Regular readers will have noted that videos have been absent for a few weeks. I can only offer one explanation, which is that I was not finding the right ideas to make ones I wanted to share.
This, however, will change soon. In response to a request I have sketched out a whole series of videos to make about taxing multi-millionaires. Starting from why we need to tax the wealthy more, to why this group get a relative free-ride now, I will then explore a whole range of tax measures that are required to create a more equitable tax system, before exploring the conditions required to make that work.
Recording literally starts this morning. I hope to start publishing these next week - but the whole series may take a month or more to deliver.
The aim is simple: this is an explanation of where the UK tax system has to go if we are to have social justice in the UK.
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A series very much needed. Thank you Richard. Can we all forward to our MPs when its finished and anyone with any influence in media…
I’m certain you’ve already thought of it, but I would hope the aim is simplification as well as simple!
If we take it as given that the primary reason for taxation is to support the value of the currency then while a government cannot justify a tax increase by saying it that the resulting revenue is needed to pay for projected spending, it could justify it by saying that it is needed to offset the foreseen inflation that that spending might cause. However, because the rich have more of their money tied up in assets than the poor or those of moderate means, if it were a choice between raising the revenue from these two groups of people, then it seems to me that one would have to raise more, perhaps considerably more, from the rich than from the other group in order to have the same anti-inflationary effect.
Is this correct?
Most of the inflation we have to tackle is in asset prices – which spill over into poervty e.g. via rents
So, I do not agree
I will explore the issue in the series
Five videos are now on their way for edit….
Thanks, I look forward to watching them.
This idea has plagued me for a while. One part of the thought chain I struggle with is: If the wealth being taxed is tied up in assets, (stock, bonds, property) and should some part of these need to be liquidated to pay the taxes, who buys the assets?
I assume that all wealthy people are doing some degree of selling so they can’t be the buyers. Who then buys these assets?
I am not trolling, this is a not a veiled criticism – I am genuinely curious. I hope the videos have an answer, looking forward to viewing.
I’d like to think there would be a way for the community to buy units (pool their money) in a fund that buys these assets. I’d also want some way of stopping foreign money from taking advantage in this case.
What is wrong with asset prices falling. How else is meauyedcwealthninequality based on asset price inflation reduced ?
I’m sure they will fall, well maybe property anyway. Ahh, I see now how wealth would be reduced.
Let me watch the videos and resume if I have more questions. 🙂
I am really glad. Your videos have helped me understand economics more and catapulted me into caring about these issues more and more as I do more research on the matter. Once I thought economics was a snobby profession that only those that had done some 4 years of university can understand, thanks to you I now know those assumptions were deeply wrong.
Thanks