Abigail Disney introduces a group of British millionaires demanding to pay more tax.
The world’s ten richest men doubled their fortunes during the first two years of the Covid pandemic, while Britain is entering a cost of living crisis not seen since the 1970s. We’re not living in a fairy tale but sometimes it seems like it would take magic to fix wealth inequality in the UK.
Abigail Disney disagrees. Multimillionaire and founder member of campaign group the Patriotic Millionaires, she inherited a fortune on her 21st birthday. Shares in the ubiquitous company founded by her grandfather Roy and her uncle Walt rocketed in the 1990s. But Abigail has turned away from her father’s private 737 jet and a life of unreflecting luxury to try to work out what to do about her wealth. And other people’s.
For her and other super-wealthy members of the US group the Patriotic Millionaires the answer starts with demanding fair and equitable tax. The tax system must be reformed to more effectively target wealth, not just income.
Now the movement is growing in the UK and Abigail introduces us to two of its members, retired city trader turned full-time inequality campaigner Gary Stevenson and Gemma McGough whose first company made her a millionaire in her 30s.
But can the solution to Britain’s inequality problem really be as simple as reforming a few taxes?
Acquiring more tax revenue will not help if the government is spending it inefficiently or unwisely. What’s needed is more transparency! Can you imagine for example every citizen being able to see exactly where their money is spent via blockchain tech?
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