Rishi Sunak's taxes – the REAL story

The rich own everything – but they hide it in their tax returns.

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Performed by Gary Stevenson
@garyseconomics

[fawfulBeans]

I think it's a crazy and kind of chilling idea that he disclosed 2 million specifically because it's a poor man's idea of a rich guy's income.

[harrylong]

"the poor see themselves not as an exploited proletariat but as temporarily frustrated millionaires"

[professoryaffle]

Recently having had my first child really made "Tax the rich or your kid will be poor" hit hard.

[austinsideburns]

Such a powerful message... "when I say tax the rich, you hear tax me", that's it in a nut shell.

[hilaryporter]

That dip into medieval history to illustrate your point was brilliant Gary, especially as we have fallen so helplessly into the 'technofeudalism' that Yanis Varoufakis has so accurately described.

[JonathanLivingstoneUKSA]

The rich won't like you, Gary, but we do!

[JimmyTheGiant]

The comparison to the merchant class marrying into aristocracy is so accurate, another banger Gary!

[stephencorkery]

You’re quite literally the only economist I’ve ever heard that makes actual sense about the state of affairs in this country and how it really works behind the scenes. Just got the book yesterday too btw after seeing your interview with James O’Brien. Keep up the good work.

[johnwright]

Rishi Sunak has never disclosed his assets. The Cabinet Office refuses to publish them. His wife and father in law have interests in companies which receive government contracts. No conflict of interest then..

[imfreetoroam]

Why poor people vote for the rich, is the real phenomenon we should be looking at....

[rnulfschmer]

What I got from the italian rich family comparison is that basically, Rishi doesn't go into politics for himself, but instead he's a tool for his father in law to influence policy. The power dynamic inside their family leave Rishi with several superiors, of whom he is much more dependent than the British public. So UK basically privatised itself.

[agapitoliria]

I have heard it from lots of people, thought of it myself when I was very young: "This doesn't affect me, I'll be rich in some years, I'm not like the others, I'm more disciplined/intelligent/hard working". You got their strategy right in this video. Thanks for what you do!

[mooganoid]

"...how the media completely bought it..."
Not only is this a superb education by a superbly knowledgable gent, there are also extremely valuable insights that ALL SHOULD KNOW. A brilliant ending too.
Thank you Gary! Love your work.

[BarryDiegoLondon-cyij]

You called it on inflation reducing, Rishi took the credit again, and think it's enough to call an election!

[DileepaRanawake]

Here's what I think the solution to inequality and falling living standards is;

1. Tax Wealth NOT Work.
2. Fix private the public services, that siphon Taxes into the hands of the wealthy via profits, whilst not delivering services / decent wages.
3. Proportional voting system - to ensure we can choose to vote outside the corrupt parties and people like Gary could run for PM.
4. Transparency on funding for political think tanks and political donations - politicians should have to wear their sponsors like F1 drivers, on their suits.
5. Better national metrics everyone uses to measure the success of our politicians - we need to measure the end goals - Health, Happiness, Vertical mobility, and cut our fixation on the economy and growth (which are simply a means to an end, not the end).

Would love to know what people think / if there are any big holes here.

[ArtistSoftwareEngineer]

Do you know the sickest part of this?

If you are on Universal credit - and have savings over 6k, the government tapers your benefits at a rate that de-facto assumes you can make a > 20% annualised return on it 😂

“Any capital/ savings you have between £6, 000 and £16, 000 is treated as if it gives you a monthly income of £4.35 for each £250, or part of £250, regardless of whether it does or not. So if you have £6, 300 in a savings account, £6, 000 of it will be ignored and the other £300 will be treated as giving you a monthly income of £8.70.”

A *monthly* income of £4.35 on each £250! Show me the bank that’ll pay me £52 per year in interest on £250 and I’ll leverage everything I own.

I can only assume every person on UC is balls deep in Nvidia stock then!

[susanjeynes]

He's only ever been in politics in order to be able to service business connections/deals for his father-in-law

[anantsingh]

Very well explained. I work in rishi sunak’s father in law’s company in india, Infosys ltd.the company has market cap of $71 billion !!
He is one of the richest man in india.

[Klerks]

Gary you’re spot on as always!
May I suggest that you should use the phrase “super rich” instead of “the rich” when advocating increasing their taxes to reduce wealth inequality.
Ron Klerks

[sandworm]

You're the man Gary, loved the book