British millionaires urge PM to raise their taxes

A collective of 120 British millionaires has penned an open letter to Prime Minister Andy Burnham, advocating for a 2% tax on fortunes over 10 million pounds. Among the signatories are prominent figures such as former footballer Gary Lineker, music producer Brian Eno, and author Richard Curtis.

The group, known as Patriotic Millionaires, argues that this tax would not impact those earning income through daily labor but would instead target individuals whose wealth stems primarily from accumulated assets and investments. "We can afford this," the letter states. "We are not talking about higher taxes for those who wake up and go to work every day for their income, but for the wealthiest, whose income comes from the wealth they own."

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We can afford this. We are not talking about higher taxes for those who wake up and go to work every day for their income, but for the wealthiest, whose income comes from the wealth they own.

The proposed measure aims to generate additional funds for public investments and services. The signatories view this additional contribution not as a loss, but as a way for the wealthy to participate in the country's development. "Millionaires are a patriotic group," the letter reads. "We love this country and want it to succeed. But success requires investment, and a primary source of available capital for investment is what we have, in the form of untaxed potential."

This idea of taxing large fortunes has surfaced before. Shortly before his appointment, Burnham was questioned about a wealth tax by Gary Lineker. Burnham did not dismiss the possibility, suggesting that the government might eventually require higher tax contributions under certain conditions.

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Millionaires are a patriotic group. We love this country and want it to succeed. But success requires investment, and a primary source of available capital for investment is what we have, in the form of untaxed potential.