In this Institute of Economic Affairs podcast, host Reem Ibrahim, Head of Media and Linda Whetstone Scholar, with guests Tom Clougherty, Executive Director, and Kristian Niemietz, Editorial Director.
Great podcast! Very interesting and informative. If I can contribute. You are correct. It’s going to be difficult to assess wealth and asset as well as costly. The rich are likely to be foreign and transient. And like most rich will have a way to avoid it or just take their money elsewhere. It’s another stab in the dark for the Government who are devoid of ideas having boxed themselves into a corner by not just increasing the normal big 3 taxes. They are not clever or bright and are clueless and it shows. You mention that they are no different to most previous Governments! And you are right! So in the absence of a good leader the public are looking for anyone who sounds plausible! Even if they don’t fully understand them. A bit like Corbyn! He spoke well! And expectations were high! He sounded like he had the answers and the public got excited!…. Until the radical side came out! And the public turned on him in the same way they are now with Starmer! Our governments are deluded. They assume they can kid themselves and the electorate they will do a better job and convince us and themselves! Then they get in and it all starts to unravel. As they are incompetent and clueless. And the Civil Service are also impotent to do the job required. So a wealth tax is just another ‘go’ at something they don’t understand! As we know, direct taxes like a wealth tax, or Council tax are a take straight into the exchequer. But as it’s to pay back the national debt and its monthly interest I think it’s obvious where the money they take will go? Yes, straight back to the rich who we are taxing! As we have probably borrowed the national debt from the very rich who we are intending to tax! So another pretty stupid idea. Just like non-doms it’s a tax that stops the free market of wealth flow. But moreover these taxes are not helping the rich payer or the daily pot of money that pays out normal taxes! It bypasses our pot altogether! Snd goes straight into the treasury. So we don’t get a taste of it to go around our pot of people who if had it, would rotate it daily with SPENDING and exponentially trigger many more taxes than just the one! And of course, think of the poor old rich man! If he pays the treasury he gets nothing in return in exchange! ( he will get his interest on his Bond purchases and the capital eventually) bug there is no immediate quid pro quo! So he gets nothing! Whereas if he were to SPEND that tax in our daily economy! The exchequer gets more tax and he gets his purchases! So Reem, Tom and Kristian. This tax is another disaster of stupidity because, ‘they know not what they do’!!!! It’s officially another guess and big even an educated one!…. As for Argentina… they are a basket case of corruption and cuts! So no wonder the Torry’s are liking it! Cuts and austerity are their mantra! God help us! Our whole economy is based by SPENDING! It gives us all money. And it gives the government tax revenue! If they can’t see that to get more taxes they need more SPENDING by everyone, government, people workers and non workers alike. If we all SPEND more and faster they would get so much more taxes than revenue they would think it’s a money tree or a silver bullet or whatever they say for a lot more tax revenue! That’s the GROWTH’ they are on about! But guess who had the money to have to SPEND? Who had it?? Snd who don’t ’SPEND’ it???…. Yes the bloody Rich! They need to ‘SPEND’ more if it if all of it! And in a month like we have to! Look, let’s get it right. Don’t try old taxes if new taxes. We need a spending policy! First reinstate exchange controls. Keep all our money in the UK! It’s our money! Put a spend by date on it do it’s guaranteed to be SPENT! And revolve all money through us all! Just gave VAT! No other taxes! Earn more and it triggers more tax through a tsunami of SPENDING! Raise pensions and benefits! Pay our way each month! Recycle all money electronically and have no more cash! Put up all wages for a fair exchange of effort. Turn this ship around immediately. And Reem, of course the dissatisfied public are unhappy with government because if the economy! As everything flows from having it! Even happiness and contentment! But the only thing not flowing is our bloody money sidelined unspent unused and idle and triggering no tax revenue and impacts nothing in our daily economy that creates the tax revenue! Utd a bloody liberty!
Great podcast! Very interesting and informative. If I can contribute. You are correct. It’s going to be difficult to assess wealth and asset as well as costly. The rich are likely to be foreign and transient. And like most rich will have a way to avoid it or just take their money elsewhere. It’s another stab in the dark for the Government who are devoid of ideas having boxed themselves into a corner by not just increasing the normal big 3 taxes. They are not clever or bright and are clueless and it shows. You mention that they are no different to most previous Governments! And you are right! So in the absence of a good leader the public are looking for anyone who sounds plausible! Even if they don’t fully understand them. A bit like Corbyn! He spoke well! And expectations were high! He sounded like he had the answers and the public got excited!…. Until the radical side came out! And the public turned on him in the same way they are now with Starmer! Our governments are deluded. They assume they can kid themselves and the electorate they will do a better job and convince us and themselves! Then they get in and it all starts to unravel. As they are incompetent and clueless. And the Civil Service are also impotent to do the job required. So a wealth tax is just another ‘go’ at something they don’t understand! As we know, direct taxes like a wealth tax, or Council tax are a take straight into the exchequer. But as it’s to pay back the national debt and its monthly interest I think it’s obvious where the money they take will go? Yes, straight back to the rich who we are taxing! As we have probably borrowed the national debt from the very rich who we are intending to tax! So another pretty stupid idea. Just like non-doms it’s a tax that stops the free market of wealth flow. But moreover these taxes are not helping the rich payer or the daily pot of money that pays out normal taxes! It bypasses our pot altogether! Snd goes straight into the treasury. So we don’t get a taste of it to go around our pot of people who if had it, would rotate it daily with SPENDING and exponentially trigger many more taxes than just the one! And of course, think of the poor old rich man! If he pays the treasury he gets nothing in return in exchange! ( he will get his interest on his Bond purchases and the capital eventually) bug there is no immediate quid pro quo! So he gets nothing! Whereas if he were to SPEND that tax in our daily economy! The exchequer gets more tax and he gets his purchases! So Reem, Tom and Kristian. This tax is another disaster of stupidity because, ‘they know not what they do’!!!! It’s officially another guess and big even an educated one!…. As for Argentina… they are a basket case of corruption and cuts! So no wonder the Torry’s are liking it! Cuts and austerity are their mantra! God help us! Our whole economy is based by SPENDING! It gives us all money. And it gives the government tax revenue! If they can’t see that to get more taxes they need more SPENDING by everyone, government, people workers and non workers alike. If we all SPEND more and faster they would get so much more taxes than revenue they would think it’s a money tree or a silver bullet or whatever they say for a lot more tax revenue! That’s the GROWTH’ they are on about! But guess who had the money to have to SPEND? Who had it?? Snd who don’t ’SPEND’ it???…. Yes the bloody Rich! They need to ‘SPEND’ more if it if all of it! And in a month like we have to! Look, let’s get it right. Don’t try old taxes if new taxes. We need a spending policy! First reinstate exchange controls. Keep all our money in the UK! It’s our money! Put a spend by date on it do it’s guaranteed to be SPENT! And revolve all money through us all! Just gave VAT! No other taxes! Earn more and it triggers more tax through a tsunami of SPENDING! Raise pensions and benefits! Pay our way each month! Recycle all money electronically and have no more cash! Put up all wages for a fair exchange of effort. Turn this ship around immediately. And Reem, of course the dissatisfied public are unhappy with government because if the economy! As everything flows from having it! Even happiness and contentment! But the only thing not flowing is our bloody money sidelined unspent unused and idle and triggering no tax revenue and impacts nothing in our daily economy that creates the tax revenue! Utd a bloody liberty!