Millionaire explains why super-rich should pay significantly more tax during pandemic

15 July 2020, 15:59

Multi-millionaire ex-city trader on why he wants to pay a lot more tax

This former city trader explained to LBC why he is seeking for the government to tax him more than they currently do.

Ian Payne was joined by Gary Stevenson, an economist and former trader who is one of the signatories of the 'Millionaires for Humanity' letter - a group of 83 very wealthy people with the belief that they and other wealthy people should pay more tax to help rebuild the British economy post-coronavirus.

The former city trader explained to Ian why he as a multi-millionaire, should pay much more tax, as should other very wealthy people.

"We need to start looking at ways to tax wealth rather than just income." Mr Stevenson began.

"The richest in society are able to pay very very low taxes because they don't get their income from work like the rest of us do.

"The current tax system is not currently set up to tax very well this non work income."

The economist told Ian that "we really do need a tax system that taxes this accumulated wealth for the very rich" rather than just relying on a system which taxes income.

Mr Stevenson told Ian that the goal of his organisation is not to be going after middle class to upper class earners, but rather the super rich.

"I don't wanna be going after doctors, lawyers and radio presenters. I want to be going for the very very wealthy."

"To be honest, I think if you don't do that we'll be in a very very bad situation." He warned.