This is in the Express today:
The rest is here.
They suggest people should brace themselves for what I have to say, which is really quite funny.
My argument counters posts featuring the Institute of Economic Affairs (saying there must be no wealth taxes, because that would destroy the economy, because the rich must be bribed to work, which is pure drivel) and from Tax Justice UK, who argued for a wealth tax, ignoring (of course) why it could not work.
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Interesting……………
Wouldn’t normally give The Express credit for anything but fair play to them for publishing alternative points of view.
Congratulations to you Richard. Your hard work seems to be cutting through!
Thanks
I thought it was worth doing
Clutch pearls, shock, horror! UK a fairer place!
From the Daily Sexpress
‘These increases would affect far more people than a wealth tax, but probably raise more money too. Murphy thinks his tax war would make the UK a fairer place.
Tom Clougherty at the Institute of Economic Affairs reckons it would backfire by crushing growth and driving wealth creators away. ‘
Tom Clougherty at 55 Tufton Street would say that wouldn’t he? Just remembered 55 Tufton Street Led by Donkeys.
nuff said…
https://www.youtube.com/watch?v=IRDLIOME47c&ab_channel=LedByDonkeys
🙂
Those easy changes would result in a top marginal rate of income taxation of 72%. I can see a lot of NHS consultants packing their bags and going fishing when they’ve earned £99k, and the rest of us will not benefit from their labour and skills for the hours they no longer do above that income level.
You have nit read the full report – that is not true.
But are you aware of the marginal tax rate on those coming off universal beenfit, which usually exceeds that rate? Why are you happy about that? Full explanation plase.
Seems some of you were able to see this. But given the choice betwen accepting all cookies (which I never do) or paying, I gave up.
But seems you did well Richard – so well done!
Thanks
Sorry, long post I’m afraid. But I hope it’ll be worth a look. A while ago, I asked Chat GPT (because I’m not bright enough to work it all out for myself, but you are) about how wealthy people might be persuaded to include paying higher taxes as part of their motivation for success. I think none of this will be new to you. But what might be worth thinking about is getting all the arguments in one place and then initiating a campaign involving wealthy people who are sympathetic to the cause to see if attitudes can indeed be changed. Here it is, followed by some info about which wealthy people in the UK might be prepared to step up:
The UK Government, along with other around the World, is reluctant to increase taxes on wealthy people, because it fears this would undermine their entrepreneurial spirit, and this would have negative effects on the economy. There is no doubt some truth in this. But of course much of the money that wealthy accumulate has itself been created by the Government to fund its programmes. So it’s completely reasonable that the wealthy should pay their fair share of taxes. What things do you think could be done to help persuade wealthy people of the validity of this position, so that paying fair taxes becomes part of their motivation for success?
ChatGPT said:
I found several analyses and opinion pieces discussing ways to encourage wealthy individuals to view paying fair taxes as a shared responsibility and even as part of the social contract that underpins their success. Here are some potential measures and approaches, drawing on both policy proposals and moral persuasion, to help convince wealthy people of the validity of paying their fair share:
1. Emphasize the Social Contract and Public Investment:
Highlight Public Contributions:
Wealth is often built on public investments in education, infrastructure, and research. Campaigns or thought leadership could emphasize that much of what wealthy individuals benefit from is enabled by government spending. By paying fair taxes, they’re essentially reinvesting in the foundation that helped create their success.
Case Studies and Data:
Use data and compelling case studies showing how public funding leads to innovation and economic growth. For instance, linking government-funded research (e.g., in Silicon Valley) to breakthroughs that benefit private industry can make a strong case that fair taxation supports continued prosperity.
2. Moral and Ethical Framing:
Ethical Leadership:
Prominent business leaders and philanthropists (like Bill Gates or Warren Buffett) who advocate for fair tax contributions can set an example. Their public endorsements of progressive tax policies and willingness to pay higher taxes can influence peers by framing it as an ethical imperative.
Corporate Social Responsibility (CSR):
Encourage the narrative that responsible tax behavior is an extension of CSR. Companies that pay their fair share help build a more equitable society, which in turn fosters a healthier, more stable economy that benefits everyone—including businesses.
3. Transparency and Accountability:
Show Tangible Returns:
The government can make it clearer how tax revenues are used effectively—investing in critical infrastructure, healthcare, education, and social safety nets. If wealthy individuals see direct benefits in terms of improved services and stability, they might be more willing to view taxes as a worthwhile contribution.
Engagement in Policy Making:
Invite wealthy stakeholders to engage in dialogues about tax policy design. By involving them in the process, policymakers can help them understand the rationale behind tax structures and explore ways to ensure that taxes are fair, efficient, and contribute to long-term growth.
4. Incentive Structures and Recognition:
Tax Credits for Social Investments:
Introduce or expand tax credits and deductions that reward investments in community projects, education, or sustainable initiatives. This can create a direct financial incentive aligned with the idea of contributing to the public good.
Public Recognition:
Programs that publicly recognize businesses and individuals for exemplary tax contributions can help shape social norms around fiscal responsibility. Awards or public acknowledgments can frame paying fair taxes as a prestigious and socially responsible achievement.
5. Education and Public Discourse:
Educational Campaigns:
Launch educational campaigns that explain the interdependencies between private wealth and public investment. These campaigns could utilize media, think tanks, and academic research to disseminate the idea that fair taxation is essential for maintaining the conditions that foster innovation and success.
Role of Media and Thought Leaders:
Encourage respected voices in economics and business to write op-eds, give talks, and participate in debates about the importance of fair taxation. When influential figures articulate the benefits of a strong public sector, it can help shift perceptions among the wealthy.
Conclusion:
There is a multifaceted approach to persuading wealthy individuals to see fair taxation not as a burden but as a necessary and ethical investment in society’s future—a foundation upon which their own success was built. By combining moral persuasion, transparent accountability, public engagement, and incentive structures, policymakers and thought leaders can work towards a cultural shift where paying fair taxes becomes an integral part of being a responsible member of a prosperous society.
Several prominent wealthy individuals in the UK have publicly advocated for higher taxes on the rich, particularly through initiatives like Patriotic Millionaires UK. This group comprises entrepreneurs, investors, and philanthropists who believe that the affluent should contribute more to address economic inequality and fund public services. Notable members include:​
James Perry: Co-chairman of Cook, a frozen ready-meal company. Perry has emphasized the need for a fairer tax system, stating that the current setup disproportionately burdens working people while overlooking significant wealth holdings. ​
Julia Davies: A former commercial lawyer turned environmental activist and co-founder of Osprey Europe. Davies advocates for viewing tax as an investment in the UK, highlighting the importance of maintaining public services like the NHS. ​
Guy Singh-Watson: Founder of Riverford Organic Farmers. Singh-Watson supports imposing a wealth tax on individuals with over £10 million in net assets to tackle growing wealth inequality. ​
Dale Vince: Founder of green energy firm Ecotricity and chairman of Forest Green Rovers football club. Vince has been vocal about the need for the wealthy to pay more taxes, suggesting that such measures could raise significant funds for public services. ​
Mark Campbell: Co-founder of Higgidy, a pie-making company. Campbell believes that those who have benefited the most from the UK’s economic system should contribute more to ensure a healthy society and economy for future entrepreneurs. ​
These individuals, among others, have called for measures such as a 1–2% annual wealth tax on assets exceeding £10 million, aligning capital gains tax rates with income tax rates, and addressing disparities between income from work and income from wealth. Their advocacy reflects a growing movement among some of the UK’s affluent citizens to promote a more equitable tax system.​
Thanks
Thank you Cliff – this is really helpful in putting forward rational solid reasons for influencing the proposition.
Fancy the Express being more open minded than the Labour Party.
LP don’t allow ideas to even be expressed never mind considered and/or rejected.
At least you have shown that Ideas can cut through despite the controlled media
Congratulations Richard.
Thanks
That is a considerable achievement Richard. Well done! We can laugh about the Express, of course its a right wing rag, but your stuff was in there unexpurgated, even if it did get a parental guidance warning for sensitive millionaires not to read it without their mummies nearby to hold their hands.
Seriously, I’m massively encouraged by that exposure. Enjoy the birds tomorrow, you deserve it.
Thanks
I have some pictures still to post from today – where we had a great walk.
Here’s a link to the Patriotic Millionaires UK website:
https://patrioticmillionaires.uk/
And here’s a link to a summary of their proposals on tax. It doesn’t align completely with your thinking, but maybe there’s enough common ground for a useful dialogue:
https://taxjustice.uk/wp-content/uploads/2025/03/Ten-tax-reforms-closed-loopholes-to-raise-over-60-billion-March-2025-1.pdf
I do know them
I am nit convinced there is enough common ground
“The arc of the moral universe is long, but it bends towards justice.” MLK Jr. Keep on keeping on!
Just a last thought on this while I sit here in your Yesterday looking forward to your Today. Maybe you don’t need to agree with the likes of Patriotic Millionaires about their tax strategies to be able to work with them on changing attitudes to tax among the wealthy. Changing mindsets seems to me to be the first priority, because, if successful, it would oblige the Government to do something. Reaching out to greedy people is of course a big ask! But “arc of the moral universe” and all that.
Noted
But do remember tht I am also fimite – and I am still, despite ‘retiring’, doing nine or nore hours a day plus two or three at weekends.
There is a limit to what I can do.
Well done.
Maybe the Express realises that the population is ready for a new idea?
It was followed by Harvey Jones saying your taxing wealth measures might drive away the ‘wealth makers’. A case which we’ve countered before. Perhaps they will let you back to challenge that one?
On facebook a couple of days ago someone mentioned you as a ‘left wing clown’ and that people should read Farhel Kaboub who is a ‘real expert’. I looked him up to find he is an advocate of MMT and told the ill-informed poster. But I did watch one of his Youtube interviews and he spoke about Elon Musk’s discovery of 14 computers which just ‘print money’ -shocking and Ted Cruz agreed as you might expect. (According to an American contact he has links with Fundamentalist Dominionism )
Kaboub then explained how the US financed WW2 and how we don’t need to rely on the billionaires.
He is President of the Institute for Sustainable Prosperity and Associate Professor at Denison University. He attained his MA and PhD at the Univ. of Missouri Kansas City which I recognised as the place Michael Hudson taught.
One depressing part of his interview was that he says Sanders and AOC were not willing to openly advocate MMT.
They are not, despite Stephanie Kelton’s influence
I note the ‘fool’ description
I also note my videos usually get 98% like ratios.
After a career as a hi-tech entrepreneur, I’m not convinced that money is the most important objective for the majority of entrepreneurs. In the capitalist world, it’s a useful metric of success, but that metric is not altered by what proportion of the money is subsequently taken away by the government.
What’s much more important to most entrepreneurs is how much money is available for reinvestment in their enterprises. 100% first-year relief on capital purchases is far more important than a lower marginal rate on personal tax.
And don’t fall for the myth that high earners are the cream of entrepreneurs. With a few exceptions, these are the ones who have ‘made it’ and are resting on their laurels. Such entrepreneurial activity that still takes place in their companies is more often to be found near the bottom of the company’s hierarchy.
Peter Drucker, one of the great management gurus, observed that ‘profit is the cost of doing business’. Necessary but not sufficient. The world of shareholder value has long forgotten that and is eating itself
Agreed