Millionaires call for increased taxes - in New York City
Millionaires call for increased taxes
In case you missed it, fascinating reports that millionaires in New York City are asking for taxes on them to be raised. They say they can afford to pay more, and that public investment in schools, infrastructure, and anti-poverty measures are vital to shared economic success. The US tax system is complex and very different to the UK but nevertheless fascinating to see the richest in a society actually asking to pay more. Their letter does not make reference to the intrinsic benefits of narrower gaps between rich and poor, but I guess us non super-rich can't expect everything.
What chance London wealthiest asking to pay more tax? The London Fairness Commission reported that the 80 billionaires resident in London have shared wealth of over £250,000,000,000. A one percent tax on these 80 individuals would raise more than the Mayor of London's total annual budget for housing.