Yes as a matter of social justice the rich should pay more, it's not about penalizing the wealthy but merely a case of helping those less fortunate.

What needs addressing first though is to close up the tax avoidance loopholes that wealthy individuals (and business's) exploit in order to dodge paying their fair share. If the ordinary man in the street pays even £10 short in income tax the inland revenue are quick to hound him yet multimillionaires get away with murder and no-one bats an eyelid because tax avoidance is legal. Let's tighten up the taxation laws and give a fairer system for all.