What percentage of people do you need to even get to nil collective net worth?
Inequality is the real cause of the wests economy slowing down. Economies grow when ordinary people have money to spend.
It would be interesting to know the percentage of the total tax revenue is paid by the one per cent compared to the seventy?
This could cause a crisis in the ruling Tory government such that, if true, even Boris Johnson might roll up his sleeves and start working on a solution.
Does the story really mean that greater than 70% of the population combined would equal or surpass the wealth of the richest 1%?
That cannot stand.
Needs to be a wealth cap. Once you’re a billionaire, you’re capped at that wealth and pay 100% tax on income and capital gains. You don’t need that much anyway. You could fund your own militias on less.
Edit* some of you seem to believe I know about economics and what is best. This comment is merely a vague uneducated example policy that could be a solution to the situation. It’s meant to open up a discussion, even if it’s to prove this policy theory wrong or adapt it to make it better. Obviously it doesn’t take into account many factors which would have to be taken into consideration, but saying “you don’t know shit about economics” is true but doesn’t add to the discussion.
If no limits are placed on rent-seeking behaviour then it compounds alarmingly.
The very root of all the UKs ills is that the UK is a poor country with some very wealthy people enjoying it.
I hadn’t noticed, checks bank account oh wait balance 43quid
Remember this when politicians tell us they can’t afford to give nurses or rail workers pay rises, or when you see your money go on rent and bills with little left to live and enjoy life.
There is enough money – it’s just being stolen by the rich from the rest of us.
Sounds about right.
Rich mega wealthy people be like: “shut the fuck up peasants, get yourself to the local food bank and be grateful, if you wanna be rich like me, do more work!” Probably.
The ultimate outcome of furlough was all the money just shot straight back up to the top after rent, bills and groceries were purchased. That’s what’s caused inflation, as the rich got their cash and stopped spending. The only way out is to destroy the money that was handed out, and the only way to get that money back is to TAX THE RICH.
Until society collectively agrees that vast wealth is just frankly wrong then none of the major global issues facing us today will get any better. No one single person needs that much money or assets.
why does the 70%, the larger of the percents, not [REMOVED] the 1%?
I would bet on the bottom 70% in a fight, just saying.
It doesn’t have to be this way.
Incoming comments from outraged members of the 70% defending this inequality and the 1% who benefit from it.
The real problem isn’t the 1%, it’s that the richest 0.1% is probably wealthier than 60% of the population combined.
It’s easy to ostracize the 1%, but the graph of wealth just goes insanely exponentially up.
I’d like to see 0.1% and 0.01%.
I’m not interested in penalizing the rich dentist whilst the crooked Baron can literally amend laws to suit himself and his chums in the 0.01% class.
Tax the rule makers, not the rich.
If you just tax the rich the rule makers will immediately find a way to just rob you and keep the imbalanced status quo.
I’m waiting for that trickle down any moment now….ah yes here it comes …here it is….oh wait…no…it’s just my pre payment meter crying
And the real kicker is that it’s not even the top 1% that really matter. The number would look pretty much the same if you took the top 1% of the top 1%. It’s mind boggling just how few people that wealth is actually concentrated into.
It feels like we are being asset-stripped as a country like an overextended football team that is soon to go bust. Are we going to eventually be bought back by the fans and start again at the bottom of the league?
Remember that “richest 1%” have wealth not income, before people start wanting us to tax income on high earners more. If you want to get these to pa, you need to tax capital gains, inheritance, property and land more. Not the guy on question time earning 85k.
Would be interested to see what the 0.1% would equate to. The 1% is a scapegoat, as puts people earning a lot of money but not necessarily actually wealthy into the firing line.
Someone earning £130k is not the same as a billionaire or large land owner / asset owner.
Calling out the 1%, to me, just seems like ammunition to focus poorer people into detesting people on high salaries only (salaries are something everyone can understand) but ignoring true wealth (which many just don’t understand).
It’s the rentier economy. These people own stuff and then charge us for the privilege of using it while they do no actual “work” and add no value themselves.
It’s not just individuals though, it’s the business model of some of the most successful companies.
Once it was a unique business advantage to advertise on Facebook or Google, but as soon as it became a necessity to advertise with them just to be in the game then the cost of advertising through those media became more like a tax that just makes everything more expensive.
Same with Apple and their 30% cut for being in the App Store – just a tax.
Same as the water companies in the UK that have run up £60 Bn in debt over 10 years whilst paying out £60 Bn in dividends, so now 20% of all our water bills is interest on debt.
Same as all those financial institutions that charge a management fee whether or not they actually make any money.
etc etc.
We need a wealth tax and much more regulation of monopolies.
Monday’s are already a bit of a chore, so thanks for that depressing fact.
Just jumping In before the inevitable “the money is all tied up in stocks” or “they don’t have that kind of money lying around”
Just remember this when police are too strapped to attend your burglary, when you’re waiting 8 hours for an A&E assessment or when your home is on fire and you have to wait for the retained crew to attend.
That’s £35-90billion being leaked out of the pot we all pay into.
Every year.
We probably need to plug that leak.
£152.6bn will be spent on the NHS this year. This is down from the £157.9bn spent in 2021/2022.
This spending represents around 45 per cent of overall government outlay on goods and services in the UK, according to the Office for National Statistics.
The avoided tax each year could double the salary of every person working for the NHS.
Not that it should be spent wholly in that way, but it proves the point that the idea they can’t afford a raise for those in public services is nonsense.
We have plenty of money.
We are one of the richest countries in the world.
It’s just being stolen and hoarded.
Does this not make anyone else seething with anger? This disparity in wealth is worse than 1789 France!! When are we going to revolt?!
Remember 2019? Everybody from Oxfam to the UN condemned the Tories’ welfare policies as literally neo-Victorian, as well as the rise in inequality and poverty on their watch, but then the UK was like “I’ll pretend I didn’t hear that” and voted even more heavily for the Tories about 6 months later.
Collectively, we are exceptionally stupid.
Congratulations UK, you got Murica-d.
Rest of Europe, take note, the oligarchs are coming for your shit next with the promise of “growth!”
Join a union – Organize and fight for higher wages – Fight against corporations and the government oppressing you with an insane cost of living. Join online: https://www.tuc.org.uk/join-a-union
I presume by the fact we’re all here reading this and still not rioting, it still has some growing left to do.
32 comments
What percentage of people do you need to even get to nil collective net worth?
Inequality is the real cause of the wests economy slowing down. Economies grow when ordinary people have money to spend.
It would be interesting to know the percentage of the total tax revenue is paid by the one per cent compared to the seventy?
This could cause a crisis in the ruling Tory government such that, if true, even Boris Johnson might roll up his sleeves and start working on a solution.
Does the story really mean that greater than 70% of the population combined would equal or surpass the wealth of the richest 1%?
That cannot stand.
Needs to be a wealth cap. Once you’re a billionaire, you’re capped at that wealth and pay 100% tax on income and capital gains. You don’t need that much anyway. You could fund your own militias on less.
Edit* some of you seem to believe I know about economics and what is best. This comment is merely a vague uneducated example policy that could be a solution to the situation. It’s meant to open up a discussion, even if it’s to prove this policy theory wrong or adapt it to make it better. Obviously it doesn’t take into account many factors which would have to be taken into consideration, but saying “you don’t know shit about economics” is true but doesn’t add to the discussion.
If no limits are placed on rent-seeking behaviour then it compounds alarmingly.
The very root of all the UKs ills is that the UK is a poor country with some very wealthy people enjoying it.
I hadn’t noticed, checks bank account oh wait balance 43quid
Remember this when politicians tell us they can’t afford to give nurses or rail workers pay rises, or when you see your money go on rent and bills with little left to live and enjoy life.
There is enough money – it’s just being stolen by the rich from the rest of us.
Sounds about right.
Rich mega wealthy people be like: “shut the fuck up peasants, get yourself to the local food bank and be grateful, if you wanna be rich like me, do more work!” Probably.
The ultimate outcome of furlough was all the money just shot straight back up to the top after rent, bills and groceries were purchased. That’s what’s caused inflation, as the rich got their cash and stopped spending. The only way out is to destroy the money that was handed out, and the only way to get that money back is to TAX THE RICH.
Until society collectively agrees that vast wealth is just frankly wrong then none of the major global issues facing us today will get any better. No one single person needs that much money or assets.
why does the 70%, the larger of the percents, not [REMOVED] the 1%?
I would bet on the bottom 70% in a fight, just saying.
It doesn’t have to be this way.
Incoming comments from outraged members of the 70% defending this inequality and the 1% who benefit from it.
The real problem isn’t the 1%, it’s that the richest 0.1% is probably wealthier than 60% of the population combined.
It’s easy to ostracize the 1%, but the graph of wealth just goes insanely exponentially up.
I’d like to see 0.1% and 0.01%.
I’m not interested in penalizing the rich dentist whilst the crooked Baron can literally amend laws to suit himself and his chums in the 0.01% class.
Tax the rule makers, not the rich.
If you just tax the rich the rule makers will immediately find a way to just rob you and keep the imbalanced status quo.
I’m waiting for that trickle down any moment now….ah yes here it comes …here it is….oh wait…no…it’s just my pre payment meter crying
And the real kicker is that it’s not even the top 1% that really matter. The number would look pretty much the same if you took the top 1% of the top 1%. It’s mind boggling just how few people that wealth is actually concentrated into.
It feels like we are being asset-stripped as a country like an overextended football team that is soon to go bust. Are we going to eventually be bought back by the fans and start again at the bottom of the league?
Remember that “richest 1%” have wealth not income, before people start wanting us to tax income on high earners more. If you want to get these to pa, you need to tax capital gains, inheritance, property and land more. Not the guy on question time earning 85k.
Would be interested to see what the 0.1% would equate to. The 1% is a scapegoat, as puts people earning a lot of money but not necessarily actually wealthy into the firing line.
Someone earning £130k is not the same as a billionaire or large land owner / asset owner.
Calling out the 1%, to me, just seems like ammunition to focus poorer people into detesting people on high salaries only (salaries are something everyone can understand) but ignoring true wealth (which many just don’t understand).
It’s the rentier economy. These people own stuff and then charge us for the privilege of using it while they do no actual “work” and add no value themselves.
It’s not just individuals though, it’s the business model of some of the most successful companies.
Once it was a unique business advantage to advertise on Facebook or Google, but as soon as it became a necessity to advertise with them just to be in the game then the cost of advertising through those media became more like a tax that just makes everything more expensive.
Same with Apple and their 30% cut for being in the App Store – just a tax.
Same as the water companies in the UK that have run up £60 Bn in debt over 10 years whilst paying out £60 Bn in dividends, so now 20% of all our water bills is interest on debt.
Same as all those financial institutions that charge a management fee whether or not they actually make any money.
etc etc.
We need a wealth tax and much more regulation of monopolies.
Monday’s are already a bit of a chore, so thanks for that depressing fact.
Just jumping In before the inevitable “the money is all tied up in stocks” or “they don’t have that kind of money lying around”
Just remember this when police are too strapped to attend your burglary, when you’re waiting 8 hours for an A&E assessment or when your home is on fire and you have to wait for the retained crew to attend.
Shocking state of affairs.
The UK is responsible for global tax avoidance.
https://www.independent.co.uk/news/business/tax-avoidance-uk-cayman-islands-report-b1758986.html
We are responsible for helping people avoid more than a third of the $427billion in avoided tax each year.
Tax avoidance affecting the UK alone is estimated to be between £35-90billion each year.
https://www.theguardian.com/politics/2021/sep/16/tax-lost-in-uk-amounts-to-35bn-almost-half-say-campaigners-due-to
https://www.taxresearch.org.uk/Blog/2019/06/19/the-uk-tax-gap-is-90-billion-a-year/
That’s £35-90billion being leaked out of the pot we all pay into.
Every year.
We probably need to plug that leak.
£152.6bn will be spent on the NHS this year. This is down from the £157.9bn spent in 2021/2022.
This spending represents around 45 per cent of overall government outlay on goods and services in the UK, according to the Office for National Statistics.
https://www.ons.gov.uk/peoplepopulationandcommunity/healthandsocialcare/healthcaresystem/bulletins/healthcareexpenditureukhealthaccountsprovisionalestimates/2021#:~:text=In%202021%2C%20healthcare%20spending%20represented,General%20Government%20final%20consumption%20expenditure).
The avoided tax each year could double the salary of every person working for the NHS.
Not that it should be spent wholly in that way, but it proves the point that the idea they can’t afford a raise for those in public services is nonsense.
We have plenty of money.
We are one of the richest countries in the world.
It’s just being stolen and hoarded.
Does this not make anyone else seething with anger? This disparity in wealth is worse than 1789 France!! When are we going to revolt?!
Remember 2019? Everybody from Oxfam to the UN condemned the Tories’ welfare policies as literally neo-Victorian, as well as the rise in inequality and poverty on their watch, but then the UK was like “I’ll pretend I didn’t hear that” and voted even more heavily for the Tories about 6 months later.
Collectively, we are exceptionally stupid.
Congratulations UK, you got Murica-d.
Rest of Europe, take note, the oligarchs are coming for your shit next with the promise of “growth!”
Join a union – Organize and fight for higher wages – Fight against corporations and the government oppressing you with an insane cost of living. Join online: https://www.tuc.org.uk/join-a-union
I presume by the fact we’re all here reading this and still not rioting, it still has some growing left to do.