I Used to Help the Rich Avoid Tax - Part 1 Stephanie Brobbey

"There are more food banks than McDonald's in the UK and when I heard that I just thought I don't I can't continue being part of this system which is essentially designed to keep concentrating wealth and minimizing tax.

A lot of my job was to do a lot of succession planning and advising on asset protection and asset preservation, helping people to pass down assets, their wealth to their families"

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Guest Appearance by Stephanie Brobbey
FOUNDER of the GOOD ANCESTOR MOVEMENT

Performed by Gary Stevenson
GARYSECONOMICS

Produced by Simran Mohan
MOHAN MEDIA

[andrewwhitfield]

It's like a Monopoly board that never gets reset after the parents stop playing.

[uniteddreamer]

Super rich people don't have an internalised concept of what is "enough"

[MikeDuckett]

I'm late to this video but I must say when I had a local business radio show whenever a tax lawyer came on just asking them to rephrase their comments about legal methods of 'minimising client's tax liability' using 'social contribution' for the word 'tax', had a profound effect on their comfort zone.

[TomNook.]

I had this discussion recently. For most of the population, they see people earning £100k salary, even £50k salary, as rich - and that is true if they're unemployed or earning min wage, but 100k after tax is actually £5, 466 take home pay monthly. Again that sounds huge for someone on min wage, but it's not exactly comfortable, "I can do whatever I want" rich is it?

Also bearing in mind that person on 100k still has to travel to work like the rest of us; still has to go to work on a set schedule (and probably longer hours on that salary); and is still at the mercy of their boss. Any day, they can be given notice to leave. And within a few months - that person earning £100k, will be in the same spot as one who is unemployed.

To be truly rich, it means having choice without consequences. To wake up every day and have the choice to not work. Not having to stress about more senior staff dictating your position in the company (and hence your salary), or meeting targets. Not having to worry about the economy making your position unsustainable. Not needing to commute if you don't feel like it.

Everyone's levels are different, but someone who has passive income to sustain their living costs and any unforseen expenses (breakdowns, emergencies etc.) is far "richer" than someone who is time and energy poor but getting £5k net every month.

[RenegadeContext]

It's easy to say "it's not about demonising wealthy people" when you have been lucky to benefit from the system they perpetuate. I have rich friends because of the way I think and the jobs I've had through entertainment. I am not rich, I did not benefit from that system. Do I hate them as individuals? no. Do I hate the attitudes they have toward wealth, education and investment? Fuck yes. It makes it hard to be around them when they talk about the system that benefits them and keeps me down like it's just hard work that got them there. Hard in the same way it's hard to be around racists when they say the problems poor ethnic groups have is their own problem. Wealthy peoples attitudes are akin to racism, it's classism at it's core and it's perfectly socially acceptable

[chuzzbot]

These unfortunate people with so much wealth, they should be relieved of the terrible burden.

[petercliffe]

I just opened Twitter to share this and saw that the new chancellor - whose property wealth is estimated to be around £100m - is under investigation by HMRC. Great interview and really well timed, too.

[nitzerebbandflow]

Stephanie's story is so interesting. If she wanted to do another interview, would love to hear more about what she does now. I appreciate how you make economics tangible.

[matkagrogan]

Brilliant conversation Gary! There is one more problem I need to raise, namely how oblivious ordinary people are to all these conundrums related to taxation, inequality etc. Some people know literally nothing about the economy but some are even worse. I'm talking about people who regurgitate all these neoliberal myths like trickle-down theory or believing that how much we are paid is tantamount to how much wealth we create etc That pseudoscience is internalised by people from the working and middle class, by the people who will never get rich. Add on top of that media owned by billionaires and a lack of a proper left-wing voice in British politics after sinking Jeremy Corbyn and the overall picture is really bleak.

[unitedborders]

Interesting... Fear plays a prevalent part in maintaining the wealth hoard. Being from a poor background Gary had fears of going back into debt, whilst someone locked into wealth fears missing out on deals. Different motivations governed by fear.

[johnwright]

There is a very old legal principle "The Rule Against Perpetuities" which arose from the realization that wealth must be mobile and not be kept in the same hands generation after generation. Then lawyers invented the Trust which avoids almost all of the restrictions.

[DrSomhairle]

very interesting, agree we should have a wealth tax, and remove loopholes which allow the wealthy to avoid tax.

[desmondmccabe]

we have to realise and understand that in a fundamental way we give permission to the rich to be rich - resources belong to all of us - but we are confused into thinking that the rich give us permission to exist when it is the other way round

[julies]

The writer Gore Vidal when he was running for office in the 1980s in the USA - over 40 years ago - stated that both the poor and the rich received government help - a negative connation of welfare for the poor and the never mentioned tax breaks for the rich. Need to tighten up tax laws in the UK. Once and for all. Great conversation. Glad that I found Gary on Youtube's Novara Media.

[steps]

Hey Gary, i love your content. I'm from Poland and we are suffering more and more from what you are describing. Lets hope for the best

[jaredleemease]

Thank you Steph and Gary, you are both modern day heroes. 😎

[hazmatproduction]

This was a very insightful conversation Gary. Thanks for all the work you do to spread this message. I’m not even close to being as educated in economics or successful in the finance industry as you (I took economics to A level & work in book keeping), but have long known that our system is grossly imbalanced in favour of those with wealth. It really is so important that more people understand the subject you talk about on this channel. Keep up the good work & I will keep sharing

[traceyjohnson]

Fantastic guest.. thanks for another great video. I love that you are both talking from perspective of coming from “ordinary backgrounds”.. and that you still manage to acknowledge that wealthy people are human… it’s just that we’re all locked in our roles..like what’s happening is just inevitable.. but it’s not! More videos please. I’d like one a day in an ideal world!! Keep working Gary!! But seriously.. these conversations are vital..and appreciate them a lot!

[alphaomega]

...how do I protect versus how to spend it... She is right about many wealthy individuals don't understand distribution of wealth. Money isn't an asset that needs hording. It is designed to make your life more comfortable.

[commissarchad]

Love your work mate.
I'm not sure if the ' I don't hate rich people' is more of a messaging thing or a genuine remark, but I think it's fine for the poor and lower middle to hate the rich, or at least the super rich. They may be 'nice' and polite and socially aware, but if they're benefitting from the system at the cost of poor lives and livelihoods, the onus is on them to realise that. Being nice doesn't cancel out destroying lives.
But yeah, love your work.