Nick Clegg's 'tycoon tax' plans
"Speaking as the Liberal Democrats meet in Gateshead for their spring conference, Mr Clegg said he believes thousands of millionaires pay tax at a rate of less than 30 per cent.
It comes after prospective US Republican presidential candidate Mitt Romney admitted he was paying just 13.9 per cent tax on his earnings.
Nick 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.
The deputy prime minister told Channel 4 News it is "completely unacceptable".
"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."