The Difference Between Wealth & Income

"We have never once supported higher taxes on working people, this channel has always been about higher taxes on people with huge amounts of accumulated hoarded wealth. If you don't tax them they will use their enormous amounts of income to buy the rest of the wealth, wealth inequality will get higher and higher we will lose our middle class and we will fall into poverty. We need to tax hoarded accumulated wealth and if we did that it would actually enable us to potentially lower taxes on working people

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SOCIAL MEDIA:

Performed by Gary Stevenson
GARYSECONOMICS

Produced by Simran Mohan
MOHAN MEDIA

TIMESTAMPS

[BecE]

And this is why the super rich shouldn’t be running the country, if it was any other industry they’d call it a monopoly. You are amazing Gary! 😊

[gibbions]

Brilliant! Much more succinct and punchy.
Very important to make the distinction between ‘higher earners’ and the super rich. When ever I’ve tried to convey this message it’s often met with the challenge of, “So you want to tax me more?”

[intraum]

just 5 minutes to describe and provide solutions to one of the most crucial aspects of our current organisation of our economy. cracking stuff gary

[Skylark_Jones]

I wrote to my MP as you suggested, I asked where's the £700 bn, mentioned your name and even shared a link with one of your videos in which you talk about this stuff; I said things are getting worse for ordinary people, the NHS in crisis, public and local services on the brink with more spending cuts to come. I asked why they never clawed back that money and why is it whenever there's a crisis we always are the ones forced to pay and never the wealthy: why won't the government tax them?

She dodged that question, instead talked about the fraud write-off where criminal gangs got away with some of the loan scheme funds awarded during covid, mentioned the covid crony contracts and acknowledged that Liz Truss trashing the economy will make us much more worse off. What she didn't get was that the biggest criminal gangs are the Tory government and the billionaires they represent always awarding themselves more of our money with every budget they announce!
Meanwhile we're in "awful April" which leaves me in a state of anxiety when all the bills go up, I'm afraid to open the letters because I know I'm going to be hammered again with increased C/tax, rent and probably another HB overpayment (I work part time). And I am tired.

[steveparker]

Thanks for vid Gary, excellent as always. Inherited wealth allows generations to live simply by investing. On the opposite end of the scale are people who work all their lives and pay rent and end up with nothing to pass on to their children. Which continues the cycle of poverty despite working hard.

[marcusdaniels]

Cheers Gaz, for my weekly economics lesson.

That one needed clearing up.
‘Tax the rich’ has become a cliche. But after watching this video anyone honest will understand ‘taxing wealth’ is what is needed.
Thank you again.

[hpana]

I heard the passion in your voice, which is what made me follow you. Keep going, we need people like you

[martindenham]

Thanks Gary. I'd never actually thought about this, but what you said makes complete sense. Assets are fixed so can be taxed at source.

It's great that you're putting out the kind of information that can empower ordinary working people, especially working class people, because it makes sense that wealthy well educated people that spent a fortune to learn economics or law at top universities don't want ordinary working people to know this stuff.

[basil]

YES! THANK YOU! its so sad how ground into us the narrative is that if you raise taxes on the super rich of the owner class theyll just leave and thatll hurt the economy. they arent producers, they just earn passive income on other people's production, so them leaving would not weaken the economy significantly. they can take their money, which is already kept out of the economy as things stand, but they cant take the productivity of their land and their employees with them

[MrBragle]

Thanks Gary! Been pondering this over the week, it creates a rubber band effect on the super rich, capping their total worth to the offset of tax/asset generation, so something as simple as a 5% wealth tax could halt the ever growing wealth they horde

[Athanael]

This shorter straight to the point video are good for sharing around, great take and well summarised. 😄

[sugarfree]

If their wealth is generated from assets that exist in this country, they should be paying tax to contribute to this country. They can live where they damn well want, it makes no difference.

[notgodzod]

Perfectly put. Thanks man, I am really beginning to think that your message might actually seep through to people in general and mobilise us into action. Certainly, this is becoming more of a talking point in my friendship group.

[verdebritanica]

So pleased this has been covered. A top 1% earner from employed income who originated from no inheritance is very different to a person in the top 1% through wealth. We need to wealth and land tax those in the top 1%.

[leemorrison]

If people have been watching & listening to what Gary has been saying from day 1, they would understand he is taking about the tax dodgers who use tax havens to avoid paying taxes.. pay attention. You need to invest over 1 million pounds at least to get citizenship on one of these tax havens, plus you need to be accepted. ❤

[gayaa]

Thank you, G! Another succinct, informative, logical video :) Keep up the amazing work! x

[InquisitiveBaldMan]

I liked the concept I heard of earned wealth and Un-earned wealth.... We need more tax on unearned wealth.

[freddee]

I appreciate the great work you are doing Gary, I think the message is starting to get through.

[davidjewood]

Absolutely love your very simple explinations. You made 100% sense 👍🏻 Looking forward to your next vlog

[MatthewRivers-Davis]

Thanks Gary - there is still the argument that the rich can afford to pay for financial advice so are more literate about tax avoidance - they can initiate capital flight and transfer payments so it's hard to capture their passive income from wealth