120 millionaires have signed a letter begging the British government to tax them more: ‘We can afford it’

While some of the ultra-rich are fleeing their hometowns to protect their wealth in sunny locales with lower tax burdens, a growing group of U.K. millionaires are staying put and demanding to pay more. Now, 120 wealthy Britons have signed an open letter to England’s new prime minister Andy Burnham, asking for their taxes to be raised. 

The “Proud to Pay” campaign, organized by Patriotic Millionaires UK, has drawn support from some of the country’s biggest stars—including the likes of former footballer Gary Lineker, and legendary music producer Brian Eno.

“We want you to tax us. We can afford it,” the campaign’s press release reads. “We’re not talking about higher taxes on those who get up and go to work for their income every day, but on the very richest whose income is derived from the wealth they hold.”

The group proposes a 2% tax on wealth over £10 million ($13.3 million)—which is supported by 80% of U.K. millionaires—that would generate around £24 billion ($32 billion) every year. 

The letter also recommends that reforms to capital tax gains, including aligning capital gains tax rates with income tax, could give the Treasury an annual £12 billion ($16 billion) boost. In total, Patriotic Millionaires UK and fellow advocacy group Tax Justice UK outline 10 tax reforms and closed loopholes, including strengthening inheritance taxes and cracking down on offshore tax avoidance.

If the government follows through, the........

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