£1million or £100million - Wealth Tax
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- Опубліковано 11 тра 2023
- This #short is a snippet from the Own Jones Show - "Millionaire Trader Destroys The Case for Austerity"
#billionaire #wealthinequality #richgetricher #poorgetpoorer #askthem #enoughisenough #assets #governmentdebt #moneyisatoken #whatismoney #700billion #inflation #costoflivingcrisis #whereisthemoney
"Listen, I've got nothing against old ladies, my nan was an old lady..." 🤣🤣🤣
She was!
Comedy gold 😁
If you start taxing the rich they'll just leave and then you'll suffer more
@@microfarming8583 It doesn't work like that in reality. It's just the same old line that's trotted out every time, by right wing media companies.
@@palmeraj70 So it isn't happening in California or NY? Must be far right conspiracy theory 😅
Gary 100% on the money as always.
He doesn't want to talk about where the trillions the workers have paid the welfare state.
All looted leaving a massive debt.
Now his idea, tax the wealth. That means taxes on public sector pensions. They are worth trillions so what better than to force those workers to pay now.
@@Nickle314 I'm struggling to work out if you're a troll or just a bit simple. He never said tax the average person's pension. He said tax those with £100m and above. And he didn't even mention pensions. Talk about turkeys voting for Christmas. It's people like you who vote for those who are stealing from you.
@@dananskidolf Pay with their wealth. It's very simple. The working class are FORCED to hand over 20% of their income to the socialist welfare state.
That's wealth. If invested, mr average would have had 1.4 million in a fund if he retired at the end of last year. He's lost 1.4 million. He's now got a share of those socialist welfare state pension debts. That's 0.6 million. Plus over his retirement, he's lost any return on the 2 million that he's down.
So the working class are forced to pay with zero wealth, poverty pensions, austerity, low take home pay, a lack of investment, a social care crisis.
All because the welfare state has asset stripped them
@@Nickle314 There are about 50,000 people hes talking about. If you taxed them 1% thats 50 billion pounds a year. We spend 136 billion on pensions, the biggest welfare spend. This would cover a third of it, tax them 3% and you cover all of it with change. Then peoples income tax is suddenly available to improve transport or anything else workers care about. That 50Bn is a low estimate too as there are about 3.5 thousand individuals with wealths above half a billion.
@@MattOatesUK You don't understand the debt.
What's the balance sheet number for the debt?
Pensions are a DFS debt. Cheap now, pay later.
What you've also missed is the borrowing and other debts off. Why?
So there are the big debts.
1. Borrowing - DMO has this mornings number
2. State pensions
3. Public sector worker's pensions
4. Nuclear clean up
5. Unpaid wages
6. Unpaid invoices
7. The EU
8. Nuclear clean up
9. Expected losses on insurance
10. Expected payouts for damages
There's the top 10. The first one is easy to find
What's the number for the others?
Then we compared the assets you take from the rich against the liabilities of the state - like for like,
You are trying to decieve comparing an expense against an asset you hope to asset strip.
Exactly! It’s not about taxing middle class or even upper class, it’s about taxing the mega rich who actually own the country’s wealth 👏🏾👏🏾👏🏾👏🏾
3,200 high worth people left the UK in 2023 taking the £7 billion a year in Tax they paid each year with them. Guess who is going to make up that shortfall ? YOU
@garyb455 there are an awful lot of them still buying property and living in London, and an awful lot of them own an awful lot of assets in the UK. If them fleeing was such a problem as you say, they wouldn't be able to buy up all the assets as Gary is pointing out.
They don’t flee, That’s a myth put out by the mega wealthy and their supporters to take the attention off them
And when they run out of billionaires and millionaires they will come after you
They already are after us. Those of us working are already paying through the nose. But the mega rich aren’t even paying what those earning enough to qualify for the highest rate of income tax are paying. Rishi “£700 million” Sunak paid 22% tax on his income last year and will PASSIVELY earn £30 million a year. Top rate of income tax is 45%. It’s an absolute joke.
My gran is an old lady too!
Mine to!!
The idea that people with a 1 million quid house will pay wealth tax is the argument the ppl with 500million in assets make so that people who want to own a 1 million quid house one day don't support the only policy that could ever get them that 1 million quid house.
Gary, you could end this problem by specifying a wealth tax on ppl with over a hundred million in assets.
It should be obvious. In the current state of the economy, we need to accept that 1 million to 10 million is not the rich tax bracket we're after, because they essentially have become the upper middle class. They are not to be lumped in with the ultra wealthy, because the standard of wealth has shifted. The economy has shifted. Back to the Victorian standard. Where minimum wage has become the average of 3 pence a day, while the ultra wealthy made tens of thousands of pounds per year.
We're not talking about the wealthy grannies with one or two inherited houses. We're talking about the fckers with over 50 properties and well over 50 mil in the bank.
3,200 high worth people left the UK in 2023 taking the £7 billion a year in Tax they paid each year with them. Guess who is going to make up that shortfall ? YOU
@@garyb455Well, there is no wealth tax and yet they left.
@@garyb455 What is their net income that generated that 7 billion? £7 billion is a big number but as a percentage of what they earned as a group i'd bet money that it is actually very little.
@@garyb455 *3,200 high worth people left the UK in 2023 taking the £7 billion a year in Tax they paid each year with them. Guess who is going to make up that shortfall ? YOU*
Nice propaganda.
In 2023 about 2100 HNWI's entered the UK. In 2019 it was 10.800 millionaires.
People come and go all the bloody time.
Everyone of my neighbours are over 50 with basic 20k obs in 700k homes Vs all the young people on my road on 100k renting
Old people will tell you to work harder 'like they did'
@@sebp7220, that’s so true, they don’t get it because they never experienced it !
Every generation had to struggle, but this current situation is off the scale. And the annoying thing is that it’s contrived, aided and abetted by the government who play ignorant and blame economic conditions that they created. But that’s not the fault of the older generations is it.
This sounds very familiar to a board game we all played as kids... very discreet in its naming and branding... no wait a sec... it was literally called Monopoly 😂
They tried to warn us. The aim of the game was bl*ed renters dry.
You forgot "Hungry Hippos" too.
Im glad these 2 stand for the ordinary citizens. We need to amplify their voices
Owen Jones doesn’t stand for ordinary citizens, he is a Marxist (economic and cultural) and won’t be happy until private ownership of all sorts is gone. Gary is another kettle of fish completely, he has interesting ideas and is able to back them up without suggesting the end of the free market. So you got one out of two correct.
First class reply clearly illustrating the difference between the modest assets owned by ordinary people and the vast wealth owned by some individuals. As Gary has explained in his other videos, it is the latter that results in more and more grannies living in £1 million houses and more and more of their grandchildren having to rent.
3,200 high worth people left the UK in 2023 taking the £7 billion a year in Tax they paid each year with them. Guess who is going to make up that shortfall ? YOU
@@garyb455🥱
It's unlikely the old lady could afford to run such a house these days with extortionate utility bills and rip off council tax.
She will end up living in one room and pay council tax for the property just like someone who earns £500K Pa. Remember it’s not a poll tax it’s a property tax. Don’t try to justify the unjustifiable just because of your envy.
Garry is such a legend. Love the way he puts things.
he says what you want to hear to sell his shit books, this is what politicians been doing nothing new, your jealousy of others wont solve your problems, the goverment is trillion in debt not because of rich people
Poll tax renamed council tax Vat at 20% and NI that you can't escape are all taxes out on the poor that the rich don't pay. Tax equity backed loans at 30% return to property tax based on value.
I can't see how many people would have a problem with this. I would dearly love to be in the position of having a problem with a wealth tax for the very wealthy in the uk
Not many. Only 1% of the people. Majority wins 😅
Thanks to you both, glad to see this discussion that needs to be had.
That’s all we do, discuss. A gun without a firing pin is useless.
Tax 'em till the pips squeek!
Said by Dennis Healey in the first Wilson govt
Or until they move countries
They'll just move mate. I work for very wealthy people and I can tell you these people will do whatever it takes to hang on to their millions.
@@GayFrogsTho No matter how many "protectors" they have, we are the many they are the few.
The wealth tax will not affect homes that are a primary residence. A residence is a lower type of wealth compared to income generating property or speculative property.
Sadly, it will still affect people who decide to move and rent without selling their property because their primary residence will then be classified as investment property.
It’s sadly a valid point Owen makes as the government would likely lean heavier on the people with 1-2 million in assets to avoid going after themselves and their mates who own literally everything else.
Sadly when the government say tax the rich they seem to think someone who’s just done well for themselves with a good job is target number 1 this guy is spot on
It's not about the tax, it's about what you do with the tax.
You will own nothing AND BE HAPPY (or else?). 🤔
_"Welcome to 2030. I own nothing, have no privacy, and life has never been better."_ Suuuuure. 🤨
Do you own less than 2 million in assets. Do you pay tax?
Well there are people richer than you who effectivly are not paying tax. So your tax bill is higher.
They are taking your money.
@@simonhenry7867 Your point may be sound, but I'm having trouble with its relevance to my comment. 🤔
The vast majority of people already practically own nothing--that's capitalism for you.
@@cheesi Absolutely! From built-in obsolescence to leased vehicles and property, they'll _always_ find a way to keep you paying over the odds with nothing to show for it at the end.
There's an excellent quote by the economic anthropologist, researcher and author, Jason Hickel, where he states:
_"Under capitalism, "private property" is not about the right to have your own home and belongings. It is about the right of elites to enclose and appropriate commons: forests, subsurface minerals, water, the atmosphere, public goods, and even knowledge itself."_
The dream collab! Owen and Gary need to be next PM and deputy. They clearly care about the country and it’s people, which is more than can be said for anyone shat out of Westminster in the last 15 years
They already do own everything. That's why home and rent prices have quadrupled.
It was a great idea to go after them...thirty years ago.
Spitting them facts! Salute guys 🫡
This seems like an easy objection to solve - just dont tax on primary residence?
I actually wouldn’t have a problem if they taxed all assets over £1m. If your house is worth more than £1m you are rich and could find a way to make it work e.g. sell and move to a retirement village/flat (you’re actually likely under using your £1m house which id imagine is inappropriate personally (stairs) and not be utilised (empty bedrooms). Why not have a wealth tax but have offsets on stamp duty, so when you downsize it could be cost neutral? Further if you’re keen to stay in your big expensive family home that is mostly empty, then you can get a reverse mortgage (state provided so banks not making profit from the interest) that is paid off on sale of the property at death? You’re going to lose that money in inheritance taxes anyway with a home of >£1m. In practice there will be very few people with a multimillion house and those that do most likely will have other cash/assets. Also worth bearing in mind the amounts are going to be pretty small if you say a 2.5% tax on over £1m, if your property is £1.1m it’s £2.5k - less than the council tax bill for such a home. But also nothing to say it can’t be progressive. Assets >£10m is 5%, > £100m is 10% etc
That not rich , if houses more expensive doesn't make you richer
A dump in balmain sydney Australia sold 1.9 milion , it the land value you can blame government land expensive they collect more taxes . Pull down a house and bullled a mansion would cost total 4 milion , about 6 months to completion
@@coopsnz1 yes it does. If you liquidate the housing asset you now have 1 million to use on other goods and services. You can buy cheap property in an area with cheap housing but no work because you're rich. Even in another country.
when we get a wealth tax it'd be better to abolish stamp duty entirely. it makes no sense. why would we want to disincentivise people from moving house?
I suspect equity release might be under-utilised but I think with relatively little regulation the private sector would be better at providing it that the government. the whole stigma against being forced to sell your home during retirement is stupid. people who want to leave their house to their kids are a big part of why houses are so expensive.
if we had a proper 1-2% wealth tax over £1m, I don't think we'd need inheritance tax to erode generational wealth and get some social mobility
You can NEVER get take our wealth. Even if you could, it will not end your poverty as poverty is mental.
There’s Bitcoin now. Goodluck with trying to take what does not belong to you.
My nan was an old lady too 😂 brilliant
A point about a property millionaire.
You buy a house for 50k. 10 years later it’s “worth” 200k. It’s still only one house and presumably they still want to live somewhere, if it’s an approximate house in an approximate area it’ll cost them 200k so in reality they aren’t better off unless they sell up and live in a caravan.
Well done Owen. Gary is a genius who must get more exposure. Edit; sorry, Gary, thought this was Owen's channel...I'll see if he has it up and make a similar comment. ❤
There are very few people with 100 million in wealth in the UK. I do see how this would do anything to raise funds.
Also it would just mean people would leave the country. Taking there yearly income tax with them.
Clear, concise and brilliant as always. Thank you 👏
And if he got to 100 million, he'd want loopholes
👏👏
curious as others have noted (albeit in bad faith - I genuinely am interested and want to understand more) will those rich folks just move countries? what is the response to that?
keep up the great work Gary! you break it down so simply and straightforwardly as always, never stop!
happy to see you and @OwenJonesTalks together! another bright truth teller of our generatio
Which countries would they go to that are actually liveable? Planet's only so big and a vast majority of nations arent as well off or free as western countries.
But but small boats 🤦🏼♂️
Dark joke: tax wealth, buy small torpedoes.
What’s the point of taxing rich people when the tax money doesn’t even go to honorable causes,
Nope. Once ive been taxed once it's mine. That should go for everyone.
Assets increase in value over time, this is called passive income. its not "Earned" but is the result of inflation and trading. the profit should at least be taxed in the same way as income tax.. and not at the low capital gains tax.. But then, the rich make the laws dont they?
Gary had the idea of wealth expiration which I found funny at first but then it made sense. For example if you don't spend the money what do you need it for?
Knowing how govt works, they'll tax those with GBP1 million upwards and provide loopholes for their funders with GBP1-2 billion. Most probably via trust funds and foundations registered as offshore entities 🙄
The thing people forget is your house going up in value sounds amazing until you realise so is the house you would buy if you decided to sell.
With the shortage of housing there should be an incentive for a little old lady to downsize from a large family home to a home more fitting for a single pensioner.
So I'm ok with that, but there does need to be more 1 bedroom/2 bedroom homes available at sensible prices.
Nah thats cruel let the old lady live out her days in her neighbourhood in her own house 😅 the super rich is those you want to worry about
@@qwertyasf
If there was the right spread of housing there would be no need for her to leave the neighbourhood, that's the whole point.
Isn't it more cruel to leave her in a house if she's likely to struggle with stairs ?
@@dondoodat This is exactly the kind of shit that turns people off so nothing gets done.
You start of with a completely reasonable tax of elite wealth then before you know it some red thug is claiming it's cruel to allow pensioners live in their own homes 😂
Owen seemed annoyed he didn't advocate for taxing those with a million pounds
I think a lot of people simply don’t realise how rich the richest people are.
Its a good idea... the problem is people with that level of wealth will just find ways to avoid and minimise what they pay...
U can't penalize someone for being rich. What the poor or middle class need is financial education not handouts
They already own everything -including the government, the IMF, the UN , the WHO you have no chance of taxing them
Shariah law has wealth tax.
100% - Great Response!
1m is too low for a wealth tax. That’ll just end up being a tax on doctors, dentists, solicitors, local entrepreneurs etc as the truly wealthy will find a way to avoid it
This is exactly what will happen. Middle class are soft targets with no lobby power. Politicians are too corrupt to tax the super wealthy and will just rob the people trying to get ahead in the middle once again. Ugh
That's what he said in the video basically
but there's so much more money in the 1m to 100m population than the >100m population. people with assets >25x the average salary are wealthy and were lucky to get there, and allowing generational wealth is bad for society. with no taxes on wealth, the kids and grandkids of someone with 5m would easily be able to live comfortably without having to work ever.
people who worked to gain their wealth will benefit from the lower income tax so would probably be better off, even if they were paying a bit of wealth tax.
Try watching the video before commenting. 👍
@@alexsmallwood9895there’s still a massive difference between 1m and 5m- 5m is probably a fair threshold
They'll come for the old ladies. It trickles down.
Wealth tax is absolute theft. It’s taxing on items you own but haven’t sold, and haven’t realized the gains for, yet. And most likely, there were taxes paid at the time of purchase, and will be taxes paid at the time of sale. You shouldn’t have to pay tax while you just own it (which is also why property tax is disgraceful).
Totally agree, for example how can one man have the rights to own over a 1000 homes as part of his portfolio to generate income 😅
simplest of answers: don't tax main residence.
Labour wanted implement Mansion tax but they were told it would hit old and vulnerable. But the Tories came up with Bedroom tax for people with council homes.
Taxing the top 50 richest people in the UK, 100% of their weath will alow for the country to be run for 7 months. Then what? Serious question.
Listen to me, this would be one of the worst things a government could do.
It's sad that no one else has said this in the comments but what would happen is that all the people with that amount of money would leave the country. This would result in a massive crisis.
Hope England doesn't end up like this, because it would destroy everything that your grandparents built
Educate them. These people are not smart. Envy has blocked their sense of reason.
Its about asset tax , not income. To allow a generation to buy there own homes not other peoples.
How do they take their assets with them? Assets can be buildings, commercial properties, factories.. They are owned by the ultra rich. they can leave, but they either sell their assets to other rich people or pay tax in the country where the assets lie. Simples... The view is that they have a billion quid in the bank (some do) but the reality is that assets are usually physical things, or companies. The doomsayers said "Brexit! all the bankers will leave London" Never happen....hasnt yet...
The people with £100 million living in the UK either are residents in Monaco or Virgin Islands, or soon will be.
The issue that is clear as day light is, as soon as you attempt to tax these super rich they are on their bike setting up somewhere else that protects them from that very thing. Unfortunately I don’t think there is a way around this unless each and every country around the world applies the exact same taxations for them. It’s a real life monopoly and there are loop holes if you have the money spend, which turn turn saves their money further.
👍
Anyone with 100 million will move elsewhere and take their cash with them. No country on earth is worth paying 1 million a year in tax for the privilege of living there
These mor*ns shouting tax the rich do not know how wealthy people think. The wealthy are way financially smarter than the average folk. You don’t get wealthy by being stupid.
Then atleats they can’t buy our assets anymore which is the main problem . There should be more restrictions on foreign nationals buying property in the UK
The 100 million is most likely made up of phsical assets, I dare you to take you 20 country estates with you when you leave.... Ultra rich people OWN things, and yes have cash, but thats not what most assets are...
@@michaelcave6581 don’t worry, we are gradually moving our assets to crypto rails. Soon enough all you envious communists will have to tax your MCdonalds jobs to pay for the lazy people who would rather watch Netflix all day and collect govt handouts than think creatively. You can keep the country estates. Let’s see how much it’s worth when the creative producers are all gone.
It will make the 100 mill people sell up and leave, but to be fair it's probably better than the picture Gary paints.
Good at crossing the isle is this man.
$1 million isn't "wealthy." You still have to go to work to pay your bills with a million in assets. We're not living in 1970 anymore when "wow, that guy is a millionaire" was a rarity.
The richest people are basically on zero income, they own massive amounts of different assets and they pay little to no income tax or any kind as they take loans for purchasing whatever stuff they want to own. So stuff like this wouldn’t do much.
The thresholds are too low. £100k a year, won't get you that far especially with the cost of housing, interest rates, childcare etc whereas £10m + will see you self generating through investments if you are reasonably clever.
Agree- Start with the royal families, your country could have taxed the enormous real estate they own. real estate tax should be based on VALUE, not per head. Even the US has a more fair real estate taxation system. The riches people in your country are real estate riches, who inherited the land from hundreds of years ago. Such wealthy system does not allow commoners the chance to be wealthy. It’s all legacy wealth, which is bad for the country.
The wealth tax is coming, but it will be leveled at all of us. They don't want a middle class.
Its like the cut in NI , no benefit to pensioners and less benefit to low earners while tax allowances are frozen meaning more tax.
Great to see you two on the same webcast. I would love like minded people build an anti tory movement. I would be one of many to help make it happen.
If u try to tax someone with 100 million
They will move to another country and take theirwealth with them
Good question from Owen, excellent answer from Gary. 👏 👏 👏
Nothing stopping you bettering yourself to be asset rich. Mega wealthy tend to be employers.
Absolutely correct. 💯 %
I’m a conservative by nature, but ordinary British people not being able to afford to have children and a 3 bed home really brings out the socialist in me.
This guy Gary is a breath of fresh air! Thank you for what you are doing, massive fan
Its always been like this. Nothing has changed. The gap between rich and poor continually grows and shrinks. Is as natural as high and low tide.
Get rid of all social programs.
Gary wealth taxes sound great on paper but they eventually creep down to the middle class.
What I like about his take is not because taxing rich people and giving it to the government is a good use of the money which it probably isn't and I don't think he thinks it is. You do it so that the ultra rich don't end up owning everything and other people have an opportunity to buy those assets instead. It's about redistributing power and opportunity.
Nice to know Owen Jones’s nan was a millionaire
One house you live in is different from somone with 3 blocks of slum flats.
Ordinary families have lost their homes because 6 million people net have moved here in 14 years. Comical they don’t talk about that. Supply and demand guys. Basic!
In the game of monopoly their is only 1 winner at the end
There are fewer than 100 British billionaires.
Id love to see Gary sit down and chat with Martin Lewis!
firstly there are very few rich people, if you tax them they leave. money flows where it is respected for investments that help middle and poor. if you drive the entrepreneurs out of your country you end up broke. its called the laffer curve. calulates how each 1% of extra taxes does economy damage for poor and middle.
It is a poor man's dream to eat wealthy folk for lunch while: feeling entitled to wealth without making an effort... milking off the system... paying least tax, which doesn't even cover their own milking off of the system. These are the people who love cash (emmm, sorry, don't want to pay tax or have the UC reduced), would be first to sign up to any tax avoidance scheme, etc etc. Disclaimer: there are people out there who genuinely need genuine help. I have no problems with that.
But when the £100 million club leave and the £20 million club are targeted and then they leave how long will it be before the old granny is targeted?
Owen Jones knows precisely what a Wealth tax is, sorry GARY STEVENSON, he just winds me up.
Gary is so much better when he cuts to the point instead of going into his personal background - I get that sometimes it's necessary but man it gets in the way of his actually analyses, conclusions, and prescriptions
Its the monopoly game irl
Always a difficult question, if you tax 1-25 million ( the ordinary rich) they would probably pay but cripple many small business owners, over £25 -50 million ( the superrich) they have the lawyers, family offices and offshore. Most people on an average salary may struggle to understand the difference
This is an American problem as well.
Thank goodness extremely wealthy people don’t have access to fancy accountants and lawyers and have intricate ways of moving and hiding their wealth. Thank goodness as well that if the decide to up and leave with their assets we can just grow the missing tax revenue on trees.
It’s crazy how much I always thought y’all both looked similar and look you’re together
If the assets are in stocks they are just custodians of those shares. And if they do excellent job with them increasing the value or count of the shares that works beneficial to all of us. If you take this out of their hands government is not going to do better with this resources.
i think anyone below five million should be left alone, trust me it sounds like a lot but i still need to cut back on things sometimes.
East to say, far more difficult to do. The super rich never get clobbered... it is always the middle classes.
I don't believe in taxing the Rich more than the average Man .20% should be across-the-board etc . The problem is people not paying their fair share of tax I.e Cash on hand and tax dodgers.
Two English legends.
I respect Gary but I do not agree with him.
In a Sardinian port where the ultra wealthy used to visit with their yachts and spend millions on-shore.
The locals wanted to tax them a lot for mooring there so as soon as the new tax came in they set sail and never returned.
This is so stupid. The initial premise remains the same. If someone has a £100 million asset and you apply ‘wealth’ tax them then they HAVE to sell the asset to pay the tax, which makes zero sense.