How the Rich Avoid Paying Tax

A look at whether we should tax rich more.

0:00 Intro
1:32 Taxes post-war
2:50 Growth of Tax Havens
5:15 Taxing Wealth
5:55 Why Rich pay less tax
7:55 Wealth Tax
9:26 An alternative model?

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[waynecartwright-jstw]

Freezing tax allowances has put the squeeze on us at the bottom. My monthly income tax has shot up since the tax allowances have been frozen.

[maximt]

Would love to hear your perspective on Gary's Economics thoughts on taxing the assets of the super rich.

[ilikelampshades]

I'm a nurse and pay about 58% of my salary in taxes and other essential things I'm forced to pay for like insurance.
Meanwhile Sunak pays less than 0.16% tax on his income and was not in favour of payrises for nurses. Scum

[alexmellor]

You see a lot of people would immediately jump into a left vs right political argument. But if you let the numbers speak for themselves, the logical thing to do becomes clear... right?

[tancreddehauteville]

Tax rates need to be equalised, to prevent tax fiddling by the very rich.

[tbatallen]

Billionaires make their money off the backs of societal and global systems (infrastructure, health, education, security etc.) not to say off the works of thousands of others. They are increasingly determined to pay little into the system or fairly compensate their workforce (or increasingly replace them with technology where possible). Taxing wealth again like we used to 1945-1980 is a must.

All we’re seeing now is an increasing concentration of wealth and power, and those who have it leveraging both to further said wealth and power even more.

[ilikeboringthings]

Tax wealth of the super rich. They would not be so rich if it were not for society.

[jasonleung]

Best start with all those off-shore tax havens which are mostly British owned

[michaelfisher]

The issue I see is, when other countries can get by with only 10% tax even excluding rich people moving their, why force them to increase to a global standard?
Why is it, specifically in the UK and some other places, that we pay so much tax and get so little? its so expensive to do bacis stuff and we have constant reports of local councils wasting millions on stupid shit like paying contractors to trim hedges..
We have such a bloated an inefficient system, by hay I guess its easier to to raise tax then to actually fix the real issue...

[Richard-pdo]

Yes the top 1% of income tax payers may pay 30% of income tax. This should not to be confused with the top 1% wealthiest, however.

[mrmeldrew]

Freezing the tax thresholds is a massive tax hike designed to keep us in our places.
It's smashing me as I am essentially in a single earner household, (wife earns pocket money part time around the kids). Its always us mugs in the middle who get blasted. Labour dont like making work pay.

[aleccino]

Legislation needs to be introduced at an international level to limit tax avoidance schemes and wealth hoarding. We cannot continue in the way we're going.

[AJD-Home]

If you're not already in touch then I suggest you connect with Gary Stephenson of Gary's Economics.

It is very clear that the fairest way to improve the UK is to reduce the wealth inequality gap via taxing the wealthiest to pay for more services.

If they choose to leave, let them leave.

However, in a feudal kleptocracy and in a country that a large minority get very rich through laundering, fraud and tax evasion dressed up as tax avoidance, this may mean short term pain for medium to long term gain.

Keep up the great work, and thank you.

✌🏻

[tiggtiggs]

Regulation of banks, not taxing the filthy rich is necessary. Also, political, economic & peace education for the mainstream masses will go a long way towards helping everyone understand why we're up sh*t creek without a paddle & how best too remedy this crappy situation.

"Apathy in Public affairs leads to the rule of evil men." - Plato.

[dbsirius]

Increasing taxes will do nothing if the government is just spending taxes in the wrong things.

[BoredomIncarnate]

Tax earnings when and where they're made, simple, if you want to operate somewhere you pay tax there, or you get lost.

The government needs to regularly close loopholes too, like companies paying a subsidiary absurd amounts for "licensing" to keep profits artificially low.

[edmills]

I agree with much of this. Not sure it was air travel in the 70s that started the use of tax havens though. They've been there for hundreds of years and used as tax haven't during that time. There was a general move away from tax is a social good to tax is bad. It's hard to know where this started but I imagine the rich don't like paying much tax and once this starts it spreads...

[billykotsos]

Its because the Tax System in this country is stuck to only taxing income... not overall wealth..!

[lonevoice]

Great and important video. It certainly made me think. It was so good that I had to watch it twice.

[Mike-lbhx]

lower tax rates encourage investment as you judge a potential investment by comparing the after tax return compared to the size of the investment & risk => tax rises => lower growth