More than 100 UK millionaires ask new PM Andy Burnham to tax them more
Summary
A group of 120 wealthy people in the UK, called the Patriotic Millionaires, asked Prime Minister Andy Burnham to raise taxes on the richest citizens. They say higher taxes on the super-wealthy can help reduce inequality and support public services and small businesses. Burnham is open to considering new taxes on wealth, but no decisions have been made yet.Key Facts
- 120 UK millionaires, including Gary Lineker and Julia Davies, signed a letter asking for higher taxes on the ultra-wealthy.
- They believe wealth is too concentrated and want to help the country by paying more taxes.
- The money from these higher taxes could fund public infrastructure, reduce inequality, and support small businesses.
- Lineker said paying a fair share of taxes is a basic value and that the richest can afford to contribute more.
- Prime Minister Andy Burnham said his government may ask for more taxes to create fairness, mentioning the possibility of a wealth tax.
- A proposed 2% annual tax on people with more than 100 million pounds in assets could raise about 10 billion pounds yearly.
- Increasing the tax on wealth above 10 million pounds could raise 24 billion pounds per year, plus 12 billion pounds from capital gains tax changes.
- The Treasury welcomed the discussion but said any major tax changes will be announced during official budget talks.
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