Will the rich leave the UK?

If you tax them more, won't the rich just leave?

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Performed by Gary Stevenson
@garyseconomics

[shafiurrahaman]

I’m not sure how much this should be pushed but from the sounds of it perhaps tax the rich should be replaced with ‘tax the owners’ or ‘tax the assets’ to shift the focus from the people to the asset and remove personalisation of the tax and almost make the pill easier to swallow for the layman who is going to ask “wont the rich just leave”. Then again perhaps the spot light does need to be shed on the people who own so much. Either way hope the message and education of this channel and movement spreads far and wide!

[kainep]

Before the election I made a concerted effort to ask my local candidates their position on taxing wealth. What I found most shocking is they had no idea what wealth means and had the same understanding that if you tax them they will leave. Great video Gary

[tobylittle]

‘Assets can’t leave, it’s about ownership of the country you live in’
now that’s a quote !!! 👏 👏 👏

[Tonko]

This is so helpful, my friends have always retorted with ‘they’ll just leave.’ And I can now answer, thanks Gary.

[ruffey]

I used to work in Private Wealth. I used to report on private equity. People think they're going to work their way to those levels of wealth. They're wrong, you can only own your way to that. People have a soft spot for money, even when it's being used in a way that is causing harm to them. The political strategy on this issue needs to capture that.

[chibbledorf]

Gary commented previously on how the rich will leave bonds and start buying assets. Well supposedly Blackrock (asset managers of the wealthy) have done a deal with a UK housebuilder (c.£1.4 Billion value) to buy 4500 houses solely for the purpose of renting them out, and no doubt are looking to buy the houses being off-loaded by buy to let landlords as well.

I think the important thing to remember is that these people don't think like you and I, they won't buy the houses to make some rent for 10 or 20 years, then sell it at a profit, they'll be looking to buy them to own them forever, generationally, so when you realise that you can see that as they replace the buyer side of the market, they won't care if they "over-pay" at today's market rates, because in 150 years time when you consider the rent they've taken and the capital appreciation, their descendants will look back and realise what a genius great, great, great grandpa Goldsmith was.

We're heading for serfdom.

[martinzihlmann]

We have wealth tax in Switzerland. I don't think the rich have left us.

[warhamwaggkl]

Gary, in NJ, US, here. Your work is a godsend, flipping manna from heaven. I've been trying to explain these things to folks I know since 08 washed many of my friends out of their houses, never to return, and too many since are now simply deceased.

Your success in the financial sector, your grasp of the underlying mathematics, your background growing up rough, make your explanations brief and uniquely clear.

Good friends I've tried to explain these things for decades, hear your explanations and walk away with a coherent grasp and moved by their new understanding.

I cannot tell you how important what you are doing is. I grew up working class here in the US, I managed a good education and I'm ok, barely. But so many I know are not.

So many in my age cohort are dead while their parents are still alive.

I guess if I would add anything to what you say, it would be that the poverty we know is growing everywhere, it's lethal.

Folks need to know that.

[connerblank]

Basically the proposition is not "tax the rich people that live in your country, " it's "tax the assets they hold in your country." They can leave, but they can only sell their assets if they want to extract the money held in them... To someone else who _would_ pay the taxes.

[Jay...]

USA – wealthiest 10% own 93% of stocks. Poorest 50% of Americans own less than 1%.
Inequality divergence is growing, with the rich gobbling-up ever more assets, at a faster rate.

[stuarthys]

Well said. Rich is not defined by the salary, but the ability to manipulate the system for their own gain and avoid paying taxes

[marinamurphy]

Thanks for all the effort you put into helping people understand. The more I listen the more confident I become when trying to spread the word.

[Drifter]

Louder for those at the back!!

We have an issue in the UK where people think they are wealthy because they’re doing better than the people they rub shoulders with not realising how deep in the mud we all are together. This is also what’s stopping people from pursuing more economically progressive ideas.

Reform support is rising solely based on fear-mongering based on immigration. People out there genuinely believe that foreigners are responsible for the continual fall in living standard. Completely ignoring the massive asset hoarding being perpetrated by the ultra wealthy =\.

It’s so ironic that there’s so much energy for weeding out those that don’t work and scrounge at the bottom of our society and absolutely none for those at the top that do the exact same thing 😂!!!

[TheBurdenOfHope]

This video couldn’t be clearer. Thank you Gary. I hope all the regular working stiffs in the comments, simping for multi-millionaires of the rentier class understand this too.

[motty]

Thank you Gary
I hope more people will listen to you

[BennieY.Jenkins]

Hi! I’m excited to be here in your channel and I’m interested in learning more about investing and saving up for my retirement but am a little confused about the whole process. Any advice or tips to get me started up would be greatly appreciated.

[MrGavinBoyd]

We’ve had Thatcherism since 1979 which serves the interests of the (mainly overseas) wealthy. The problem with Thatcherism is that you eventually run out of assets to sell to overseas investors so that they can rip off British consumers. Reduce inequality by taxing the rich.

[magpie]

There are many countries that do not allow foreign nationals to buy land or property in their countries. This stops situations whereby a block of flats is built in London and bought by foreign investors, stopping locals buying homes. Often these properties are never lived in and just held as an asset. This is a disaster for us, the little tax paying people.

[athlene]

I asked my library to order Gary's book: The Trading Game and they did!! So now I can read it and so can others!! So happy to be spreading this information!!

[lawrencewinter]

As a 39 year Physics teacher with very little to show for my 16 years of hard work, thanks for sharing your expertise Gaz. Wish there were more like you