I’m a millionaire and I’d be proud to pay a wealth tax - 80% of millionaires agree with me

If ever there was time for a wealth tax—it is now.

A two percent tax on assets over £10 million would raise £24 billion a year for our country - or £460 million a week. That’s a lot of money that could support our shared public services like hospitals, infrastructure and schools.

As someone who would pay a wealth tax, I would be proud to. I’ve benefitted from this country, I got free education, free university, and because of that, I made my money here and have always paid my taxes here.

I and my fellow Patriotic Millionaires are people who believe in this country and we want all of us to pay our fair share.

But it’s not just us, 80% of UK millionaires support a 2% tax on wealth over £10 million. Of the millionaires polled who would be eligible to pay a wealth tax (those with £10m+), 85% of them were in support of it.

The survey also showed that 72% of millionaires think the Government should raise taxes on the super-rich to reduce taxes on everyone else; 76% support higher taxes on their own wealth if it means a more stable and equal society for future generations; and 81% think it’s patriotic to pay your fair share.

There is massive support from millionaires themselves, and claims that wealthy people will leave if they are taxed more have already been debunked.

There are 3 million millionaires in the UK - even if the projected figures were true (and they are not), they would represent far less than one percent of the UK’s millionaires.

The 2% tax would only apply to assets above the £10 million threshold so someone with £11 million in assets would only pay £20,000 a year. But on average, wealth grows by 5% per year - so they would likely be over £500,000 better off regardless.

It’s no wonder then that the public want a wealth tax too - with three quarters of Brits saying they would back Government tax increases on the richest versus spending cuts.

It makes perfect sense, and we welcome the support from prominent politicians like Lord Kinnock and are pleased the Government appears to be seriously considering it.

We cannot continue to ask working people to keep picking up the bill, to accept cuts to already stretched services, to turn a blind eye to 4.5 million kids living in poverty. There’s plenty of money in the UK and it’s time we used it to rebalance the books.

A wealth tax would give our country and everyone who lives here a better future in a better Britain — let’s make it happen.

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Stephen Kinsella is a former EU anti-trust lawyer and member of Patriotic Millionaires UK

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