our country, its people, our democracy and our environment”.
“For a better Britain, this has to change,” they said, adding that the money raised from higher taxes on wealth could be used to reduce inequality, support public infrastructure and back small businesses.
‘Basic British value’
Lineker, a former professional footballer, said Britain’s wealthiest can afford to chip in more, as Brits struggle to get by every day.
“Paying your fair share is a basic British value, but so many ordinary people are already paying more than they can afford,” said Lineker.
“Our richest people can do more and most want to. To live up to our national values, our new government must raise taxes on extreme levels of wealth for a fairer, better, more hopeful Britain,” he said in the statement.
Asked about the letter, Chief Secretary to the Treasury Emma Reynolds on Thursday said she welcomed the initiative, but gave no indication whether the government would consider a policy change.
“Well, look, it is day four of this new government, and obviously any major tax changes would be announced at a budget,” Reynolds told Sky News.
“I welcome the fact that people of good means are saying that they want to pay more. They can pay more,” she said. “There is a link on gov.uk, but look, we have to look at tax policy in the round, and we only make major tax announcements at budgets.”
Burnham, who has sought to address Britain’s rising cost of living, has said his administration may “ask for a little bit more” in taxes and suggested this could include a wealth tax.
“I do believe we need a greater sense of fairness and people feeling that things are being done in the right way and a fair way,” Burnham said during a podcast interview on Wednesday.
Putting in place a 2 percent minimum annual tax on the Britain’s super wealthy – those with more than 100 million pounds ($133.3m) in assets – could raise about 10 billion pounds ($13.3bn) a year, according to a recent report by Gabriel Zucman, economics professor at the Paris School of Economics, and Ben Tippet, lecturer in economics and wealth inequality at King’s College London.
The report recommended such a tax, saying it would “raise meaningful revenues and dampen runaway inequality”.
According to Patriotic Millionaires, a 2 percent tax on wealth above 10 million pounds ($13.3m) could raise 24 billion pounds ($32bn) a year for the UK, while reforms to capital gains tax could raise a further 12 billion pounds ($16bn).