2023-11-22 03:01:00
A coalition of millionaires advocating for greater investment in the United Kingdom sent messages to the Treasury and the Bank of England calling on the government to implement a two percent tax on fortunes over $12.5 million to finance part of the country’s public health instead of cutting taxes for the richest. This call to action from the Patriotic Millionaires UK movement is in line with growing concern in British society regarding tax fairness and the role of the super-rich, as demonstrated by the latest surveys.
“It’s the most patriotic thing you can do.”
“Our tax system should be fair. The Autumn Statement should raise taxes on us, the super rich. We want it. Society wants it. Our country needs it. Tax our wealth and invest in a stronger, more sustainable Britain “It’s the most patriotic thing you can do,” says the message on social network X from Patriotic Millionaires UK addressed to Finance Minister Jeremy Hunt. The Autumn Statement is one of two statements that the British government led by Prime Minister Rishi Sunak, who has a fortune estimated at regarding $770 million, makes to Parliament each year following publishing the economic budget.
Patriotic Millionaires UK argues that raising taxes would generate $27.5 billion annually, a figure that might fund more than 600,000 nurses, more than three-quarters of the UK nursing workforce. The group of British billionaires projected a message on the Treasury building and the Bank of England on Tuesday that read: “Tax our wealth.”
The call comes amid speculation that Minister Jeremy Hunt might consider policies that would favor the country’s richest 4 percent, including a possible reduction in inheritance tax. Given this, the group of billionaires seeks to remind the minister of the widespread support for the tax policy on the super-rich, both by the population and the wealthiest.
Phil White, a member of Patriotic Millionaires UK, emphasized the need to lend a hand to improve the situation in the country. “We have a potential of $530 million a week that is currently untapped because we don’t tax extreme wealth. Don’t the people of the United Kingdom deserve more?” questioned White, who in turn criticized the possible reduction agenda. minister’s taxes as a “depressing decision” that favors the richest.
Rachael Henry, from the NGO Tax Justice UK, added that it is imperative to tax those with extreme wealth and close tax loopholes that allow them to reduce their taxes even further. According to Tax Justice UK, closing just five of these loopholes might raise more than $8.7 billion annually for essential public services, even before introducing policies such as a wealth tax.
popular support
A poll by consultancy YouGov found that three-quarters of Britons support a wealth tax, while a Survation poll for Patriotic Millionaires showed that 68 per cent of the country’s richest people support introducing a 2 percent for those with assets over £12.5m. Even among conservative voters, support on this measure reaches 51 percent.
Furthermore, research by the consulting firm Opinium Research indicates that closing tax loopholes is a priority for three in five Britons, including almost three quarters of Conservative voters in 2019. Only a quarter of those surveyed consider that cutting taxes should be a priority over spending on public services.
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