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🚨 WOW! Shermichael Singleton MIC DROPS socialist Mayor Mamdani's abysmal failures 🫳🏻🎤 "Mamdani will RUN OUT of rich people to tax, and his utopia will fail to come into fruition." 🔥 "At some point, everyone at this damn TABLE will be next because of our income levels!" "What the...

153,954 görüntüleme • 2 ay önce •via X (Twitter)

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When people say things like ‘Why are people worried about wealth taxes that will never affect them’ it shows a fundamental misunderstanding of how the economy works and why even people who aren’t rich, don’t want wealth taxes. Wealthy people like it or not, are amongst the most economically productive people in our country, the top 1% of earners contribute 30% of our income tax receipts. The top 1% are responsible for approx 340,000 jobs in the economy etc. Wealthy people are also best placed to restructure their tax affairs to avoid wealth taxes and the most geographically mobile in our country, leaving for them is as easy as rearranging dates in their calendar. There is a wealth of comparative data from other countries showing wealth taxes are economically damaging, difficult to implement, expensive to administer and never raise the levels of taxes promised. There is no country in world that has ever raised anywhere near the £25 billion cited as the potential amounts that would be raised from an annual wealth tax. If the wealthy leave that impacts our tax base, which inevitably means that everyone else who isn’t wealthy, has to pay more tax. If they leave they will shift their strategic focus and capital to wherever they go, which means that money that would otherwise would have been invested in the UK will go elsewhere. This is precisely why other countries like Italy have tax regimes specially designed to incentivise wealthy people to come, they understand that having wealthy people is great for tax receipts, job creation and economic growth. It’s very disingenuous to assume the reason why people don’t support wealth taxes is because they believe they will one day be in the 1%. They don’t support wealth taxes for the most part because they understand they simply do not work. Zack Polanski is a dangerous man who isn’t even clear in his own mind why we need wealth taxes. His commitment to wealth taxes is ideological rather than evidence based. In the interview he explains that there’s a lot of the wealth in the city of London yet at the same time maintains that wealth taxes aren’t needed for raising tax revenues but are principally for reducing wealth inequality. So you mean to tell me the goal is the force some of the most economically productive people to leave so that we can all be poorer collectively but be more equal? In a country where 53% of households take more out of the state in benefits than they put in, what do you think will happen to the tax burden for working /middle class people if the top 1% leave or restructure their tax affairs in such as way that reduces their exposure to the UK. We are already at a post world war high when it comes to the tax burden and we are in real time seeing the damage it is doing to business and investor confidence in the UK economy. Yet you somehow think that levying even more taxes will have no impact on ordinary people?

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86,441 görüntüleme • 2 ay önce