James May has entered a debate over wealth taxes, positioning himself against a group of British millionaires who advocate higher levies on the richest citizens.
During a broadcast on LBC, the former Top Gear host said he already pays substantial taxes and questioned whether he should voluntarily contribute more.
The campaign, titled “Proud to Pay,” proposes a 2 per cent tax on wealth exceeding £10 million, coupled with capital gains tax reforms that could generate an additional £36 billion annually for small businesses.
Proponents argue the funds would support entrepreneurship, improve infrastructure, and provide affordable finance—an area that small firms repeatedly cite as a major obstacle.
May countered that many wealthy individuals are already contributing, adding that those willing to donate could do so through existing channels.
He highlighted that higher tax rates already affect wealthier people, resulting in larger absolute payments as income rises.
The Treasury maintains a Donations and Bequests Account, though recent figures show minimal inflows, indicating limited voluntary contributions.
The campaign frames the tax increase as a patriotic duty, asserting that ordinary citizens already bear a heavy tax burden while the affluent could contribute further for a fairer society.
Government officials remain open to discussion, noting that any significant tax changes would be presented in the forthcoming budget.
Business leaders, including a Conservative figure, warn that continued taxation of job creators could drive them abroad, potentially eroding overall tax revenue.
Capital gains tax adjustments have also raised concerns among founders and investors who fear a reduced incentive to fund domestic companies.
As the debate continues, stakeholders await the budget to determine whether the proposed wealth tax will materialise or be shelved.
