A proposal for a wealth tax targeting affluent individuals seeks to generate £24 billion annually for the country, aiming to bolster the struggling economy and improve public services. Advocates argue that ordinary working families have long shouldered the financial burden while the ultra-wealthy have avoided substantial contributions. Despite claims that increasing their tax obligations would prompt them to leave the country, a group of affluent individuals, including myself as a member of the Patriotic Millionaires, support the notion of implementing a wealth tax.
The proposed 2% tax on assets exceeding £10 million is viewed as fair and essential. For instance, if one possesses £11 million, the tax would apply to only the additional £1 million, equating to £20,000. Considering that individuals with such wealth typically earn around a 5% return annually, even after paying the tax, they would still be significantly wealthier by £530,000.
While money has the potential to grow money, many people in the UK struggle to save due to expenses, leading to difficult choices such as prioritizing heating or food and family time or additional work. Refusing to contribute more through taxes can also be seen as a choice by the wealthy, impacting the overall functioning and prosperity of society. The decision on whether to heed the 75% of the public in favor of a wealth tax or a minority of wealthy individuals threatening to depart now rests with the Chancellor.
