Why are the rich demanding higher tax rates? – Merryn Somerset Webb

Merryn Somerset Webb discusses the recent call from a group of wealthy individuals at Davos, known as the "patriotic millionaires," who are advocating for higher taxes on the rich. While these individuals express a willingness to pay more for the betterment of society, Webb argues that such taxes often expand over time, affecting a broader segment of the population. She points out existing wealth-related taxes in the UK and notes that, instead of waiting for political action, those supporting higher taxes can already contribute more voluntarily by forgoing tax-saving options and making direct donations to reduce public debt. Webb suggests that the practical implementation of such measures might be more challenging than the rhetoric suggests.

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By Merryn Somerset Webb

Last week at Davos, a group of self-declared rich people demanded that elected politicians force them to pay more tax. The "patriotic millionaires" group announced in a letter, signed by 260 of them, that they would be "proud to pay more" if it were to make for better societies. They also insisted that they were not alone in wanting to pay more. Far from it.

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