LDVideo: Nick Clegg – ‘It is only fair millionaires pay their share’

‘Nick Clegg goes after the ultra-rich’ is how the Telegraph today trails its interview with the Lib Dem leader, in which he signals his determination to write into law a ‘Tycoon Tax’ — a specific minimum rate of tax to ensure people are “paying their fair share” and not “massaging” the system.


(Also available on the Telegraph website here.)

Here’s an excerpt from the Telegraph interview:

The Deputy Prime Minister says he decided on the need for a tycoon tax after Mitt Romney, who is expected to be the US Republican Presidential candidate, disclosed he was paying just 13.9 per cent tax on his multi-million-dollar earnings.

Mr Clegg said: “You hope that kind of thing doesn’t go on in this country. So I looked into it. There are hundreds of people earning millions per year who are barely paying 20 per cent tax, forget 40 per cent, forget 50 per cent, forget 30 per cent. They are not even paying 20 per cent. Therefore, I think it’s time that we look at what I call a tycoon tax.
“If you’re earning millions per year, if you’re able to pay an army of lawyers and accountants to basically pick and choose what tax you are paying, if you are paying as low as 25, 20 per cent or even less in tax, there should be a minimum fair share that you should pay to society. It makes people so incredibly angry when you are getting up early in the morning, working really hard to try and do the right thing for your family and for your community, you are paying your taxes and then you see people literally in a different galaxy who are paying extraordinarily low rates of tax.”

In today’s interview, Mr Clegg said that he would like to see a minimum tax rate written into law in Britain but was undecided on the figure. However, it is understood the level could be set between 20 and 30 per cent.

* Stephen was Editor (and Co-Editor) of Liberal Democrat Voice from 2007 to 2015, and writes at The Collected Stephen Tall.

Read more by or more about or .
This entry was posted in YouTube.
Advert

3 Comments

  • Malcolm Todd 10th Mar '12 - 8:07pm

    Isn’t defining income half the problem?

  • How is Clegg going to determine how much wealthy tax dodgers hold in accounts overseas.

  • Andrew Duffield 11th Mar '12 - 8:42am

    Tax the UNEARNED wealth of tycoons Nick.
    I rather thought you’d grasped this by now.

Post a Comment

Lib Dem Voice welcomes comments from everyone but we ask you to be polite, to be on topic and to be who you say you are. You can read our comments policy in full here. Please respect it and all readers of the site.

If you are a member of the party, you can have the Lib Dem Logo appear next to your comments to show this. You must be registered for our forum and can then login on this public site with the same username and password.

To have your photo next to your comment please signup your email address with Gravatar.

Your email is never published. Required fields are marked *

*
*
Please complete the name of this site, Liberal Democrat ...?

Advert



Recent Comments

  • User AvatarPeter Martin 6th Jun - 9:40am
    @ Alex, We agree. But I'm a little disappointed on why we agree. You don't seem at all concerned that Jo Swinson and Ed Davey...
  • User AvatarRichard Underhill 6th Jun - 9:22am
    Joe Bourke 2nd Jun '20 - 3:27pm Please see analysis by Steve Richards on splits, leaving behind Imperialists for a First Past the Post election....
  • User AvatarRichard Underhill 6th Jun - 9:14am
    David Raw 3rd Jun '20 - 7:34am Yes, Moggy should be ashamed of himself, replaying His Master's Voice.
  • User AvatarAlex Macfie 6th Jun - 9:11am
    Peter Martin: You know as well as l do that coalition involves compromise. So this emphasis on Coalition-era voting records (as if Ed and Jo...
  • User AvatarRichard Underhill 6th Jun - 9:11am
    David Raw 1st Jun '20 - 8:19pm When the US President informed his Soviet ally that a new weapon existed there was no comment from...
  • User AvatarPeter Martin 6th Jun - 6:27am
    @ Alex, I do remember the Lib Dems being enthusiastic about the Mansion tax at one time. According to wiki, a motion in support at...