Is wealth inequality causing the big issues of our day?

I would have to receive many millions before I'd have trouble spending it!

Sadly the internet has made a nonsense of government's ability to hold the wealthy to account. If you just look up the details of Christopher Harbonne, who donated that sum to Farage, he lives in Thailand now and spends his time throwing his money around political parties and whatever interest or scheme takes his fancy.

It is people like this whose ability to live where they want, spend their money where they want who actually control the world we live in via the stock market and investments. They can buy anything and anyone. The financial system as it exists is well out of control, it's mad to think that we will somehow lose out if they go and live elsewhere! I don't even see how a wealth tax will influence this because they will have a way out that the ordinary person doesn't have.

en.wikipedia.org/wiki/Christopher_Harborne
Forgot the link though no one on GN ever follows them.

Sometimes we do, Granatlast, so, thanks for bothering.

Whitewavemark2

ronib

The billionaire class will simply up sticks.

They haven’t in countries that have introduced a wealth tax. That is propaganda put out by the vastly wealthy.

But tbh that isn’t the point. Their assets like property/ stocks etc remains and this is what is being taxed.

Those states that have a wealth tax have so many exemption for business that it's only an ideological sop to the socialists and does not generate much revenue. Assets invested in active businesses is always taxed differently to that in stocks and shares, savings and pensions.

Billionaires and other wealthy people have most of the wealth invested in their companies, their wealth is the value of their shares which changes from year to year and is taxed when they are sold with CGT. Billionaires are an easy target but they are few in relation to the population and will not contribute much extra revenue that has to come from those that are above average income/wealth, you and I, pensioners are one group that has excess wealth.

We have already seen increased taxes on pensions and rental income, bringing CGT inline with income tax is probably the next move that is likely to be made because it's easy to administer. I don't foresee a separate wealth tax before the next GE.

I'm always suprised by those on GN who argue as if they would be hurt by a wealth tax. I thought this might help.

Working Class:
Income Range: Typically up to around £25,000 - £35,000 annually.
Characteristics: Often includes manual workers, service industry employees, and those with lower-paid jobs. Income may be insufficient for significant savings or luxury spending.

Middle Class:
Income Range: Approximately £35,000 to £70,000-£100,000 annually.
Characteristics: Includes professionals, managers, and small business owners. Usually able to afford homeownership, some leisure activities, and moderate savings.

Rich (Upper Middle Class / Affluent):
Income Range: Usually starting from around £100,000 to several hundred thousand pounds annually.
Characteristics: Wealthy professionals, successful entrepreneurs, and high-level executives. Often owners of multiple properties, substantial savings, and investments.

Ultra-Rich (Elite / Wealthy):
Net Worth: Typically exceeding £1 million in liquid assets, but often much higher (e.g., £10 million+).
Characteristics: Ultra-high-net-worth individuals (UHNWI), billionaires, and multimillionaires with substantial assets, investments, and luxury lifestyles.

I'm in favour of a limited time wealth tax. However, although I recognise Rishi Sunak was honest and open about his taxes no one should legally be able to pay less on billions than those at the bottom of the table pay on a low income. I believe it's the overall tax system that needs long term reorganisation.

“How can wealth persuade poverty to use its political power to keep wealth in power? Here lies the whole art of Conservative politics in the twentieth Century.”

This is precisely what the Tories have done for years, and what Reform UK is doing now, in front of our very eyes.

GrannyGravy13

The problem with resenting paying taxes arises when government after government squanders ££££’s on vanity projects like HS2…

Those that the wealth tax would affect have almost certainly made money from HS2 - so bring it on they say!

It is our tax that contribute towards the ultra rich.

LizzieDrip

“How can wealth persuade poverty to use its political power to keep wealth in power? Here lies the whole art of Conservative politics in the twentieth Century.”

This is precisely what the Tories have done for years, and what Reform UK is doing now, in front of our very eyes.

True, LizzieDrip but it's not recent. All through history wealth has been power. There were a couple of decades after the war when it was turned around but that's been unravelling ever since. Extreme wealth has only ever worked for the extremely wealthy. The rest of us have to understand it's not just our souls that the rich (the company store) owns. We are becoming no more important than cattle; we are owned and governments are there just to persuade us we still have autonomy.

"Rich (Upper Middle Class / Affluent):
Income Range: Usually starting from around £100,000 to several hundred thousand pounds annually.
Characteristics: Wealthy professionals, successful entrepreneurs, and high-level executives. Often owners of multiple properties, substantial savings, and investments"

You conveniently forgot pensioners with their homes paid for and fat pensions.

Of course everyone is in favour of a wealth tax if it doesn't affect them

I have just read that Streeting is advocating a wealth tax in his leadership pitch.

Please do not assume that I support Streeting😄😄

David49

"Rich (Upper Middle Class / Affluent):
Income Range: Usually starting from around £100,000 to several hundred thousand pounds annually.
Characteristics: Wealthy professionals, successful entrepreneurs, and high-level executives. Often owners of multiple properties, substantial savings, and investments"

You conveniently forgot pensioners with their homes paid for and fat pensions.

Of course everyone is in favour of a wealth tax if it doesn't affect them

David - you are another missing the point.

When we talk about being vastly wealthy with the ability to influence stock markets, voters and governments - there are none at that level in your list.

Whitewavemark2

David49

"Rich (Upper Middle Class / Affluent):
Income Range: Usually starting from around £100,000 to several hundred thousand pounds annually.
Characteristics: Wealthy professionals, successful entrepreneurs, and high-level executives. Often owners of multiple properties, substantial savings, and investments"

You conveniently forgot pensioners with their homes paid for and fat pensions.

Of course everyone is in favour of a wealth tax if it doesn't affect them

David - you are another missing the point.

When we talk about being vastly wealthy with the ability to influence stock markets, voters and governments - there are none at that level in your list.

Markets are influenced by herd action not individuals, large financial investors who chase each other up and down the stocks and shares. It very often bears little relationship to the actual value of the company.

Any profits they make trading is taxed in their home administration, until we gave global unified taxation any hope of fairness is just dreaming.

All through history wealth has been power. There were a couple of decades after the war when it was turned around but that's been unravelling ever since. Extreme wealth has only ever worked for the extremely wealthy. The rest of us have to understand it's not just our souls that the rich (the company store) owns. We are becoming no more important than cattle; we are owned and governments are there just to persuade us we still have autonomy

I agree DAR😡