Listen Rachel Reeves tax wealth not work

Full interview with @skynews here:

@RachelReevesMP You're the guy who doesn't even understand what income tax is. Don't embarrass yourself further

@RachelReevesMP

@RachelReevesMP Tax wealth, bring in low tens of billions. Tax work, bring in half a trillion. Aren't you meant to have an economics degree ?

@RachelReevesMP OR. Stop taxing working people and trying to steal from wealthy people and stop giving money, paying for the housing of and giving free things to jobless cunts who are more than capable of working.

Stop lying about the Duke of Westminister. It's a trust and trusts pay a 10 yearly wealth tax of 6% rather than a one off 40% tax. If you want the tax experts and politicians to take you seriously please educate yourself about the current tax system and stop talking crap. BTW anyone can set up a trust. You can to. It's not a secret way to avoid tax that only the rich can access.

@RachelReevesMP Wealth and talent is evacuating UK.

@RachelReevesMP

@RachelReevesMP You have no idea how it works. The more wealth is taxed, the less we'll pay. And then wealth leaves.

@RachelReevesMP Thought you were going away?

@RachelReevesMP This is the level of intelligence we are dealing with when it comes to Gary and tax the rich. I'm sorry but politicians aren't going to take you seriously.

@RachelReevesMP @garyseconomics Thanks for this information but please use the term ‘People’ rather than ‘Families’ as using the term ‘Families’ excludes so many people who are financially struggling too! There are many single people with no family and nowadays it seems we are invisible people!

@RachelReevesMP Are you currently making any over payments on your tax?... If not, why not?

@RachelReevesMP All the wealthy people are leaving mate. Besides when they’ve all gone there is nothing left to tax. Maybe the government should spend less? Just an idea.

@RachelReevesMP They won’t like it Gary, because it makes sense

@RachelReevesMP Don’t it backfires badly for us in the middle And Switzerland is a shit comparison, their tax structure is completely different around the Cantons Gazzer, donate all your wealth and show us the receipts Spain = fail

If the wealthy want to give money away to help the poor, do it directly, not via taxes. For every £10 you pay in a wealth tax only about £1.50 will actually end up assisting the less well off. The rest will go on: Paying the interest on the national debt. Paying for Ed (mad as a box of frogs) Milliband's pointless Net Zero quest. Funding the war in Ukraine. Supporting LGBTQIA drummers in Africa. And any other pet project the politicians may have. Use your money to open shops selling affordable essentials, donate it to food banks, donate it to, or use it to build, schools, hospitals, free childcare facilities for working families. You could even open a new version of the "Bank of Dave" to assist young, working, couples to get affordable mortgages or home loans so they can start families and increase the birth rate. All these things would ensure the money you are giving up would DIRECTLY affect those in need and not be wasted on things we don't want, don't need, or those who don't want to work or contribute to the economy or society.

@RachelReevesMP Gary's just pissed he actually paid tax when his mates were smart enough to evade it and now he wants them to pay what he had to. Cos Gary never address the real problem - Government spending is wildly out of control. No amount of taxation is going to fix that.

@RachelReevesMP Cut spending and tax remittances 95%

can you please explain why you think your wealth tax would succeed when no other wealth tax has ever succeeded? FRANCE Up to 1.5% on net wealth > €1.3m (later higher). 1982-2017. 40,000–60,000 millionaires left (INSEE & government estimates). Capital outflows estimated at €200–300bn over 30 years. Replaced in 2018 by a much narrower real-estate-only tax. French GDP growth 1980–2017 was below OECD average SWEDEN Up to 3% on net wealth > ~€150k–200k (in today’s money). 1947-2007. Famous 2007 repeal after decades of capital flight (IKEA’s Kamprad, Tetra Pak Rausing family, and tens of thousands of wealthy Swedes moved to London, Switzerland, etc.). Swedish government’s own 2000s review concluded the tax damaged growth and yielded almost no net revenue after administrative & evasion costs. Sweden’s growth accelerated after repeal. SPAIN Re-introduced 2011, still exists. Effective top rates 3.45–3.75% in some regions on wealth > €700k–€10m. Ongoing exodus of HNWI (especially to Portugal, Andorra, Madrid region which has 100% rebate). 2020–2024 saw thousands of millionaires relocate; Catalonia lost ~5–7% of its tax base in this bracket NORWAY Current (sharply increased 2022) 1.1% on net wealth > ~€150k (plus municipal tax). Highest emigration of millionaires in Europe relative to population since 2022 rate hike. ~100 Norwegian billionaires/multi-millionaires left 2022–2024 (mostly to Switzerland). Long-term growth effects still playing out, but early signs are negative for investment. Germany, Netherlands, Italy, Austria, Denmark, Finland, Iceland, Luxembourg 1990s–2000s. All had wealth taxes, all repealed between 1997 and 2008. Universal conclusion: high compliance costs, capital flight to neighboring low-tax jurisdictions, negligible revenue → all abolished. Most saw stronger investment and growth after repeal.

@RachelReevesMP

@RachelReevesMP Twat

@RachelReevesMP If you stay hard lined on Immigration you will lose and lose the economic debate with it . Just give that up & you can tax people for having a front door & nobody will care .

@RachelReevesMP

@RachelReevesMP Gary . What if that policy fails . . Or is taxing the rich an infallible policy. Can it go wrong ?

@RachelReevesMP

Rich already pay 30% of income tax. Wealth tax = same people taxed again on assets they’ve already paid tax on. Europe tried it, everyone binned it after the millionaires left. It's regressive and disproportionately punishes people who build wealth. You should focus on government waste and inability to spend appropriately. The use of tax payer contributions has 50%+ waste ratio through it allocation, regulations that make it insanely expensive for no benefit. Stop promoting taking more and make the government more prudent and accountable with what they already take. That the Overton window you want to change.

@RachelReevesMP How much does the Labour Party pay you to push this drivel? I would argue pushing political agendas while taking money and not disclosing the fact that you’re a paid propagandist is akin to lying to the public. A crime I would argue is treason..

@RachelReevesMP Mike Ashley (Fraser group) 139 million in tax and his employees 280 million give ya head a shake lefties and stop being heals of wealthy people

@RachelReevesMP ONE rich man’s purchase of a £400k Rolls Royce means £380k in tax revenue to HMRC. Thats a dozen nurses annual salaries that ONE purchase has paid. How many nurses have you paid for this year on ONE purchase? You’re just pissy-pants jealous of other people’s success. Piss off.

@RachelReevesMP

@RachelReevesMP Goverment propaganda. Why don’t we have anyone trying to take taxes away. We are the most taxed people in the western world. That’s why they pay Gary to convince poor people to happily want more taxes.

Their current idea of a "Wealth Tax" seems to involve Doubling Council Tax Bands. Lets be really clear: this will work as a #ReverseWealthTax as it will mean people in the Regions in £500K houses paying £8,000+ p/a in Council Tax whilst some people in London in £5m houses pay just £2-3,000. There will be people in London in £50m houses paying just £4,000 Council Tax, whilst ordinary middle class people in the regions are paying £9,000 on homes worth Less than £750K. It wont just affect middle class people in the Regions. It will affect everyone. That is money that will get sucked out of what is left of regional high streets to help save the London property market for the wealthy. People and investment will continue to flee the Region for London making the problem even worse. And once the precedent of using the broken Council Tax system is set? They wont stop at Bands G and H will they? They never do. It is outrageous. It would be an attack by a few wealthy enclaves in London on the Regions. It must not happen and if it does the government must be brought down. #DoNotDoubleG

@RachelReevesMP Steal assets = stealing full stop. Wealth is the product of work. It is taxing the money left over from taxing work. Ignore this grubby grasping demand and focus on those who do not contribute much if anything.