BUSINESS

UK deputy prime minister says wants tycoon tax to penalize millionaires who pay too little

03/10/2012 06:48 EST | Updated 05/10/2012 05:12 EDT
LONDON - Britain's Deputy Prime Minister Nick Clegg says he believes the government should consider introducing a "tycoon tax" to ensure millionaires pay their fair share.

In an interview with the Daily Telegraph newspaper published Saturday, Clegg was quoted as saying that hundreds of people earning millions of pounds each year employ large numbers of lawyers and accountants so that they pay barely 20 per cent tax.

The deputy leader said millionaires should be made to pay a "minimum fair share," but did not give details how this could be implemented.

The interview came as Clegg and his Liberal Democrats party met for their annual spring conference.