120 UK Millionaires Demand Higher Taxes

One hundred and twenty millionaires in the United Kingdom have signed an open letter to Prime Minister Andy Burnham, advocating for higher taxes on the wealthiest individuals. The initiative, organized by the "Proud to Pay" campaign and Patriotic Millionaires UK, includes prominent figures such as former footballer Gary Lineker and music producer Brian Eno. The group explicitly states, "We want you to tax us. We can afford it," differentiating their proposed tax increases from those affecting daily wage earners.

The campaign specifically suggests implementing a 2% wealth tax on assets exceeding £10 million (approximately $13.3 million). This proposal, which reportedly garners support from 80% of UK millionaires, is estimated to generate around £24 billion (approximately $32 billion) annually. Additionally, the letter recommends reforms to capital gains tax, such as aligning its rates with income tax, which could provide the Treasury with an estimated £12 billion (approximately $16 billion) per year.

Patriotic Millionaires UK, in collaboration with Tax Justice UK, has outlined a total of 10 tax reforms. These include strengthening inheritance taxes and intensifying efforts to combat offshore tax avoidance. Collectively, these measures are projected to raise approximately £50 billion (approximately $66.5 billion) each year. The signatories argue that by contributing a larger portion of their wealth, higher taxation can help to disperse economic power, reduce inequality, create sustainable jobs, support small businesses, and fund essential public services like hospitals, social care, and schools.