Millionaires petition Rishi Sunak to introduce wealth tax

Asia's Tech News Daily

A group of 30 UK millionaires have called on the chancellor to tax them and other rich people more because they can afford to pay it and “the cost of recovery cannot fall on the young or on those with lower incomes”.

Millionaires petition Rishi Sunak to introduce wealth tax
© Provided by The Guardian Photograph: Mark Thomas/Rex/Shutterstock

In an open letter in the run-up to the budget on Wednesday, the millionaires told Rishi Sunak to introduce a wealth tax on the nation’s richest people to help pay for the recovery from the coronavirus crisis and tackle the yawning inequality gap.

“We understand the immense pressure on the Treasury to deal with crises both present and future – from inequality, to Covid, to climate change. We know there will be high expectations for you to find the money needed,” the millionaires said in the letter.

“We know where you can find that money – tax wealth holders like us. We can afford to contribute more, and we want to invest in repairing and improving our shared services. We are proud to pay our taxes to reduce inequality, support stronger social care and the NHS, and to ensure that we’re building a more just and green society.”

The millionaire signatories, who cover multiple industries and backgrounds from across the UK, said they want Sunak to “address the economic imbalance of the current tax system which places a deeply unequal burden on working people”.

They said the planned 1.25 percentage point increase in national insurance contributions would “hit working people hardest”, so taxes on the wealthiest in society should be increased instead. The group called for the government to look at any policy that taxes wealth as a priority, ranging from the equalisation of capital gains with income tax, a review of property tax, to the introduction of a net wealth tax.

Millionaires petition Rishi Sunak to introduce wealth tax
© Photograph: Mark Thomas/Rex/Shutterstock One of the wealthy signatories said the chancellor was a multimillionaire and should tax himself.

“The cost of recovery cannot fall on the young or on those with lower incomes. There are many of us – people with wealth – who will support a more progressive system of taxation, and we urge you to do the same,” the group, which is part of the Patriotic Millionaires movement, said in the letter. “When deciding on how to meet the financial gap, look to us. Repairing our country is more valuable than growing our wealth.”

They said the planned national insurance rise and the global elite’s tax avoidance tactics revealed in the Pandora Papers “demonstrate again how powerful and rich people benefit from a two-tiered tax system”.

Millionaires petition Rishi Sunak to introduce wealth tax
© Provided by The Guardian Gemma McGough warned that the country would suffer unless ‘big money’ was taxed. Photograph: PA

As the cost-of-living crisis deepens and hits the UK’s poorest households, the combined fortune of UK billionaires has increased by 22% to £597bn since the start of the coronavirus pandemic.

One of the signatories, Gary Stevenson, a multimillionaire former City trader, said: “Instead of raising national insurance and taking £1,000 a year away from families on universal credit, the chancellor, who is a multimillionaire, should be taxing himself and people like me – people with wealth. We can’t expect to have a strong or stable recovery if the fiscal burden of it is placed on our care workers, street cleaners and teachers – key workers who deserve better – while we don’t tax the rich.”

The technology entrepreneur Gemma McGough, who also signed the letter, said it made economic sense to tax rich people more. “This letter isn’t a goodwill statement, this is an attempt to shake the chancellor by the fiscal shoulders and wake him up,” she said.

“If we endlessly tax working people and never tax where the big money is being made, our country will continue to suffer. Any business-minded person will tell you it makes good economic sense to balance your books. Where is the balance when wealth gets stockpiled by a small group of very rich people and the cost of the country falls to those on lower and middle incomes?”

A wealth tax on the top 1% of UK households – those with fortunes of more than £3.6m – could generate at least £70bn a year, according to research by Greenwich University. That would be equivalent to 8% of the current total tax take but affect only about 250,000 households.

Such taxes are beginning to be introduced in Argentina, Bolivia and Morocco to help pay for the recovery. In Norway, about 500,000 people pay an 0.85% charge on their assets above the value of about £125,000. The prospect of such a tax in the UK is rich people’s second biggest fear after the virus, according to Knight Frank’s wealth report. The prime minister, Boris Johnson, and Sunak have dismissed the suggestion.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Vicky Kaushal and Katrina Kaif wedding: Sister of the bride to be Isabelle Kaif greets paps as she steps out

Saturday morning began with visuals of the sister of the bride-to-be Katrina Kaif, Isabelle Kaif stepping out of her house. Last evening, the groom-to-be was spotted arriving at Katrina’s house ... Read more »

English Channel deaths: How the incident unfolded and 27 people lost their lives

Survivors of the tragedy have claimed French and British authorities didn't respond to calls for help amid conflicting information about whose waters they were in. Read more »

Explained: Tech giants' privacy policies push firms to adopt new ways to collect consumer data

© Provided by CNBCTV18 With tech giants like Apple and Google rolling out new data protection policies, companies in every sector are scrambling to get information about their consumers and ... Read more »

UGC NET 2021 postponed in selected centres of Andhra Pradesh, Odisha due to cyclone Jawad | All you need to know

© Provided by Jagran English New Delhi | Jagran Education Desk: National Testing Agency (NTA) has postponed University Grant Commission National Eligibility Test (UGC NET 2021) in Andhra Pradesh and ... Read more »

Staff of special schools demand pension benefits

© Provided by The Times of India BHUBANESWAR: On the International Day of Disabled Persons, teaching and non-teaching staff of 104 special schools in the state on Friday demanded the ... Read more »

Weather alert: Three states to witness 'very heavy rainfall' today, predicts IMD amid Cyclone Jawad warning

© Provided by Zee News New Delhi: Under the influence of Cyclone Jawad, Andhra Pradesh, Odisha and West Bengal are likely to witness heavy rains. According to India Meteorological Department ... Read more »

Gene Elliott claims Golfweek Senior Tournament of Champions in a U.S. Senior Am rematch

It may not have been the U.S. Senior Amateur, but it definitely had the star power. © Provided by Golfweek Gene Elliott Gene Elliott, 2021 U.S. Senior Amateur champion, and ... Read more »

Weekly Rundown: Bessemer raises India-focused fund; slice turns unicorn; CRED, upGrad make acquisitions

© Provided by Business Today Weekly Rundown: Bessemer raises India-focused fund; slice turns unicorn; CRED, upGrad make acquisitions US-based venture capital firm Bessemer Venture Partners has announced its first-ever India-focused ... Read more »

Mumbai Civic Body Introduces 'Unique, Very Strict' Home Quarantine Mechanism as Omicron 'Suspects' Rise Up to 14

© Provided by News18 Mumbai Civic Body Introduces ‘Unique, Very Strict’ Home Quarantine Mechanism as Omicron ‘Suspects’ Rise Up to 14 After a teenager who returned from Paris and a ... Read more »

How to recover deleted emails in Gmail on a computer or mobile device

© Getty Images How to recover deleted emails in Gmail on a computer or mobile device You can recover deleted emails in Gmail for up to 30 days before they ... Read more »

Brazil's Supreme Court orders probe into Bolsonaro for spreading vaccine misinformation

© Provided by WION Brazilian Supreme Court has ordered a probe into President Jair Bolsonaro’s comments linking COVID-19 vaccines to AIDS. ”People who are fully vaccinated against Covid-19 are developing ... Read more »

We Need to Talk About This Scene on "Now, We Are Breaking Up" and Here's Why

© Provided by Fashion-loving K-Drama fans are in for a treat with Song Hye Kyo‘s latest melodrama Now, We Are Breaking Up, which premiered last November 12 on Viu. ... Read more »

It's Official: Marian Rivera Will Be One Of The Judges At Miss Universe 2021

© Provided by Cosmopolitan Philippines Confirmed: Marian Rivera will be among the judges at Miss Universe 2021! GMA Network made the news official in a recent social media post. “It’s ... Read more »

5 Gift Ideas for K-pop Fans (and Where to Buy Them!)

© Provided by Candy We think it is safe to say that we more or less know at least one person that is a K-pop fan. The holidays are fast approaching ... Read more »

Call of Duty made $3 billion in 2020, so of course Activision Blizzard is laying off QA

© Image: Activision Blizzard One of the studios responsible for Call of Duty’s success is laying off QA testers that are reportedly earning $17 an hour for their work on ... Read more »

PlayStation Spartacus subscription to rival Xbox Game Pass

© Provided by T3 PlayStation Spartacus PlayStation is planning to combine its two existing subscription offerings into one ultimate package to rival Xbox’s Game Pass. The new service, code-named Spartacus, ... Read more »

Results for the Clash of Clans World Championship Finals 2021

© Provided by Dot Esports The Clash of Clans World Championship 2021 Finals is happening from Dec. 3 to 5. Eight teams from around the world are competing for a ... Read more »

What Parents Should Know About the Omicron Variant Heading Into the Holidays

A new and likely more transmissible coronavirus variant has emerged, prompting travel restrictions, extended mandates and concern about what this means for the pandemic. The variant, Omicron, was first identified ... Read more »

Surya Eclipse 2021: What is The Story of Rahu-Ketu?

© Provided by News18 Surya Eclipse 2021: What is The Story of Rahu-Ketu? In astrology, a solar eclipse is considered an important astronomical phenomenon. The solar eclipse is seen as ... Read more »

India Tour of South Africa 2021: Rohit Sharma Likely Test Vice Captain; Series May Get Delayed By Nine Days

© Provided by News18 India Tour of South Africa 2021: Rohit Sharma Likely Test Vice Captain; Series May Get Delayed By Nine Days India’s new T20I skipper Rohit Sharma might ... Read more »

Squad vs Squad: how do Australia and England stack up?

© Getty Images Some great cricketers will grace the Ashes © Getty Images After fraught build-ups for both teams, the actual cricket part of the men’s Ashes is almost here. ... Read more »

Unchanged Pakistan bat; Shakib returns and Joy debuts for Bangladesh

© AFP/Getty Images Bangladesh players celebrate © AFP/Getty Images Pakistan opt to bat vs Bangladesh Pakistan have won the toss and opted to bat. Pakistan will look to complete a ... Read more »

Rewards offered for parents of Michigan shooting suspect after manslaughter charges

Authorities are searching for the parents of a teenager accused of killing four people in a Michigan high school shooting this week, the Oakland County Sheriff's Office confirmed Friday. Late ... Read more »

Bollywood Rewind | Kala Pani: Dev Anand fights for justice, with his romance game on point

© Provided by The Indian Express In this weekly column, we revisit gems from the golden years of Hindi cinema. This week, we revisit the 1958 release Kala Pani. In ... Read more »

Throwback: Here's what Deepika Padukone had said when asked about inviting Katrina Kaif to her wedding

© Provided by Katrina Kaif has kept everyone on their toes with her reported wedding with Vicky Kaushal. The two rumoured lovebirds are going to tie the knot in ... Read more »

Arsenal loanee to miss Birmingham City clash as Blues favourite opens up on exit

Welcome to BirminghamLive’s coverage of all things Birmingham City. Double blow Millwall have been hit with the news they could be without Ryan Leonard for up to the three months. ... Read more »

Give Duterte credit for Covid response – Isko

MANILA Mayor Francisco “Isko Moreno” Domagoso said President Rodrigo Duterte should be given credit for the successes of the country’s Covid-19 response. In an interview during his listening tour in ... Read more »

Bellator 272: Johnny Eblen destroys Collin Huckbody in 71 seconds

Bellator 272: Johnny Eblen defeated Collin Huckbody. © Provided by Fansided Johnny Eblen defeated Collin Huckbody via TKO (strikes), Round 1 – 1:11 at Bellator 272 on Friday, Dec. 3, 2021, ... Read more »

Josh Hill ruins Jared Scoggins debut at Bellator 272 (Video)

Josh Hill and Jared Scoggins met at Bellator 272. © Provided by Fansided After Jared Scoggins missed weight by five pounds at Bellator 272, Josh Hill wanted to live up ... Read more »

Alec Baldwin says of Halyna Hutchins shooting death: ‘someone is responsible... I know it's not me'

Alec Baldwin broke down in tears in the first interview since the fatal shooting of Halyna Hutchins on the set of Rust (Evan Agostini/AP) Alec Baldwin says he does not ... Read more »

Kevin Durant leads Nets to grinding win over Timberwolves

The Nets grinded out a 110-105 win over shorthanded Minnesota before a sellout crowd of 17,732 on Friday night at Barclays Center. They won’t get any style points, but they ... Read more »

Why Coimbatore, Indore & Surat will decide success of India's urbanisation. Not Mumbai & Delhi

© Provided by The Print City rankings are a flourishing business. The Economist Intelligence Unit has put out its latest this week, on the most expensive cities and the cheapest ... Read more »

Indian Navy Recruitment: Ministry of Defence invites applications for Apprenticeship Training, check details

© Provided by Zee News Indian Navy Recruitment: The Ministry of Defence (Navy) has invited applications from ITI qualified Indian citizens for the ‘Apprenticeship Training’ in various trades for a ... Read more »

2nd Test: Virat Kohli's lbw verdict causes a huge stir

© Provided by The Times of India MUMBAI: Was it out or not? The question continues to boggle cricket despite all the technological encroachments the game has endured in recent ... Read more »

Keeping The Scorecard Ticking: Women Scorers Team-up For a Historic Test Debut

© Provided by News18 Keeping The Scorecard Ticking: Women Scorers Team-up For a Historic Test Debut Making a maiden appearance in any field will leave you with butterflies in your ... Read more »

Amid Omicron variant threat, WHO to discuss booster doses on December 7

The World Health Organisation’s Strategic Advisory Group of Experts (SAGE) on immunisation will meet on December 7 to discuss the evidence on the need for booster doses of Covid-19 vaccines ... Read more »

BN tak benar mana-mana pihak guna lambang dacing dalam PRN Sarawak, kata Tok Mat

© Provided by Free Malaysia Today Timbalan Pengerusi BN Mohamad Hasan (kiri) membuat kunjungan hormat kepada Ketua Menteri Sarawak, Abang Johari Openg, semalam bagi menyatakan sokongan kepada GPS pada PRN ... Read more »

Homeowner convicted in killings of 2 teens smoking marijuana

DAYTON, Ohio — An Ohio man has been convicted in the fatal shooting of two teens he found smoking marijuana inside a vehicle in his garage. Victor Santana, 65, of ... Read more »

Movie Review: Encanto Reminds Us That “A Miracle Is Not Just a Gift, It's You”

Top image: Walt Disney Studios This review of Encanto may contain spoilers. In a world where we’re encouraged to monetise all our skills and hobbies, Encanto questions who we are ... Read more »

COVID-19: More than one million people book booster jab appointment in less than a week

The third doses have been booked as NHS bosses said the roll-out will be sped up from 13 December at the latest following the emergence of the Omicron variant. Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic