Asking the richest place in the UK if they should pay more tax | Extreme Britain
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- čas přidán 11. 01. 2024
- Despite Labour’s general reticence to promise anything in particular on their plans for government, there is one thing they are clear on.
There will be no new tax on wealth.
This is despite research suggesting that a wealth tax on just the richest 0.3% of the population could generate 10 billion pounds for the public purse.
While a wealth tax would affect very few Brits, the people it would are likely to be living here in Kensington, the richest parliamentary constituency in the country.
That's why Ed Campbell went to Kensington, to ask the richest place in the UK if they should pay more tax.
Reporter: Ed Campbell
Camera: Oli Johnson and Laura Beveridge
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that £12,500 tax free should be £20,000 tax free imo, the idea that you could live on on 12k nowadays is unreasonable 😊
Growing up through the 90s, my parents had a combined income of about 12k. We were poor but we weren't in poverty. We had what we needed and never went without.
Now, in my 30s, I'm on 25k. I barely break even each month.
that's not what the personal allowance means though
Absolutely correct £20k 2024, is fair
@@django3422may I ask where you live? London?
@@joshyman221 I'm not in the habit of giving out much personal info in YT comments. I'm not in London but I do live in the south, in a mid-sized town.
The wealthiest people that ive come across have always struck me as the least generous yet the poorest would almost always help you out if they could. What a messed up society we live in.
The poor knows how much it sucks. The rich just gaze down from their ivory towers.
Oh 100% I barely make 15 grand a year but come to my house and I’ll pile food, snacks and drinks for you. I don’t know where the next pay cheque is coming but you will be looked after.
That has been the same across history.
Speaking as an ex pizza delivery and taxi driver. Those who have the least always tip. The wealthy, students and Asians never tip. Even OAPs gave me a tip. There were of course exceptions apart from the Asians who never ever tipped. But the vast majority of rich people did not tip.
Labour will do nothing
Close the tax loopholes so that the rich actually pay tax in the first place.
Agreed
Hey accountant here! Surprisingly the largest tax avoidance and tax fraud comes from self employed individuals, this is usually your tradesman, hairdressers etc, I suspect they don't crack down on this as they are obviously aware but doing so would throw them out of favour from these individuals. Companies still avoid tax and so do their directors etc, however this is less common.
Whilst studying tax and dealing with tax within audit I learnt about certain loopholes, however many of these are built to benefit the economy through charities. There are downsides, for example they allow donations to political parties too...
Our main issue is companies pushing for maximum profits, I commonly see complaints about how staff wages are too high by these multi billion companies and I am honestly disgusted by their behaviour. They pay enormous bonuses and payouts to their directors, they get taxed appropriately 99% of the time, however the push for profits means the rich stay rich and the poor stay poor, as wages are just another operating expense they wish to minimise as much as possible.
Generational wealth is also a big problem. As well as how our government budgets, they throw money around like it is nothing, I have seen this with my own experience.
TLDR: Generational wealth, government budgets, and company profits are the issue here.
@@PorkChopBatter
According to @garyseconomics, the resources and assets are in the hands of the super rich (post covid). They keep buying up everything and are now spending less - causing issues across the board.
His answer is to tax the rich more and get those assets back in the hands of the common-man.
Yeah close the loopholes the politicians and lawmakers and their dependents rely on. Good one!
When the US IRS looked into tax avoidance most recently they found the top 1% were the best at it and they'd escaped detection before. Offshore wealth was the biggest problem. It's a global problem that needs tackling on a global level.
That old guy watched the first 10 minutes of a christmas carol and thought "That's the kind of man I want to be" lol
He was the most sensible person interviewed!
@@jamietheframe Was he bollocks. That old man is a disgrace.
@@jamietheframe Of course, because people on low income don't have a great deal to complain about right?
Do you share his delusion? Is that why you think he made sense? 😅
Wealth is made from savings?
The man lives in a warp. You can't save and generate wealth if your income doesn't cover the expense of living in said society.
@@crewie94 What delusion? Where do you think wealth comes from?
@@jamietheframe Inheritance, investment, innovation, marketing, trading, seizing assets, supplier to in-demand markets, securing a high paying role.
Would you like me to go on??!
If we clamped down on tax avoidance, we wouldn't need to be asking if the rich should be paying more tax. Let's first start with them paying what they owe, like the rest of us, and then we can look at ratios.
If only we weren’t spending 15 billion a year on housing benefit eh… imagine
@paris-panda spot on. We could double the rate of tax, but if it's being avoided it won't make any difference at the end. 100% of 0 is still 0.
@@mikemahoneygaming5754 In its report "The State of Tax Justice 2021," estimated that the UK loses over £19 billion annually to offshore tax abuse. That would cover the housing benefits you mentioned. If it's a toss up between knowing the ultra rich can bump up their high score with overseas trusts vs walk out into the street and not have to see homeless people having to beg for a couple quid each day just to survive, I know which one I'd pick :|
@@mikemahoneygaming5754 Housing Benefit to house people? I'd rather my taxes go to putting a roof over people's heads than to bail out bankers and cover the short falls of all the taxes Bezos avoids just to spend on vanity projects like taking his brother to float around on a space shuttle for a day.
@@mikemahoneygaming5754so target the scrounging landlords? Hoarding property and thieving taxpayer money
The woman talking about higher taxes on frivolous items is on the right track. But rather than TVs and designer clothes, I'd hike tax on, high performance cars, expensive property sales, frequent flyers, private jet flights, expensive jewellery, expensive hotel stays.
In short tax the items that are already very expensive.
When she said frivolous items she meant, "Not the things *I* want to spend my money on."
I think where she was going with it, but didn’t want to say it, is that people who can’t afford a certain lifestyle shouldn’t buy things they can’t afford. Too easy these days to live way beyond your means.
I really wanted her to say Hot Tubs. Nobody NEEDS their own Hot Tub, so if people really want one, why shouldn't these have an extra 10-20% 'luxury' tax applied. We have some of this already, such as the additional road tax rate on luxury electrics cars.
The people who work in car service centres, who renovate those expensive properties, who work for airlines, or as security at the jewellers, or work in the spas as the luxury hotels, rely on their continued custom in order to ensure the security of their own normal modestly paid jobs. I think we should have have a financial transaction tax. Every digital payment or transfer made for anything gets 1% sliced off as a processing fee for the treasury. That way somebodies Cartier watch might generate £500 in transaction tax, as opposed to 20p for my Casio from Argos. Only..... this also works when the wealthy transfer £30k into a trust fund, or their Hargreaves Lansdown pension, as £300 would be sliced off for the transaction. It would even work for coke dealers taking payment by bank transfer. Ditch cash, tax every digital transaction.
@@m-y1602 - Would just result in Hot tub distributors going into administration wouldn't it? Normal people working in the warehouses and delivering them, and installing them. All these ideas feel very anti-job.
You don't ask rich people if they have got enough money and expect to get a reasonable answer. NO-ONE feels they have enough money. Just hand them the bill and they have to cough up or cough off.
Looks at bill
"2 years plus waiting lists for NHS, roads with potholes that will be filled in a year or two after damaging your car, schools that are low quality, expenses for MPs and friends, foreign wars, kickbacks for our friends, expanding the surveillance state"
That will be 10 million in exchange for these services. Absolute bargain.
That’s very true! Maybe they should of been asked “what’s wrong with the country?”
theyre already paying a greater percentage than the bottom 50% of earners in the country, and thats earners, meaning the reality is probably cloaser to 90% of people combined. The UK receives trillions in tax revenues every year and squanders it, money to ukraine, I myself have worked on public contracts and seen the police service pay £5000 a square metre for wallpapering just so they can keep their budget for the following year.
@@SonniTheDog The UK tax take is £786 billion 2022/23. If the entire lot was spent on Ukraine and wallpaper, you'd notice.
@@leighvaughton2740 12 billion of which was spent on Ukraine and uncountable billions thrown into the drain to get public funding renewed with an uplift. See it day in day out in my work, it’s easy to think the government spends its money well when you’re in the gaff on PIP eating monster munch
"We should tax frivolous things ... like the newest TV" - there is a tax on TVs sold via retail (VAT at 20%). "Like new things ..." - if you buy secondhand from a private seller you don't have to pay VAT. "Maybe there should be less tax on fruit and vegetables" - fresh fruit and vegetables are zero-rated i.e. no VAT.
Staff wages are taxed heavily, agricultural land is taxed, fuel is taxed extremely highly. Try growing and selling fruit and vegetables without workers, fuel or land.
lol they don't live in the same reality we do!
You can almost gauge some of these people's wealth by their sheer ignorance.
I wonder if that old man would still say that "the poor have very little to complain about" and he would enjoy his "considerable benefits" if he was earning £14000-15000!
@@Aranel_Alasse He was talking in regards to tax. The poor do not pay income tax. The proportionate comment by the interviewer is a load of crap. It has nothing to do with income tax, but any disproportion is on other tax such as VAT which are flat taxes.
@@Serfdomftw He also talked about the substantial benefits that poor people get, suggesting that this is satisfactory and gives poor people little to moan about. The man is very clearly too far seperated to have much of an Idea of what it's actually like to struggle.
I didn't hear any ignorance from these people.
Income tax is a tax on working, how about taxing investment earnings at the same rate as work, ie 40% at £50,000 and above.
How about bring back property rates? Why did Labour never do that in all the years they were in?
@@Serfdomftw the poor very much do pay income tax. Depending on where you live and your circumstances you can be struggling on joint income of 40k or even more. In that cases both searches would be paying income tax
That doesn’t mention non income related tax such as VAT etc.
I earn £14.44 per hour and live payday to payday so when I pay tax they are taking 23% of everything I have every week. I'm happy to pay my tax as it's essential for society but I wonder if a billionaire would be happy to pay 23% of their entire wealth just once
Well said
Spot on
100%
That's not actually how the tax system works. Anything you earn below the personal allowance (currently £12,570 per year) is not taxed at all. Anything you earn between £12,571 and £50,270 is taxed at 20%, anything you earn between £50,271 and £125,140 is taxed at 40%, and anything you earn over that is taxed at 45%. These figures aren't always obvious on your payslip simply because the tax paid is averaged out over the year, rather than not being collected until after you have passed whichever threshold. And because National Insurance is an entirely separate set of calculations, which aren't based solely on your earnings.
At the hourly wage you state, you would have to be working an insane number of hours for any portion of your earnings to be taxed by more than 20%, let alone for you to have enough earnings in the higher tax bracket for the total amount of tax you pay to be 23% of your total earnings.
Spot on
Love how rich people always make the point that if you work hard, you'll get rich eeh, no. You have to be incredibly lucky, well connected, very charismatic and or unscrupulous to get rich. Plenty of people spend their whole lives working hard, physical jobs and have nothing to show for it at the end.
Absolutely agree.
Start paying yourself first!
Every pay check 25% to you.
The remaining is what you get to live off.
Chances are you base your lifestyle on 100% of what you earn.
Doing this you never have to borrow money and pay interest. That’s what really kills peoples ability to build wealth.
Bad debt!
@@christinaedwards5084 OK so a solid wage where I live is €3500 a month for a skilled worker. That gives you 2450 after tax, actually less than that because you've hit the high rate of tax, I cant be arsed figuring that out now though. Rent or mortgage say 1500 a month, which for rent is extremely cheap here, say split that with a spouse so we're talking 750 a month each. 100 a week on groceries, 100 a week on fuel for the car, we won't bother including tax or insurance for the car. Where are we now? 900 a month left over, bills, electricity 400, heat 100, phone 45, Internet 45.
Were at 310 a month left over, what about the doctor? Netflix? Childcare? Car broken? Oh shit where's that 25% gone? Dunno where you live but it must be great!
That's a good wage and average to low prices for things.
By the way, I'm not in that position personally, but thanks for the advice.
@@mktrollop1093 Netflix? Why are you paying for Netflix?
This is where your money is going. Pointless subscriptions. Amazon prime too perhaps?
The whole point of paying yourself first is so you have money to pay for the unexpected like the doctor, or a broken car.
What you really don’t want to do is borrow money in emergencies.
Borrowed money comes with interest.
If it cost $1000 to fix the car, why pay $1300 over a period of time for the same thing? 🤷🏻♀️
That’s assuming you even have the ability to pay the debt.
Thankfully doctors and broken cars are infrequent occurrences. A bit of forward planning with your finances has that covered.
It’s always more expensive to be poor.
@@christinaedwards5084 I don't understand why you think I have asked for financial advice? I already said I wasn't in that situation myself.
Some of these people don’t realise that having a nice TV is about as good as it gets for normal people.
“Wealth is more often than not a result of people’s savings” 😂😂😂😂
if only poor people knew lol. And here i was spending all my money on food and heating when i could have just saved it and got rich 😂
To be fair he determined £500,000 and above to be wealthy. At his age with just regular pension contributions and no doubt property appreciation then £500,000 is nothing really. If you had £500,000 in a pension pot it would only give £20,000 per year. Hardly wealthy is it? Wealthy is more like £5 million to me and I'm an averageish earner.
@@zky10 It is more than enough to live a comfortable retirement as you said, its more than most have. It is not what I or most people would consider wealthy though, not by a long stretch. It would go a lot further in Pakistan though!!
@@djstucIt made me chuckle when he said 500-600k was wealthy) ... I thought he was about to say 500-600 million, since he was on High Street Kensington which is the neighbourhood for Russian and Arab kleptocrats & their families) Most of the super rich who live in London got their wealth one way, its not by 'saving' but through looting their own states coffers in some shape of form. Some like the Arab kleptocrats claimed the nations oil and gas wealth when the British left & put them in charge, the Russians 'bought' Soviet state monopoly businesses in rigged fake auctions, the assorted others are crooks making money from corruption most lately Chinese connected with CCP running Chinese state & big business over there) So ... its essentially a band of thieves and swindlers all swanning around in Kensington & Chelsea showing off their ill gotten gains. The British state bends over backwards to make their stay here a pleasant one probably because some of the politicians get invited to parties here & there eg Boris with Lebedev's son. The argument about this super rich group of crooks taking their money 'elsewhere' is a joke, as they don't have it here in the first place) They stash most of it in offshore tax havens, which then buy assets all over the place. The majority of the money which comes into the UK is stashed into high end property some of which they may live in, some of which they may not) Its just like monopoly where they put some cash into property to keep it safe in case something happens since they are connected to volatile regimes around the world) The money they actually spend probably makes up a drop in ocean in their wealth & that too is spent in Harvey Nichols and Harrods, both of which are owned by foreign corporations anyway (incidentally neither of those stores make much money, & are vanity businesses in themselves). So ... what benefit do these super rich crooks bring to the British nation? Hmmm.
@@zky10 Loool, are they selfish now?
It didn't take long for lipstick lady to go from hero to heel. "I dont mind paying more"...to its all those migrants fault. No. Nothing to do with 13 years of austerity or structural decline of the UK.
Was just about to make the same comment
What accent did she have ?
I couldn't place it as regional to anywhere in the UK.
Migrants have forced down wages, so they are partly to blame
True virtue signalling
@@NinoBaggins
Meaningless comment.
According to the Resolution Foundation, a 1% tax on those with wealth above £10 million would raise around £20 billion. That would do a lot to improve health/social care etc. imagine what 5% would do….
lol that 20 billion would go straight into MPs expenses.
@@TrophyGuide101 and aid to other countries lol
Shame we are about to elect a Labour government that won't even think about introducing a wealth tax!
If they put a mega tax on botox, that woman would be skint 😂😂
Tax revenue last year was the highest ever at 786 billion , conversation should be around how the government spend it. I’m not up for giving rishi more money to piss away on dodgy mismanaged government contracts, and poorly researched and executed schemes such as hs2.
This is definitely a discussion that needs to be had, though I don't trust the current leadership one iota.
You've hit the nail on the head, the levels of waste and mismanagement are staggering.
Amen to that
Very true
The Army and things that go BOOM 😅
Everyone knows that the wealthiest individuals in UK simply utilise off-shore tax havens to secure wealth. Offshore company with bank account, point of product consumption in UK is normally the way it goes. The individuals then move to somewhere like Dubai, Monaco, or closer to home in Isle of Man / crown dependencies and pull all the money in from there. Problem is the British created these tax bypassing instruments. There's trillions of £ swishing through these companies - taxing that is the answer. It will never happen though because the people who control those laws also utilise these methods.
Correct, but why did the UK authorities going back a long time create these UK tax havens & legislation to be able to offshore assets etc? Does it go back to post War Britain, & wanting to create a financial centre & centre for trade as the empire folded up and Govt realising it could no longer be a leading manufacturer? Whatever the reason, you are right, now the existing system is in place it suits the elite and the govt will therefore keep it in place. Not only do the govt ministers use it themselves more often than not after they 'retire' which is when they make their real money from 'consultancy' ie selling access / connections in govt., but their paymasters the actual real wealthy instruct them not to touch anything which may affect their wealth. Tinkering around with things like income tax bands is a joke, & so is inheritance tax, as the real wealthy only pay the former nominally, the latter not at all. So its all kabuki theatre on the part of UK govt for a public that dont get what's going on.
A brief cautionary tale: upon inheriting some stocks and shares, but primarily oil and gas leases, I discovered that the Oil Company was engaged in some very dodgy accounting practices. The company was headquartered in Houston and after three years of legal wrangling I was finally able to obtain documentation that confirmed my theory. The only snafu? The company that owned the company that owned the company was actually registered and headquartered in Dubai.Maybe, maybe if I actually received the inheritance, I would have been able to travel there and get on the ground to do what, legally, needed to be done. Teensy problem. Under Sha’ria law, women have no standing in court. Could not be party to any lawsuit, petition the court or take any action that would be acknowledged. One work around would be to do what the Oil Company had done and form a company that could be sold to another company and so on. I would end up with a corporate entity that could bring suit against the evil behemoth. But those steps would take lots of what I didn’t have. But that little problem was solved when my cousin and co-executor stole the money remaining in the estate account. There was a reason he was affectionately known in the family as the ‘ dirtiest cop in New York’. Sorry. Still not funny.
Exactly, the richest in our society pay barely any tax, it's the people that work hard for their money who end up footing the high tax bills
@sen.m7832 yup! Simple solution to raise taxes is to look where the rich aren't paying them.
@@ccsullivan9164 It's the same issue with legalising drugs. It will only work IF every single country in the world adopts it or drug dealers will just take their trade to where it is legal. Same with tax, if there are tax havens in the world, the rich will find them. It requires a united global approach. British dependencies are some of the biggest tax havens incidentally.
I remember being 16 and making £100 a week, thinking I was rich 🤣
Yeah I used to get £7 and hour and thought I was rich, I also considered the army back in the day and my mum asked what they earn I remember thinking 11,000 a year was rich. 😂😂😂 better times though with less to no inflation, I don’t remember hearing about that back then. There was no huge financial recession etc and we were still I think in the EU?!…. Can’t remember.
@@jessieb7290You must be really young if you can't remember those details. I'll tell you that inflation was still a thing and 11k a year was shit pay back then as well.
Not to mention that brexit basically happened a few years ago and when it came into full effect, prices got fucking obliterated, inflation over the roof and pay was the same.
@@MuffinologyTrainer thanks for that. Maybe I should have mentioned that when I thought £11,000 a year was good was when I was 16 years old and it was the salary in the military. So thanks so much for your patronising crap.
@@jessieb7290 You're welcome, mate. Anytime.
@jessieb7290 I started on £2.80 an hour 😢😢 at 15 I was well happy with my £20 a week for doing a 9-5 on Saturdays 😂
That old man is a literal vampire 🧛♂️
If that Irish guy could tell me where those 5 quid trains are that would be great.
I want to know how he made enough money so young where he’s concerned about taxing the top 0.3%
Maybe from Broombridge to Drumcondra?
5 euro * he was comparing 3 hour trains in england as opposed to ireland. £60 train to manchester but a 3 hour train in ireland is 5 euros
@@e2ktekka894 you cant get a 3 hour train ticket for anywhere close to 5 euro, 2.5 hour train from dublin to cork is 32 euro
@@kof867 not sure about specifics, but its what he said in the video so 🤷🏽♂️ maybe it was recorded at a different time haha
The richest in this country avoid tax via loopholes and poor accounting rules in place. It’s astonishing to me that people on paye working 9-5 pay more tax (%) than millionaires who have inherited property rentals providing no productivity to the economy. Furthermore, foreign investors are avoiding tax by purchasing property (especially in London) under business names. I’d like to see a crackdown but unfortunately our greedy politicians benefit from these loopholes so realistically the rich will never pay more (%) tax.
You think people on PAYE pay more tax than millionaires? While I agree they wont pay a comparable rate to earnings compared to an average Joe, I think they'll be paying plenty.
@@Pookie2533it should be proportionate, why should someone earning 50k pay 40% tax on salary above a certain number while the millionaires pay corporation tax of 25%. It makes no sense that for every one pound they make a "millionaire" makes more than the average Joe. Don't let mainstream media influence you in your critical thinking and thoughts, use some basic maths
@@kk22383 someone earning 50k is paying less than 20%. Nice try though.
@@Pookie2533 are you dumb?
Tax bands-
Up to £12,570 - 0% tax
£12,571 - £50,270 - 20% tax
£50,271- £125,140 - 50% tax
Over £125,140 - 45% tax
A salary of 50k -
Salary
£50,000
Income Tax
- £7,484
NIC (National Insurance Contribution)
- £4,959
Total tax
- £12,444
Net pay
* £37,556
Marginal tax rate
42.7%
Average tax rate
24.9%
Is that one old guy serious, “I don’t think people on low low income have a lot to complain about”?????? How out of touch can one person be🙄🙄
He's only slightly worse than the average Tory front bencher
Subscribed. Well done on your videos. The ones I've seen have been consistently great quality and thought provoking.will definitely be watching more. Thankyou
I'm on £40k and work for the NHS and I actually managed to get an affordable (if we stretch the meaning of that) flat in Kensington and Chelsea. I actually consider this a decent wage and I love my job, but I'm from the North so it was such a shock. I have never encountered such a rude, disconnected bunch of people in my entire life. Despite the wealth, it's like everyone is out to get you regardless, or they look down on you. I've never seen so many supercars and ridiculous custom plates, Harrods charges £50 for fish and chips, and walking around you're more likely to overhear Russian than English. I had to leave, not only because things got so much more expensive after Truss, but because it's incredibly toxic. The number of homeless people too is shocking.
Gear comment, northern NHS hero
What do you mean by 'everyone is out to get you' in K&C? You mean businesses want to get money out of ppl or what?
Best place for you to go up north so f off back there we won't miss you one iota. You think everyone pays 50notes to get fish and chips lol 😅
What do you mean by- "overhear Russian than English"? What's wrong with Russian? These people spend their money here to prop up our economy whether ill-gotten our legitimate. The problem is not to tax the rich, they make the law it won't happen. Part of the the solution should be for everyone to have access to tax avoidance schemes and not just the ISA accounts which I bet you don't used half the allowance, let alone maximise. So what do you want?
Russians are paying for goods and services. Nobody is forced to buy from Harrods, but the taxpayer IS forced to pay for the NHS.
they need to close loopholes for companies hiding profits overseas not chase private individuals. companies arent going to pick up and leave a revenue stream cuz they're paying more tax. the other problem is companies saying no to paying tax then the tory government giving them severe discounts on their tax bill in exchange for party donations. thats where the tax needs to be collected. if you want to target the ultra wealth add a new tier of stamp duty for homes over £10m or something.
That’s a great point!
This is the answer.
Hating rich people is a funny meme, but profits made by all large companies dwarf what you'd get from taxing posh bastards by a mammoth amount.
If you're a company making a billion net - not even gross - profit a year, but paying nothing in tax - this just shows how (deliberately) broken the current system is. People need to wake up to the fact that a lot of politicians are in it for the roles they'll be offered once they're finished with the direct politics bit of their career.
@@emilyowen2555 I would include large corporations in the definition of the rich. Amazon paid just 781 million in taxes last year in the UK, from sales of £24 billion. That's a tax rate of 3.25%! That's insane!
That lady with two house is most probably lobbying her local mp to keep homeless people out of her area instead of helping
I said it before and I'll say it again, love your channel, and thank you for your work!
I hope that guys daughter gets help with her autism diagnosis and education. Failing children is this countries speciality these days, forget the next Stephen Hawking, Shakespeare or Issac Newton, kids aren’t even able to get basic health care and education.
Thanks. Proof that people's wealth has nothing to do with their intelligence.
We have known that for years and has highlighted it even more in the past decade or so, when we see all these millionaire so called celebrities.
🤣😂 - you are so intelligent you can't figure out how to become wealthy
@@aBOOBaMUSIC Intelligence comes in different forms to be honest.
It's a bit beyond the scope of the video/discussion, but a lot of jobs do not pay very well in the UK. Just my opinion.
😂😂😂😂😂 we’ll have you ever seen people at universities get questioned?…you start to think what’s the point of education.
@@jessieb7290Chemists do well. It’s one of the best degrees in terms of getting paid when you graduate.
“It’s proportionate to what?”
The cost of f***ing LIVING, mate.
Ah yes but everyone's cost of living differs. For instance, he is a vampire, so does not need to heat his castle or pay for electricity (spooky candles only), hunts all of his own food from local peasant maidens, and requires only a modest coffin for a bed, so is unable to empathise with warmblooded folk who shop in supermarkets.
Having assets of £500K or £600K does NOT make you wealthy these days. There are plenty of folk in London who got virtually GIVEN council houses under the Right To Buy sceme that are worth that amount. Wealthy would be 3 or 4 million.
1 Million liquid plus property owned outright.
600k in Belfast is almost set for life lol
I agree. All too often these discussion focus on the lower end of wealth. We should be targeting the likes of Rishi Sunak!
Wealth is not a result of savings. It's the result of holding assets, such as properties and inherited generational wealth
And how do you buy assets. you save for them, it always starts with saving.
Saving to buy asset. saving to but investments
If the public can not learn to save and live within their means, they will ALWAYS be poor.
That is no ones fault but their own
@@MinkieWinkle completely skipping over inherited/ generational wealth which is a massive problem all over...
@@NeonUltra95 which it is not, about 90 percent of all millionaires are first generation rich. very few people ever inherit money, meaning, they created their own wealth
And here is a nice stat for you. about 70 percent of those that inherited the wealth and did not create it them selves end up broke, why? they did not ever learn what it takes to make money, to grow wealth. as such, they have no idea how to manage it.
Precisely why most lottery winners also end up blowing it all
1% of people who can make something from nothing
Absolute midwit with a victim mentality. As if someone can't have wealth in savings and already taxed savings aren't used to buy any assets 😂
I love the woman describing existing VAT.
I came here to say that 😂
I bet the bloke at market she buys her fruit and veg from is panicking right now. He’s been getting away with charging her VAT on carrots for years….
She's clearly mentioned less VAT on essentials and more on luxurious items. Tax on consumption is fairer for the rich
@@babyfreezer Yeah I liked her point, tax items like watches, designer clothes and luxury cars with a higher % (Clearly if the super rich spend x amount on something they won't even care or realise spending x + £10000) and use that money to compensate the price of groceries , gas/electric prices.
People on low income may not pay a huge amount of income tax and national insurance BUT as a proportion of their income, they pay a lot of VAT, fuel duty, insurance premium tax, alcohol and tobacco duty. It's the stealth taxes that clobber the least well off.
tax people for buying a frivolous new TV - problem solved - why didn't the government think of this! Genius
People need to remember that when you build a business it’s on the backs of minimum wage workers. When you reach the top it’s your duty to give back (in tax) to help the people at the bottom and this country.
People that reach the top get there by forgetting that.
I would like to see a link set between the highest paid and lowest paid worker in a company. For example the CEO can only take X percentage of salary above the shop floor worker.
@@Kicklighter.A
Great idea. Good way to increase the pay of workers, to an actual living wage👍
or not extract that much wealth from their workers in the first place...
@@walter3433exactly. It’s called greed.
I’m fully behind taxing the rich, but London is like Monopoly money with insane housing costs.
Raise taxes on the rich, but don’t forget to tackle the insane costs of living in areas.
The price will come down with the tax rise
Upvoted - raising tax is an integral part of addressing the cost of living crisis
Exactly this is why I'm always sceptical about raising taxes especially IHT. Property prices are fucked, they are so bad in London that people don't realise it. A standard terraced victorian house in Zone 2 is an Easy £2mil. You tax the already skint middle class where the fuck is the money going to come from.
That is not how government works. They will "tax the rich" but it ends up hurting the small business owner. So, the solution, stop paying so much tax. Give the politicians less power
@DonMuffatello make the middle class pay less tax would be better
"You choose to work" would love to know where his money came from?!?
I love the concept of taxing luxury / designer goods more and less on essentials! I work in retail buying and actually things like fruit and veg have zero tax, although chocolate and crisps are 20%!
That would help but the super-rich buy far more assets not spending relatively that much on designer goods. Property is a big one and it has a massive knock-on effect for the rest of us when we try to buy a home. They can even take loans out borrowed against those assets and live off them tax free.
Think the unfortunate reality for a lot of these people is that you cant have low taxes and great public services. The guy saying that £80k is 'not a lot for London' when the average salary in London is £39,886. £80k was top 5% of earners in 2019, I think its fair to say if you're in the top 5% of earners you should absolutely pay more in tax.
And "Average salary" starts from the top 30% up. Median salary is circa £30k and 50% of everyone is on less than that.
There has been significant wage inflation in recent years. What percentage of earners is that today? For me personally I think taxes are already too high. The 40% threshold hasn’t moved in ages. You lose child benefit shortly after crossing the higher rate threshold. I am in a single income house supporting my partner and 3 kids. Even on my good salary (not yet 80k) the ons puts us in the bottom 40% of households.
People should be allowed some prosperity. There should be changes to trusts, capital gains and tax avoidance. Various thresholds should move with wage inflation.
@@DaveGiant £80k would put you in the top 20% of income earners. 4x the min full time wage and 2.7x the median wage. You are NOT in the lowest 40%. Your last paragraph is absolutely correct. It is not wages or tax that is a problem in the UK (apart from tax evaders etc) it is the obscene cost of housing, child care and public transport in comparison to better countries.
He's not lying though £80k in London is near the minimum due to the mad prices of everything including property, council tax. Obviously you can survive on less but I'm talking about actually living a decent life.
If you are in the top 5% of earners you are already paying more in tax as the income tax in the UK has a progressive tax element.
What a surprise they mostly said no.
Except they didn't mostly say no. Most of those interviewed were not ridiculously wealthy (London standards) and few to none in the top 5%. LBKC is a mixed borough as is stated at the start of the vid
Yea - and why should they? Everyone is always taxed the fuck out of them in every way imaginable. They shouldn't pay a penny more.
The issue is the superrich avoiding their taxes
Well, the government is wasteful.
The imbalance between rich and poor is way worse than I can ever recall. This is not about lack of money, it’s political choice. The super rich should look to the French Revolution to see what happens when that imbalance becomes unsustainable and see a fairer system ad an insurance policy to protect their wealth
I can’t see the British having a revolution though sadly, we’re all keep calm and carry on types.
@@adamrandles4055 I agree. We haven't had one yet when we were far more militant as a people.
Black guy was spot on, pay rises in the private sector are not as generous as they are in the public sector.
We are paying for their indexed pensions and pay rises through taxes on business, which means only smaller pay rises can be passed on for small and medium sized firms. This is whilst the services the public sector provide get worse and worse.
"People on low incomes, shouldn't complain" 🤐 Yikes.
shouldnt complain about income tax
since someone on 20k pays less than 10% income tax i think that's a fair statement
@@orcocan Its the way he said it, that wasn't fair, i.e. that they shouldn't "complain"" people should be able to express an opinion about any issue, doesn't matter if it doesn't directly apply to them, regardless of income, wealth , status etc. Many people who have much lower incomes than 20k , are making a valuable contribution to society, either through part time employment often in the service, care sector or care for others at home (because care for old and young is out of reach) They may be are supporting themselves whilst studying. People on moderate & low incomes pay tax on all sorts of goods and services.
If the government stopped all these multi million pound shady contracts to their pals there may be no need for extra tax
Nice nickname.
Everyone needs more than their salary to be financial stable. The best thing to do with your money is to invest it rightly, because money left for saving always end up used with no returns.
Who is your financial coach, do you mind hooking me?
Am looking for something to venture into on a short term basis, I really need to create an alternate source of income, what do you think I should be buying?
Cryptocurrency investment, but you will need a professional guide on that.
Facebook 👇
Evelyn C. Sanders
Thank you for the video
The argument of "if you ask for too much, they'll just go elsewhere" - has there ever been a single shred of evidence that this happens in significant numbers? Where are "they" all going to go if their life and family is in the UK? How many of the super-rich are going to cross the threshold of wanting to leave the country and their life, for the sake of paying a little more (that they can afford to do).
^To those not sensing the rhetorical nature of this, it doesn’t happen. Ever. If anything, lower taxes (and the knock on loss of government investment in ourselves) drives business and wealth away, as it makes us a poor investment.
Considering they hate foreigners it’s hardly likely 😂😂
"Some of Norway's most affluent people are moving to Switzerland following the Nordic country's decision to increase wealth taxes last year. The Norwegian government raised the levy from 0.85% to 1.1% in November, prompting about 65 of its wealthiest people to relocate." - Business Insider. When we are talking about taxing wealth, you need to find the right way to do it for it to be a net benefit. I believe one of these would be to align capital gains tax rates with income tax rates
@@ecnalms851 Presumably for Norway the overall result will still be a greater sum collected, even without those 65 or so people contributing? I'm sure Norway already taxes it's wealthiest people to an appropriate level though, which is the difference compared to the UK!
But it did happen back in the 1970s.
That Irish fella hasn't taken a train in Ireland for a long time by the sound of it
He'll get some land if he thinks there still 5 euro for a three hour journey.
Wealth in most cases is a result of one exploitating others. There is literally no other way to get much wealthier that others
Interesting to see the stark contrast between the Kensington we have here in the UK and the Kensington in Philadelphia USA
Problem is the three essentials - energy, food and housing, are getting more expensive. Want to get people out of poverty, these should be as cheap as possible. Having enough to feed a child, keep them warm during winter with a roof over their head should be a right, not a privilege.
Supply and demand.
In London 48% of council homes house foreign born people.
25% (I think it was) of all council homes in England are occupied by those born outside the UK.
48% of immigrants don’t work and claim benefits.
If we lowered the demand by removing those that shouldn’t be here that’d free up a lot of problems.
Not fix them outright but definitely improve things.
Yes, they should. However under capitalism the needs of the public are not as important as the needs of the market. Capitalism only cares about those with capital, if you don't have that, then don't be surprised if your government is not doing you any favors.
Governments, on the other hand, try to shift the fault of poverty from the ones who caused it onto the ones who are suffering it.
Many people unfortunately think like that old man-that the rich have just saved hard and are therefor worthy of their cash. But that logic is a double edged one. If the rich deserve their untouchable status then that also means that the poor deserve their poverty. That their financial status is a result of poor personal choices as opposed to a systemic class disadvantage perpetuated by the government. When you start thinking like that, it is easy to dehumanize anybody who is struggling financially. After all, it is their fault for spending frivolously on ''new Tvs'' like the other lady thinks...
The people in this video simply regurgitated conservative propaganda in their own words. ''Rich people are better with cash, the young buy too much avocado toast n that's why they cant buy a house, immigrants bad-taking all our resources, if we tax the rich they'll run away so let's just not tax them''. Their TVs do their thinking for them, too bad they forgot to check who owns the network before watching...
@@innageorgievadoychinova578 tell me, when you get your pay check, what’s the first thing you do?
@@christinaedwards5084could you provide a source for this data? from what I see is most pre brexit immigrants (from Eastern European countries) are hard workers and willing to do physical, unappealing jobs, plus being on benefits is culturally shameful to them.
@@nagylalikama8730 ONS has all the data you ask.
Yes, Europeans are generally profitable as a people but it’s still the natives that still lose out, jobs and housing, and increased competition therefore increased prices.
those from Africa and pyjama beard bedsheets land are a net loss to the country.
Plus all the other baggage they bring.
Reason why the places they come from are horrible, it’s the people.
Those that don’t work deserve to be deported. They take up much needed housing working families and single native people need.
I read a story yesterday about a Spaniard in social housing. Made my blood boil, why does he get cheap housing while I’m forced to rent a bedroom in an HMO?
It’s not fair, totally unjust.
If I were to go abroad, I must be able to prove I have enough in savings to support myself for the duration of my stay.
So as to not take anything from the native population.
It’s a sensible policy, why aren’t we doing it?
There’s supposedly all these jobs available and yet people who are looking for work can’t find any.
Migration hurts local populations, not just financially but culturally and makes a society far less trusting and adds more conflicts in everything.
Such as “Putting Muslim issues at the forefront of policy.”
That’s really not in any of our interest, it was imported baggage nobody wanted or asked for.
I use to work in that area. All the people there really live in a bubble. They use to call themselves poor when they really weren’t. Some of them used to talk down to me when they found out I grew up in a council estate. Snobbery at the max.
Nothing wrong with being from a council estate mate. I'm born and bred in a council house. We can't help our start in life but at least we don't look down on others! 👊
My sister’s studying medicine at an elite institution full of the ultra rich and some of these girls think they’re poor because their fathers own copious amounts of land and wealth in their occupation as generational farmers 😂😂 and they are supeeerrrr snobby!
Good interviews here where the interviewer actually listens to people. Interesting stuff.
"the government look out for no.1...' I couldn't agree more!!!
These people are so snobby it's painful
"People choose to work"... Do people also choose to live off the interest and returns of their immense wealth?
YES!
I don’t leave savings in the bank, I invest them so I get a higher return.
You think I want to work when I’m 67?
State pension (if there still is one) will be a pittance at best.
Compound interest is your friend,
Weird thing about money, it’s really hard save 100k but if you can it starts to snowball and money becomes a lot less difficult.
Never take bad debt, (credit cards, store cards, loans, buy now pay later, pay over installments.)
Most peoples ability to build wealth is stolen in fees, interest and making minimum payments.
First thing to do when you’re paid? *pay yourself*.
Even if it’s £50 a week. That’s £2500 a year you can invest and use to cover the unexpected. £100 a week is over £5000 per year.
You can’t beat em, so join them.
You know the rules of the game, don’t be poor, It’s really expensive!
@@christinaedwards5084stop thinking you discovered a second language everybody and there dog knows this information
Nice to see the trope of “frivolous” expenditure alive and kicking in the minds of people who don’t realise how fortunate they are.
I’ve been poor, had money then been poor again. I’m now what would be considered well off. I do pay 45% and get no tax relief on earnings above that bracket. I have to pay (and am fortunate enough to be able to) private health care because there are no NHS dentists where I am and no ability to get a GP face to face. We are looking to have children but I will get no benefits or support. I bought a house to do up but I pay 30% more due to the ‘big house tax’. If I lose my job the benefits system won’t help me due to the cost of my house. Something does need to be done though as we have slipped into a world where we have aristocrats once again in the guise of billionaires. Companies earning unparalleled amounts but paying no tax. Energy companies hiking prices but showing record profits as people sit freezing in their home. Inflation is rising due to this but also greed, the constant need of companies to keep ‘growing’ and show share price increase. When this doesn’t happen they are deemed a failure and people are made redundant to keep the margins high and prices are increased which make services unaffordable and don’t provide value for money. I think social media is also to blame as everyone thinks they should have a ‘instagram lifestyle is is no longer content with what they have. They compare themselves to other and consequently suffer mentally with a sense of low self worth. If maybe we implemented a short term tax on the wealthy to solve the issues then maybe it would go down better. A 5 year plan to raise the funds to sort out the NHS, downsize, modernise and increase pay across all public sectors. Get rid of 40% of the useless people and pay the dedicated ones more (make the job more appealing) and introduce automation around back end tasks. I don’t agree with taxing people on wealth as they will have already (or should have) paid tax on those earnings. We also need to start teaching people that materialism is damaging to our health. Happiness is in a strong family and good friends and not comparing yourself to others who are probably as miserable as you. Hopefully these hard times end. I feel sorry for those struggling to make ends meet and single parents worrying about feeding their children while working 2 jobs.
"materialism is damaging to our health" says the person who pays for private healthcare :/
Exactly. Amazon had UK sales of 24 billion but only paid 3.25% tax!
Sorry you bought a house that is too big. Few have endured such suffering.
@@ablamill8357 I don’t think you understand what materialism is.
@@Elcore i’m not entitled to have a dream house that is suitable for a family I want? Would you rather I buy several places and work my way up and pay stamp duty each time and also higher mortgage rates? It took me 33 years to buy my first house and I was 38 when I bought this one. I’ve worked hard stressful hours for most of my working life and paid hundreds of thousands back into the system to support others through tax. I can out of unit during the credit crunch so it’s not exactly i’ve been enjoying the spoils of the economy.
8:10 there already is a tax on 'frivolous' goods, its called VAT, which incidentally is not charged on fruit and vegetables. This lady is like most people, well meaning but ill-informed.
It's not specific though I think is what she means. Most things have VAT on them maybe she meant like an additional tax on Lamborghini's, £500 t shirts etc
vat needs scrapped.
The proposal ive seen is a land / property tax which would replace rates
Quote
The result of 30 years of inertia has meant the UK has a property tax system that is regressive, inter-generationally unfair and accentuates the north-south divide. According to the lobby group Fairer Share, someone living in a modest £150,000 a year home in Bolton is paying over £2,700 a year in council tax - £1,000 more than someone occupying an £8m home in London’s Westminster.
I would be ASTOUNDED if even a single property here was owned by a UK resident tax payer who would have to pay any wealth tax. Expensive properties are owned by non residents or offshore non resident companies who as non tax payers would not be ensnared by any UK wealth tax.
Wow, I never thought I’d see a live action version of Monty Burns😮
The fact she mentioned things like televisions or designer clothes but not Yachts or private jets says everything.
Screams volumes as to how out of touch these people are. Tax the fuck out of them and if they leave to avoid paying taxes, seize their assets. Truly fuck these people, we're supposed to be the 6th richest country in the world, it sure as shit doesn't feel like that for anyone but the super rich.
She doesn't own any Yachts. She doesn't live by the sea.
The fact that she doesn't understand that they have tax on any of those items (VAT) also tells us that she is a clueless idiot.
@@humanperson8418The most expensive yachts in the world are owned by people who live in cites like London. Not necessarily her, but her type for sure.
@@humanperson8418 Great.. but not sure what that has to do with anything.
To the woman at 9minutes, there is already no VAT on healthy food.
Unfortunately the price of fresh food has sky rocketed due to profiteering supermarkets who have managed to kill off the competition so its still often out of the price range of those on benefits or low wages
This video was actually quite useful
In Denmark you start paying a pretty hefty income tax from the very bottom, 36% after the free tax bracket (around 10k EUR). I believe this makes people more engaged with public services and assets. Also, that is a large part of the income the State relies on, no significant hidden social security fees or taxes like in Spain.
The brilliance of someone with 2 homes talking about homeless people, using the good old "we should look after out own" argument and saying the government don't do it because they look after number 1. More the they look after the 1% i.e. her.
Yes I too was also amused by the irony of Ms Pinks life.
she obviously rents the home to a family ?
Because it's the governments job to governor and serve EVERYONE, it's not the private citizens job.
Everyone should watch Gary’s economics, he breaks down how a wealth tax would work in an articulate and understandable way
That man saying no dont tax our saving, tax the people who never got a chance to save 😅
There should be a greater emphasis on levelling those earning 250k+ to those earning 100-200k pa. There are too many loopholes, created and used by the gov so no incentive to close, for tax, capital gains, tax breaks, etc etc. How I can earn say 120k and get taxed in real terms 60% (as you lose your tax free allowance), but Rishi can get paid in effect 2m and only 17% tax highlights the problem. I have no issues paying tax, and heck, maybe even abit more, but it has be fair for everyone. The ultra rich, either with earnings greater than 1m or assets greater than 10m should be more tax here.
less tax on fruit on vegetables what planet is she on, fruit and veg are zero rated for vat. imo if you earn over £10million per year then you should be on 60/70% tax rate.
The old guy is problem we have in the UK
I wonder if he could live on 14 grand a year 🤔
Not really, he was pretty clueless, he didn’t even know the tax bands. The real problem are the vested interests and think tanks who lobby governments in order to concentrate wealth amongst an ever smaller number of people.
@@Kicklighter.A- that AND the old pervert
Pathetic question. You live within your means, so of course you only know about the situation that your are in.@@PastaSauce.
@@Kicklighter.Ahe was fairly accurate wurg 15k. It's only about 1.5k lower. Besides why should he care he is focused on wealth building and maximizing his investment streama
The lady talking about food and TV tax made some good points. The basic stuff needed for living should be tax free, ie healthy food and water. "luxuries" could be a higher tax bracket, and then stupid stuff like mega yaghts and 2nd houses + should be even higher.
I earn 28k a year. I pay 8.5k a year in NI, Tax and private pension. Leaving me with 19.5k for the year.
Rent (including bills) per year: 7200.
Phone PY: 700
Prescriptions PY: 200
Food: 2000
Travel/Commute: 1000
Clothes: 200
House supplies/toiletries: 200
Credit card: 400
Basically: I’m left with 6K, to live my life outside of the essentials. That’s going for a pint, it’s seeing your mates, it’s going to the cinema. It’s going out on a date.
Where am I supposed to be able to save to buy a house? Where am I supposed to feel able to go on holiday?
The UK has one of the highest tax burdens on the continent. Sod the rich, I worry about paying bills each month, I’ll never own a house. Tax their wealth, tax the ridiculously rich. Bring the quality of life in line and take the pressure off the people who like atlas seem to just carry the world.
so get a better paying job. simples. #do better
@@emilyfrazier8392 Dumbass answer
paying into a private pension should reduce your income and therefore tax level, so you must be paying well over £4.000 into a private pension, is that necessary? ... A phone for £700/annum, are you kidding ... Credit card £400 are you kidding. Ever thought of taking out a 100% mortgage, mortgage is always cheaper than rent. I'm a pensioner getting £17.000/annum and I save £10.000/annum. Yes I own my own flat so pay no rent but really, you need to take a serious look at your budget.
I think people who receive employment bonuses of over £1 million should pay a windfall tax.
You know bonuses are taxed right?
@@bishboshsDouble it.
@@Neil-qg9cw I'm afraid that is not mathematically possible when the total tax rate is 60%. Or it is, but they'd just refuse the bonus :)))
@@calinmiron7181 shhhh don't tell the people who haven't realised their views are essentially populist. "us vs them". "tax them more"
@@bishboshsit is very much an 'us v them' with is being royally screwed over.
The Murdochs, Mrs Sunaks and co should have to pay higher taxes even if their non dom.
Taxing more is not the issue. Taxes are wasted by incredibly inefficient government spending methods.
So tax more and employ better people to reinvest the money. Then it’s super duper brilliant.
6:00 "1400 or 1500 pounds" omg so out of touch. My tax code goes mad when i make that
I got some positive news for the women talking about taxes on frivolous spending and less tax on fruit and veg:
- We already tax a range of consumer goods via VAT (20%). This includes things likr TV, confectionary, alcohol, entertainment etc.
- Fruit snd Veg are subject Zero-Rate VAT (0%). If you buy these products you will never pay VAT.
That’s insane haha, I never knew that. Looking it up it seems to be most unprocessed foods. You learn something new every day
True, I dont think it would bad idea to have higher VAT on higher value goods though. Very hard to implement though but say a £10,000 watch could be taxed at 40% VAT for example. A new TV is a bit of a stretch though haha.
cigs in the uk is the best example of insane mark ups due to TAX.
The entire system needs to be dismantled and rebuilt. What’s sad is Corbyn’s policies had in place a much fairer system which we could have had for the last five to seven years including infrastructure, tax and a re-nationalisation of public services. The Labour Membership put forward everything people are have been begging for . People who voted Tory or didn’t bother voting didn’t just screw themselves but the rest of us too. It’s those people who shouldn’t be allowed to complain now. In the next election we have two parties that have the same political ideology, they don’t want a fairer system.
Reckon Corbyn is owed a bit of an apology, based on recent events...
3:00 the train is so expensive because it privatised, if the government owned the public transport system then the taxes would go towards running it and it would be very cheap to use and maybe even free.
A country that is trillions in debt can't afford to be helping people from other countries, basic common sense.
Agreed.
🇨🇦 raised taxes on the rich and reduced taxes on the middle class & below.
Yes and it will make no difference to the lifestyles of the rich, but a massive difference to the poor, mostly by the quality of services, housing and health, everything the Tory filth have abandoned.
If we tax them they ain’t going anywhere to save a bit of money I can assure you that. These people deliberately choose to live in one of the most prestigious and expensive areas on the planet. They can go be wealthy out in the sticks but the point is to be wealthy and be seen to be wealthy. They would get a lot more for their money elsewhere but they choose to live where they do for a reason. They could choose to live in a normal house but they don’t. They choose to live in multimillion pound mansions in Holland Park, Chelsea, Belgravia, Knightsbridge and Hampstead Heath.
Where are they going to go which isn’t a step down isn’t going to risk them becoming nobodies. These people rub shoulders with aristocrats in Mayfair casinos. They ain’t getting that anywhere else. If the tax on the rich meant that you had to have a certain amount of money to be in that club these people would actively enjoy paying it. Give them a special platinum tax club card and they will be showing it off and looking down on people who don’t have one.
If you chose to do some research, that is exactly what happened in the 1970s and was called the brain drain. If they were forced to pay extortionate amount of tax, then of course they would leave and seeing that the world is a much smaller place, it would be even worse than before.
Waiting list haven’t gone down at all!! I’m on a 2-year wait for a neurologist appointment 😅 The UK for you!
Same, been on a waiting list for 2 years. Got a letter saying it's been so long they are going to take me off the waiting list unless I contact them. Glad to see what my taxes are not being spent on.
What people consider "not a lot of money" is directly related to their expected lifestyle. The hedonic treadmill is a real thing
I notice how their high street is fully occupied and vibrant, almost like the de ath of the high street, is actually due to the a squeeze on consumer spending.
So true, the high street in the town I grew up in, when I was a kid was full of people on a weekend but the decline started in 2008 even as a 10 year old it was clear to see and its just got worse year on year
New TV frivolous?
How about yachts private jets supercars etc
More tax on luxury goods.
Already heavily taxed.
I think it should be scaled in a way that the harder you work for you income, the less you should pay. For example if your income is a salary from actually working, it should be taxed the least. But you should be moderately taxed if your income is earned through interest rates and stock market income.
Did that older chap just say "people on low income don't have a great deal to complain about"? 😮
its true tho. broke people are worrying about the wrong problem. why the fuck are you complaining about tax when you should be focused on how you can make more money, thats the root of your problems
My belief is that wealthy people are more likely to leave the country because its going to shit owing to the gross and growing levels of inequality and injustice. Which is linked to the dreadfully unfair taxation structure and underinvestment in public services.
Ironically, if wealth was taxed in a fairer way, and the richest paid a little more, they could help make the country not just a better place for the poorest, but also for themselves.
Do the people of Kensington not realise that holding onto their wealth contributes directly to the increased likelihood of having to step over a homeless person on the way into Wholefoods?
How about we nationalise private companies that hoard away wealth abroad? that should bring plenty of profits
You have to tax the rich, why we still question this is beyond me, you can literally see it in our voting cycles, economy is in the trash so labour gets in, they tax the rich, push that money down the system, create jobs, people and the economy grow into lower middle class average. Then because everyone doesn't want to be poor again they save as much money as possible, vote conservative to cut taxes back and that money going into the economy stagnates, crashes and back we go to being poor and voting labour back in. This idea that "trickle down economics" works does not happen in the modern age because people no longer become rich through their own town and cities investment in them, you can become rich selling to China day 1 so nobody has loyalty to reinvest money back into their local area's anymore, they just sit on that cash or spend it on yachts in Monaco they spend 2 weeks of the year at. The rich obviously don't want to give up their money but if you don't force it through the system the economy crashes constantly so you have to do it and it's not like it's not sitting in a bank doing nothing anyway a majority of the time.
'bUt i wOrKeD hArD!'
And everyone else...?
Just as an example. If you earn 40k a year and work 20 hours a week, and you decide to double your hours. Now you earn 80k but you work twice as much/hard, for MUCH less than double the take home. (Most of the additional 40k is on the 40% band, and you lose many benefits).
This has the result of encouraging people to not work more past a certain point.
Our GDP is in the gutter compared to other countries. We need to be encouraging productivity and investment.
The Rich should pay their fair share whether they like it or not
What’s their fair share? The top 1% of earners in terms of income pay around 1/3 of all income tax receipts. Is that a fair burden?
@@nawaz345 Considering the top 1% has more wealth than 70% of the population, no it's not fair, they're paying half as much as they should. Add in the fact that the majority of their wealth is far more than they need to live whereas for the other 70% that's food, bills, rent etc. and it is fair to say they can afford to pay proportionately even more.
@@cynicalpenguinI agree - which is why a wealth tax makes sense. But to impose higher and higher income taxes is utterly moronic as it only hurts salaried upper middle class people who, while numerically earn a lot, often live (need to live due to the location of their jobs) in more expensive areas and so have far less than wealthy lifestyles.
The Rich have options, people in poverty or a modest income have little to no options. The rich could easily leave the country if they so choose and go to a tax free heaven elsewhere, a lot already have.
@@cynicalpenguin Tax wealth, not income. Focus more on wealthy individuals and corporations, not people who just earn a higher income tax bracket than you. Remember, these are your doctors, dentists, surgeons, senior roles, etc..
'Wealth, more often than not, comes from savings.' Sorry, quite wrong. It comes from dividends and inheritance.
Thing about taxing wealth is that in my case my aim is to try and accumulate wealth as much as possible by putting away what I can so that at some point I can rely on that to do a less highly paid job that's more enjoyable subsidised by that wealth but if that wealth is then taxed there would be no point in doing that. All it does is encourage you to not save and instead squander money which, arguably is already peoples attitude more and more as they can't afford to save for houses etc so just live for the now instead.
How dare you not be frivolous!
Planning? What’s that?
Yolo. 😂
I think the lady at the end talking about a 'frivolous tax' has a good point. We should overhaul the vat system so as to remove vat on the truly essential items, a lower amount on useful items, a slightly higher amount on uncesserary but normal items, Anda large amount on the truly frivolous buys.
On it's own I don't think this change would solve things overnight, but several small(ish) changes in a relatively small timescale could make a very noticeable difference
Yeah let's all just have stuff we need, life's not for having fun, let's all live like communists. Yay.
This already exists, there is no tax on fruit vegetables children clothes etc.
It generally is: food, public transport, medicines, rent, childrens clothes, banking etc. are VAT-free, ie essentials. Everything else isn't. The only outlier is car transport, very heavily taxed, and not everyone lives on a bus/train route.
The top 10% of earners pay 60% of the tax. The issue is now that anyone on over £125k is paying 60% tax. That’s why 12,000 millionaires have left the UK since 2017. Taxing the top 10 percentage in to oblivion is going to mean massive tax rises for the 90%. The average tax wedge has already risen from 30.9% in 2020 to 34.6% in 2021.
Is that why they left? Or is it because the UK is turning into a shit hole?
"The top 10% of earners pay 60% of the tax" all this says is that we're in a really unequal country with a lot of wealth concentrated at the top.
"That’s why 12,000 millionaires have left the UK since 2017" this is a good thing, and it would be great if more left
"The average tax wedge has already risen from 30.9% in 2020 to 34.6% in 2021." far better countries to live in have much higher percentages, but it is still a conceptually silly metric as it's completely static. Taxation follows repeated transactions over time.
Total Bullshite, a recent report proved that most Millionaires in the UK pay an average of 8.8% income tax by using loopholes and tax avoidance schemes. The total tax the average worker pays is around 55%, this includes Income Tax, NI, VAT, Car Tax, insurance tax, TV Licence and yeah even our most hated stealth tax "Parking", which the Tories introduced during the Thatcher years amongst many other small stealth taxes!!! Now councils are adding another stealth tax ULEZ or the green tax. I wonder what they'll think of when the working class all go bankrupt !!!