Let’s see if ‘Patriotic Millionaires’ really want more tax

Dubai, Italy or perhaps the Bahamas? Many multi-millionaires are discussing where they should flee to as the Rachel Reeves prepares to raid their bank accounts in the ‘Horror Budget’ scheduled for the end of this month. But not, as it turns out, Patriotic Millionaires, the group that campaigns tirelessly for higher taxes on the rich. Its members want Reeves to take more of their money.

The papers are dominated by reports of wealthy entrepreneurs, and the few remaining non-doms, securing a bolt hole somewhere where Reeves will not be able to reach them, but Patriotic Millionaires has a very different message. A report out today, written by IPPR (a think tank) with help from Patriotic Millionaires, argues for equalising capital gains with income tax, which would take the rate up to 45 per cent from the current 20 per cent for most business owners, and could, it argues, raise an extra £14 billion for the Treasury.

Of course, rich millionaires are completely entitled to their views.