A Letter from UK Millionaires to Prime Minister Rishi Sunak
Dear Prime Minister
Like you, we are millionaires who want the best for Britain. As experienced investors and entrepreneurs we know it takes a serious injection of capital to make any initiative thrive - which is what our country needs right now.
But raising this capital also needs to be fair, and when millionaires pay lower tax rates than ordinary working people, we think that our current tax system is sending the bill to the wrong people.
Your tax return showed that you pay an effective rate of 22 percent - less than a nurse and less than what a quarter of British taxpayers are contributing. This is not just a problem for you but one that exists for many millionaires - we pay less in taxes than we should.
With this in mind, we invite you to join us and deliver a better, fairer, more sustainable Britain with a tax code to match - one that taxes extreme wealth instead of work. The following six policies will help to secure a reduction in inequality and raise revenues that can be put to vital use for our public services
Apply a 1-2% wealth tax on assets over £10 million
Equalise capital gains with income tax rates
Apply national insurance to investment income
End the inheritance tax loopholes that benefit the already wealthy
Reform the rules on non-dom status
And introduce a 4% tax on share buybacks
These measures could raise up to £50 billion every year. At a time when millions of families, in every constituency, are struggling to put food on the table why would you not do this? We invite you to join us at Patriotic Millionaires UK and work to deliver these policies.
It's the patriotic thing to do.
Yours in hope,
Patriotic Millionaires UK
