Nearly 70 percent of Britons think high-earners pay fair share of tax

A new report indicates that nearly 70 percent of Britons believe the wealthiest earners already contribute their fair share in taxes, with a majority recognizing that increased taxes on the wealthy could lead to higher taxes for working individuals. Experts and political commentators warn that policies like wealth taxes or increased Capital Gains Tax could discourage wealth creators and entrepreneurs, potentially harming the economy. The number of millionaires in the UK has also seen a decline.

• Nearly 70% of Britons believe the top one percent of earners pay their fair share of taxes.
• Two-thirds of those polled suggested that taxes on working people would increase if the wealthy were compelled to leave the country.
• The TaxPayers’ Alliance stated that the top one percent earn 13.3% of total income but pay 28.2% of all tax.
• Wealthier households experienced higher price increases than poorer ones for the first time since March last year.
• The number of British millionaires dropped to 442,000 last year, a 7% decline.
• Critics argue that increasing taxes on wealth creators and entrepreneurs could lead to economic self-harm.
• A wealth tax proposal includes taxing assets above £10 million at 1% annually and assets above £1 billion at 2% annually.
• Proposed reforms to Capital Gains Tax aim to align rates with income tax, affecting less than 2% of taxpayers.
  https://uk.layer3.press/articles/a0d5ec49-5d2f-4fa7-85ff-532a4731fe24