"A campaigning "patriotic millionaire" has urged the Liberal Democrats to get behind a new wealth tax, as the party debates how to position itself on the economy. Mark Robinson, who joked to activists he was the "most left-wing man in commercial real estate", welcomed the party's call this week for a windfall tax on big banks. But he argued the projected 7bn a year raised under the policy was a "drop in the ocean" compared to "properly" implemented taxes on wealth."
"The Patriotic Millionaires, the British offshoot of a US organisation, is trying to get UK politicians to back a 2% tax on assets over 10m. They also want to see capital gains tax, levied when assets are sold, increased to bring it into line with rates of income tax. The Lib Dems fought the last election on a manifesto pledge to raise capital gains tax and reverse Tory cuts to the levy on banks."
Patriotic Millionaires UK is campaigning for higher taxes on the wealthy and is touring political conferences to build support. The group proposes a 2% tax on assets over 10m and increasing capital gains tax to match income tax rates. The campaign describes a proposed windfall tax on big banks as relatively small compared with properly implemented wealth taxes. The Liberal Democrats previously pledged to raise capital gains tax and reverse bank levy cuts, and have expressed interest in increasing inheritance tax while protecting modest family home inheritances. A party working group is examining taxation policy ahead of the next election.
Read at www.bbc.com
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