A group of 120 millionaires has written to Prime Minister Andy Burnham, calling on the new government to raise taxes on the ultra-wealthy to address inequality.
Key facts
- •The 'Patriotic Millionaires' group includes notable figures such as Gary Lineker and Julia Davies.
- •The letter argues that higher taxes on wealth could support small businesses and public infrastructure.
- •Prime Minister Andy Burnham has stated his administration aims to address the rising cost of living through a greater sense of fairness.
- •Treasury official Emma Reynolds noted that the government only makes major tax announcements during budget cycles.
- •Economic research suggests a 2 percent tax on assets over 100 million pounds could raise 10 billion pounds annually.
A group of 120 individuals in the United Kingdom, identifying as 'Patriotic Millionaires,' has formally requested that new Prime Minister Andy Burnham increase taxes on the ultra-wealthy. In a 'Proud to Pay' letter released on Thursday, the group argued that wealth and power have been concentrated in a small group for too long. The signatories, including sports broadcaster Gary Lineker and actress Julia Davies, stated they are willing to pay more to support public infrastructure and reduce inequality.
By the numbers
Government Response to Tax Proposal
Chief Secretary to the Treasury Emma Reynolds stated on Thursday that she welcomes the initiative but did not confirm if the government would implement such tax changes. She noted that major tax policy decisions are typically announced during a budget. Prime Minister Burnham has previously indicated that his administration might 'ask for a little bit more' in taxes and has suggested the possibility of a wealth tax to improve fairness.
Potential Revenue from Wealth Taxes
Proposals cited by the group suggest that a 2 percent annual tax on wealth exceeding 10 million pounds could generate 24 billion pounds annually, with an additional 12 billion pounds potentially raised through capital gains tax reforms. A separate report by economists Gabriel Zucman and Ben Tippet estimated that a 2 percent minimum tax on assets over 100 million pounds could raise approximately 10 billion pounds per year.
Timeline
- WednesdayPrime Minister Andy Burnham discussed the possibility of a wealth tax during a podcast interview.
- ThursdayThe 'Patriotic Millionaires' released their 'Proud to Pay' letter.
- ThursdayChief Secretary to the Treasury Emma Reynolds commented on the letter during an interview with Sky News.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by Al Jazeera.
