A proposal for a wealth tax targeting affluent individuals aims to generate £24 billion annually for the nation, crucial for bolstering our economy and enhancing public services. Historically, the burden of funding these services has fallen on the shoulders of working-class families while the ultra-wealthy have evaded their fair share of contributions. Opposition to the concept of increasing tax contributions from the wealthy often centers on fears of their departure, claims of their economic contributions trickling down, and warnings of societal collapse without their presence.
Contrary to these arguments, many affluent individuals, including myself and fellow members of the Patriotic Millionaires group, advocate for the implementation of a wealth tax. Surveys indicate that 80% of millionaires also support this notion. The proposed 2% wealth tax on assets exceeding £10 million is viewed as reasonable and necessary. For example, an individual with £11 million would only pay £20,000 on the surplus million, leaving them significantly better off considering the typical returns on such wealth.
While money begets money, the majority of UK citizens struggle to make ends meet, with little to no savings for emergencies or investments. Countless British families and retirees are confronted with heartbreaking dilemmas daily, such as choosing between heating their homes or buying sufficient food. The stark reality for many is deciding between being present for their children’s education or working additional hours to afford school essentials.
The decision of affluent individuals to threaten relocation upon facing higher tax obligations is also a choice—one that prioritizes personal wealth over societal well-being and the prosperity of fellow Britons. While decrying social issues like crime rates and urban decay, these individuals resist contributing to essential public services like law enforcement and urban development.
The proposition of a wealth tax aligns with the aspiration of residing in a robust, prosperous nation where businesses flourish, seniors receive adequate care, and youth are provided ample opportunities. This tax would facilitate investments necessary for a brighter future for all in the UK. The government must heed the strong public support, with 75% backing the wealth tax, rather than succumb to the demands of a small minority of wealthy individuals threatening departure. Ultimately, the Chancellor holds the responsibility of making this critical decision for the country’s future prosperity.