This is the real reason the rest of us are getting poorer. The working and middle classes are being asset stripped by the billionaires.
Watch some Garysecononics on YouTube for more info.
Keir Starmer shifts uncomfortably in his chair.
I do think it’s a reasonable moment to assign a windfall for wealth valuations above a value and tax 20% of it for social good.
The problem is getting hold of that number and enforcing it because huge amounts of these values are not personal assets, they are business, trust and offshore assets. To actually make this work a windfall tax on ultimate beneficiaries would need to made legal
Rich getting more rich, poor getting more poor? Sounds about right for how we are run at the minute. Bellends
Very much agree that the nonn-dom charge is a bs tax dodge. Opting to pay £30-60k to avoid tax on the rest of your worldwide income is definitely not aimed at the average taxpayer
All this is meaningless if there’s legal loopholes for tax evasion in the British Virgin Islands.
There’s thousands, if not hundreds of thousands of companies that will refuse to show company stakeholders while paying 0% tax.
Unpopular opinion here but this is largely pointless.
It’s way too easy for rich people to hide their wealth or get out of this.
The only way is to change laws and close loopholes. Which the 100% won’t do
But then all the rich people will leave and hoard their money and leech from society elsewhere!
Tax the people with more money than they could ever need?
​
nononono
​
Tax the poor and blame the nurses for being greedy thats the tory way.,
This won’t work as long as the City of London remains a tax haven. It’ll just be another tax on the majority that the rich avoid.
And London won’t stop being a tax haven since it’s one of the few actual profitable areas of our economy.
Just a friendly reminder that one billion is such a huge number that it’s basically incomprehensible to the human brain. It is so far beyond what one person alone should ever want or need there isn’t a word in our language to describe how obscene it is:
– 1 million seconds is ~12 days. 1 billion seconds is ~ *30 years*
– If you had a million pounds and spent £1000 a day, you’d run out of money in 3 years. If you did the same with a billion it would last 2740 years.
And a lot of these people don’t just have one billion. They have several. A healthy society would not allow the existence of this level of wealth hoarding while homelessness and child poverty exist.
Can we just have a land tax please?
Holding wealth from 1066 is absurd and what is also absurd is so many single family homes built in the Victorian era being in prime location for (nice and cheaper) apartments. The housing crisis, traffic, the economy, the environment are not going to be solved with building more houses on the outskirts of cities.
We need a massive shake up of the tax system towards the rich and super rich no doubt, it’s absolutely obvious to most people that inequality is running out of control. Thing is though, the people with the money have so much political ( both inside and out ) and media influence that it’s just not going to happen, or it’ll be happen on such as superficial level that it’ll make little difference to the growing issues.
Pretty much sleight of hand economics for want of a better phrase.
We need a government who can remove the influence, change and enforce the rules and actually do the job needed. That’s what really needs to happen.
Tories need outing first though.
And the tories tell you the nurses and train staff are the enemy it’s becoming ridiculous
“But if we tax the wealthy they will leave”
1. No they won’t
2. Good
3. When they’ve left, they will pay the same amount of tax as they do here now, fuck all.
It not just about tax they could pay. It’s about tax they should pay.
Estimates are that £80bn a year of taxes are avoided in the UK.
I wouldn’t be surprised if this was a ploy such that a _little_ extra tax is paid but nothing like what should be.
Imagine an extra £80bn a year to spend on the NHS, schools, hospitals and services. It’d transform Britain.
There’s one party, for absolute sure, that will never address this problem and that’s the one in government now.
No-one on the planet should have more than £5M in cash or assets. Once you get above a certain level its just a game for psychopaths to get bigger numbers.
Rich get richer and the poor well… gotta stay poor because ‘InFlAtIOn’
The source report the article is based on, since The Guardian didn’t link to it:
Money always in recession goes from poorest to wealthiest
Pretty true, I still consider myself a centrist but I’ve been feeling more and more left wing over the last couple years as the uk government has leaned more and more to the right, they’re tryna turn us into an America 2.0 where the government is economically far right and only pays lip service to vacuous social issues they know won’t make a difference to the status quo
We’re literally poorer than we were in 2010. Our gdp per capita is falling every year
More tax on billionaires
Higher wages to attract talent
It’s a bad idea. A classic example of “be careful what you wish for”.
Before you know it they’ll be taxing the “wealth” of the middle class with modest homes and modest pension pots, and the billionaires will be laughing their arses off all the way to Bermuda.
See the recent proposal by a think tank to strip those with a £1M+ pension pot of their state pension. Someone with a £1M+ pot, fully invested in the stock market, withdrawing £30K/yr (before tax) has a ~20% chance of going completely broke over a 40 year retirement. It’s fucking peanuts in the grand scheme of things.
The state pension itself is worth about £200K for a 65 year old if you had to buy the annuity yourself today
Although I’m always on the fence with taxation on things as I don’t know enough to comment, surely it’s also down to how the tax money is spent?
Asking more money off of the richest, but not spending it correctly, surely that should be fixed first?
Billions of pounds spent on a basic app, that didn’t really work and non-usable PPE is just an example.
Just get the tories out, Kier might not be to everyone’s liking, but priority numbers one is just remove these ghastly people from power. You can squabble about not being lefty enough later…
The problem is that the media is complicit.
It’s no secret many media companies are owned by the same umbrella group. Their coverage of the disparity in wealth is minimal. It’s all “royal family, migrant and brexit” nonesense.
No accountability of CEO’s, MP’s or social issues.
A wealth tax is not necessary. We just need billionaires to pay their fair share. Unfortunately governments of all hue have proven unwilling to close the tax avoidance loopholes they created for the rich. Not to mention the criminal transfer of public wealth to private hands. The problem for the UK is a voting system that ensures perpetual Tory government; whether that be Blue Tories or Red Tories. Thus ensuring that billionaires will continue to amass more and more wealth.
That’s 30 people.
I see the Guardian trying to use percentages to make it sound worse.
Am I right in saying that when the super rich don’t help out society by paying taxes, things start to fall apart? Is that what we’re seeing in today’s society?
Yet the Government will have you believe the benefit scroungers/immigrants are bankrupting the country.
But no more money for the workers who actually make these bastards rich; we can’t “afford” that apparently. More strikes. Everybody out!
These guys aren’t exactly on PAYE, how do you tax them? The game is rigged and these guys are expert level, they’ll never find that money. It’s up to a strong and honest government to protect the people against these greedy devils, not the other way around. Welcome to Gotham city.
In 2021, 5,000 people in the Uk collectively made 40bn in capital gains. That is 8m per person on average. They paid less tax (as a percentage) on that than someone making 65k, who pays an effective tax rate of about 27%, while CGT rates are 20%…
Fuck the rich. They don’t help anyone except themselves.
It seems like the wealth gap is only getting wider and it’s not sustainable to have such a concentration of wealth in the hands of a few. A wealth tax could be a great way to redistribute some of that wealth and help fund important public services like healthcare and education. Plus, it’s not just about income – wealth is also about assets and property, and a wealth tax would ensure that those who have accumulated a lot of wealth contribute their fair share.
I just don’t get how a riot hasn’t happened yet, people are dying because of these rich fucks who have never grafted at all in their lives. Give me riots or just someone nuke us already, I’m sick of normal island.
36 comments
This is the real reason the rest of us are getting poorer. The working and middle classes are being asset stripped by the billionaires.
Watch some Garysecononics on YouTube for more info.
Keir Starmer shifts uncomfortably in his chair.
I do think it’s a reasonable moment to assign a windfall for wealth valuations above a value and tax 20% of it for social good.
The problem is getting hold of that number and enforcing it because huge amounts of these values are not personal assets, they are business, trust and offshore assets. To actually make this work a windfall tax on ultimate beneficiaries would need to made legal
Rich getting more rich, poor getting more poor? Sounds about right for how we are run at the minute. Bellends
Very much agree that the nonn-dom charge is a bs tax dodge. Opting to pay £30-60k to avoid tax on the rest of your worldwide income is definitely not aimed at the average taxpayer
All this is meaningless if there’s legal loopholes for tax evasion in the British Virgin Islands.
There’s thousands, if not hundreds of thousands of companies that will refuse to show company stakeholders while paying 0% tax.
Unpopular opinion here but this is largely pointless.
It’s way too easy for rich people to hide their wealth or get out of this.
The only way is to change laws and close loopholes. Which the 100% won’t do
But then all the rich people will leave and hoard their money and leech from society elsewhere!
Tax the people with more money than they could ever need?
​
nononono
​
Tax the poor and blame the nurses for being greedy thats the tory way.,
This won’t work as long as the City of London remains a tax haven. It’ll just be another tax on the majority that the rich avoid.
And London won’t stop being a tax haven since it’s one of the few actual profitable areas of our economy.
Just a friendly reminder that one billion is such a huge number that it’s basically incomprehensible to the human brain. It is so far beyond what one person alone should ever want or need there isn’t a word in our language to describe how obscene it is:
– 1 million seconds is ~12 days. 1 billion seconds is ~ *30 years*
– If you had a million pounds and spent £1000 a day, you’d run out of money in 3 years. If you did the same with a billion it would last 2740 years.
And a lot of these people don’t just have one billion. They have several. A healthy society would not allow the existence of this level of wealth hoarding while homelessness and child poverty exist.
Can we just have a land tax please?
Holding wealth from 1066 is absurd and what is also absurd is so many single family homes built in the Victorian era being in prime location for (nice and cheaper) apartments. The housing crisis, traffic, the economy, the environment are not going to be solved with building more houses on the outskirts of cities.
We need a massive shake up of the tax system towards the rich and super rich no doubt, it’s absolutely obvious to most people that inequality is running out of control. Thing is though, the people with the money have so much political ( both inside and out ) and media influence that it’s just not going to happen, or it’ll be happen on such as superficial level that it’ll make little difference to the growing issues.
Pretty much sleight of hand economics for want of a better phrase.
We need a government who can remove the influence, change and enforce the rules and actually do the job needed. That’s what really needs to happen.
Tories need outing first though.
And the tories tell you the nurses and train staff are the enemy it’s becoming ridiculous
“But if we tax the wealthy they will leave”
1. No they won’t
2. Good
3. When they’ve left, they will pay the same amount of tax as they do here now, fuck all.
It not just about tax they could pay. It’s about tax they should pay.
Estimates are that £80bn a year of taxes are avoided in the UK.
I wouldn’t be surprised if this was a ploy such that a _little_ extra tax is paid but nothing like what should be.
Imagine an extra £80bn a year to spend on the NHS, schools, hospitals and services. It’d transform Britain.
There’s one party, for absolute sure, that will never address this problem and that’s the one in government now.
No-one on the planet should have more than £5M in cash or assets. Once you get above a certain level its just a game for psychopaths to get bigger numbers.
Rich get richer and the poor well… gotta stay poor because ‘InFlAtIOn’
The source report the article is based on, since The Guardian didn’t link to it:
https://equalitytrust.org.uk/news/equality-trust-finds-1000-increase-billionaire-wealth
Money always in recession goes from poorest to wealthiest
Pretty true, I still consider myself a centrist but I’ve been feeling more and more left wing over the last couple years as the uk government has leaned more and more to the right, they’re tryna turn us into an America 2.0 where the government is economically far right and only pays lip service to vacuous social issues they know won’t make a difference to the status quo
We’re literally poorer than we were in 2010. Our gdp per capita is falling every year
More tax on billionaires
Higher wages to attract talent
It’s a bad idea. A classic example of “be careful what you wish for”.
Before you know it they’ll be taxing the “wealth” of the middle class with modest homes and modest pension pots, and the billionaires will be laughing their arses off all the way to Bermuda.
See the recent proposal by a think tank to strip those with a £1M+ pension pot of their state pension. Someone with a £1M+ pot, fully invested in the stock market, withdrawing £30K/yr (before tax) has a ~20% chance of going completely broke over a 40 year retirement. It’s fucking peanuts in the grand scheme of things.
[https://archive.ph/G3z9B](https://archive.ph/G3z9B)
The state pension itself is worth about £200K for a 65 year old if you had to buy the annuity yourself today
Although I’m always on the fence with taxation on things as I don’t know enough to comment, surely it’s also down to how the tax money is spent?
Asking more money off of the richest, but not spending it correctly, surely that should be fixed first?
Billions of pounds spent on a basic app, that didn’t really work and non-usable PPE is just an example.
Just get the tories out, Kier might not be to everyone’s liking, but priority numbers one is just remove these ghastly people from power. You can squabble about not being lefty enough later…
The problem is that the media is complicit.
It’s no secret many media companies are owned by the same umbrella group. Their coverage of the disparity in wealth is minimal. It’s all “royal family, migrant and brexit” nonesense.
No accountability of CEO’s, MP’s or social issues.
A wealth tax is not necessary. We just need billionaires to pay their fair share. Unfortunately governments of all hue have proven unwilling to close the tax avoidance loopholes they created for the rich. Not to mention the criminal transfer of public wealth to private hands. The problem for the UK is a voting system that ensures perpetual Tory government; whether that be Blue Tories or Red Tories. Thus ensuring that billionaires will continue to amass more and more wealth.
That’s 30 people.
I see the Guardian trying to use percentages to make it sound worse.
Am I right in saying that when the super rich don’t help out society by paying taxes, things start to fall apart? Is that what we’re seeing in today’s society?
Yet the Government will have you believe the benefit scroungers/immigrants are bankrupting the country.
But no more money for the workers who actually make these bastards rich; we can’t “afford” that apparently. More strikes. Everybody out!
These guys aren’t exactly on PAYE, how do you tax them? The game is rigged and these guys are expert level, they’ll never find that money. It’s up to a strong and honest government to protect the people against these greedy devils, not the other way around. Welcome to Gotham city.
In 2021, 5,000 people in the Uk collectively made 40bn in capital gains. That is 8m per person on average. They paid less tax (as a percentage) on that than someone making 65k, who pays an effective tax rate of about 27%, while CGT rates are 20%…
Fuck the rich. They don’t help anyone except themselves.
It seems like the wealth gap is only getting wider and it’s not sustainable to have such a concentration of wealth in the hands of a few. A wealth tax could be a great way to redistribute some of that wealth and help fund important public services like healthcare and education. Plus, it’s not just about income – wealth is also about assets and property, and a wealth tax would ensure that those who have accumulated a lot of wealth contribute their fair share.
I just don’t get how a riot hasn’t happened yet, people are dying because of these rich fucks who have never grafted at all in their lives. Give me riots or just someone nuke us already, I’m sick of normal island.