3 Unorthodox Ways Labour Could Raise More Tax

[@TLDRnews]

CORRECTION: At 5:20, the arrow with £14 billion on screen should go from "Buy Government Bonds" to the "Bank of England", not to the "Banks". Apologies for this error, and we hope you nonetheless enjoyed the video!

[@KhelderB]

It's a good infographic otherwise!

[@mikey9204]

another correction you need is at 1:06 where it shows the green bars which aren't aligned to the actual %. for example, the smallest green bar has '51%', yet the larger green bar above it states '48%.

[@gix10000]

Quite a few editing mistakes in this video, maybe it needs another pass and reuploading?

[@mohammedchoudhury9419]

@@mikey9204

[@jeff__w]

@@KhelderB I agree! It is!

[@caseclosed9342]

So if orthodox ways of raising taxes don’t work, they should try Catholic and Protestant ones?

[@fireblossom9618]

Nah should try a hindu or shinto way. Maybe that would work

[@SamardeepJohal]

No try a sikh one

[@parsifal40]

Distributism?

[@bean6099]

This comment made my day😂

[@Astropeleki]

BA DUM TSSS 🥁

[@astrogecko1650]

They could always just open a Patreon account

[@conormurphy4328]

Or an Onlyfans

[@tectamk.thorne7837]

@@conormurphy4328and that just placed images in my head rent free.

[@FiredAndIced]

That's crazy, because that's actually what happened in Malaysia in 2018: after the then-Opposition coalition formed the new Government, and declared the country has RM1 trillion in debt, they launched a national fund called, "Tabung Harapan Malaysia," or "Malaysia's Hope Fund". The British should go that way, mayhaps. 🤣

[@conormurphy4328]

@@tectamk.thorne7837 gotta pay tax on those images thank you very much

[@FuzzyRiy]

@@conormurphy4328 So many of the Labour MPS are ugly as hell, this is a scary thought.

[@jokersauce5100]

While it might not resolve the "black hole" legalizing and taxing marijuana seems like a great idea. By legalizing it, you'd create an industry and therefore jobs, increase the quality of the product and make it less harmful, remove money that would otherwise fund criminal organisations, raise taxes, and as said in the video, diminish the pressure on law enforcement (which I think is sorely needed in this country).

[@thebobbrom7176]

You also stop wasting money criminalising it I actually don't personally like weed but I do think it's every person's right to decide what they do or do not put in their body Especially if it's been proven to be not dangerous

[@yurisei6732]

It would also be endorsing the irritating culture surrounding marijuana users though. There's cultural value in keeping it illegal. Decriminalise it, but don't legalise it.

[@herbivorethecarnivore8447]

@@yurisei6732 "Cultural value"? There's also an irritating culture surroundings drunkards and hooligans, but nobody's trying to preserve "cultural value" by making alcohol illegal

[@kzm1934]

& that’s exactly why this government won’t do it. It actually solves problems, helps people and increases freedom.

[@daggerdan12]

​@@yurisei6732 no wonder we have a nanny state...

[@gwina64]

4:14 that’s still 3.5 billion left on the table. Look at it this way, by not doing a weed tax the government is costing itself 3.5 billion, not to mention the job growth from that industry

[@nepalihercules]

not to mention all the people who are being prosecuted for it.

[@regarded9702]

That's only if there are no costs associated with legalising weed.

[@100Hasake]

​@@regarded9702surely there will be costs, but are probably immaterial with respect to the revenue being generated in the foreseeable future

[@MrShell311]

Weed tax on Europe's largest cannabis farm in Norfolk

[@tom.2900]

That's is there are no unintended side-effects, like increase on NHS services and costs which are not forseen, the latter of which are LITERALLY ALWAYS present in ANY government spending.

[@Harroi]

As much as I complain in my comments, this is great. So much journalism about Labour's tax stuff is dishonest about it being speculative, and very bought by capital in how frightened it is. Good job.

[@kb4903]

So Much out there is just the Tory media scare mongering and hyperbole to trick the poor to support the rich.

[@ILikedGooglePlus]

+++

[@MrShell311]

Aggressive windfall tax on every single politician who profited during Rona season.

[@anthonylulham3473]

had me at the first 7 words. profited ever.

[@skasteve6528]

Well it could be the proceeds of crime and they can the just seize the lot.

[@scaryjeff]

About 250 million air passengers per year in the UK. £10 extra aircraft fuel duty each = £2.5B, and they can say it's a 'green' policy. You could even quadruple the cost for first/business class.

[@Roxor128]

I visited the UK in 2016 and the flights from Australia cost over $2000, so given the exchange rate at the time, your proposed duty increase would only have added another $20 or so. Hardly noticeable in the grand scheme of things for your international tourists, and even less so for those shelling out extra for business class, so I say "Go for it!" and maybe also distinguish between first and business class (as many airlines do) and charge even more for first class, like 16x.

[@looseycanon]

And specifically first and business class fares would trickle down to end consumer of just about everything else. Look at who travels this way. It's not predominantly the rich! It's businessmen going on business and credit card bros, who don't pay the premium in cash anyway. You'll either cool the business climate, lowering trade volume and therefore VAT and similar tax collection as well as income tax revenues, or you'll just cause inflation, cause this tax will get incorporated into B2B prices and down the line into retail prices of just about everything.

[@Roxor128]

@@looseycanon Oh, please. How much do you think businesses spend on sending their employees around the world? Bugger-all in the grand scheme of things, I'd wager. Most of what they spend on expenses will be for stuff directly related to providing the end product or service, like materials to make the product out of or electricity to run their data centres, not sending people to far-off places to make deals that'll save them thousands of times as much as they spend on the flight.

[@Pilps]

Create a land tax, you’d instantly get money from people who are being lazy. If you don’t then companies or government now have more land/infrastructure for more housing which helps both getting more money and the housing issue. Implement a land tax.

[@Cussmem07]

As a refugee, I would like to thank you for creating these tax ideas. This way I can keep getting my benefits without lifting a finger.

[@martimsousa2601]

​@@Cussmem07 huh ?

[@comparethequeercat]

Georgism all the way

[@Amresh10]

@@Cussmem07comment made by some white guy who votes for Reform lol

[@JamieZero7]

@@Amresh10 Still the truth. The richest people in society are the only ones paying a positive tax. the rest don't even pay enough to make it into positive. They get it back, with NHS, public schools, not working, etc.

[@JenniferCochran-w5e]

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[@JenniferCochran-w5e]

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[@DeniseLascar-o8w]

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[@DeniseLascar-o8w]

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[@DeniseLascar-o8w]

9356

[@MayronWoW]

Legalising weed: "It's only a $2 billion profit, better scrap that idea!"

[@coolbanana165]

I wanted to go to the shops today, but one step didn't get me there, so I just stood still for the rest of my life.

[@SupremeST25]

Reminds me of this classic blunder: “Nuclear power won’t even come on stream until 2021, so that’s not an answer” - Nick Clegg, 14 years ago Fast forward 14 yrs and we’ve chosen to live at the whims of Russia and the EU regarding our energy supply. Now imagine 14 years of these blunders and we end up here

[@Ratgibbon]

@@SupremeST25 With nuclear power you're likely still dependent on Russia, because currently they have the largest uranium enrichment capacity in the world. There's a reason why Europe and (until recently) the US didn't ban the trade of enriched uranium fuel from Russia. And Kazakhstan, the biggest uranium producer in the world is at their doorstep. A few years ago during some violent protests the Kazakh government called in Russian troops to restore order. Considering this and the current situation in Ukraine, would you sleep sound knowing Russia can march in the country where most of the fuel for your reactors come from?

[@Patrick-y4d1z]

Last time I checked - legalisation of marijuana was predicted to bring an extra £6 billion per year in taxes, 6000 more jobs and reduce crime by approximately 20%. But hey, it's not like lowering unemployment, increasing revenue and freeing up prison spaces would help right now. And that's ignoring the impact financially on drug cartels.

[@ddandymann]

To play devils advocate there would also be a huge short term additional burden on an already heavily burdened civil service as all the necessary legislature and regulations were crafted. Additionally, as we've seen in the US, it takes a good 2-3 years for legal providers to really get up and running to the point where they can out compete the black market. So in the short run the increased revenue would be negligible. That being said I still absolutely support legalisation, and believe that over a period of five years it would be incredibly beneficial, however as a method of immediately increasing revenue it's definitely lacking.

[@IainFrame]

Labour will simply raise new taxes. Then they'll move the goalposts and keep taxing. But you know who *WON'T* pay the price? Those who are wealthy and powerful. You know who'll pay the price? The working and middle classes.

[@getnohappy]

The idea that Labour doesn't have a mandate is... odd. For a start, we expect governments to respond to unpredictable events, and 'not having a mandate' didn't stop the Tories from doing everything from Rwanda to restricting protests

[@archvaldor]

They don't have a mandate. People simply wanted the Tories out. The concept of mandate in parliamentary terms is well established and legally defined as is the concept of a true majority. Labour have neither.

[@jordan3400]

No unpredictable event has occurred. The “black hole” is clever marketing, but half of it was down to the pay rises labour decided to give. The books are open to opposition, there weren’t any surprises.

[@socratic-programmer]

Labour won the election and a huge majority. In our FPTP system that gives them a mandate to govern. What exactly about this do you not understand? If you say they don’t have a mandate for any particular policy not in their manifesto, then you’re correct. But in reality a manifesto can never predict the future, so although policies not mentioned are subject to greater scrutiny - as they should be - they are a practical necessity.

[@looseycanon]

And it cost them the election (well, played a role)... Response to unexpected or unprecedented event must also be measured. Imagine if the UK just declared war on China over spread of Covid 19, for instance. It is against the source of the infection. It was an unprecedented event, so without demanding the response to be measured, even that crazy idea would fit your definition, of what we have governments for...

[@winj3r]

Maybe create a tax on gifts to politicians.

[@JackDrewitt]

Thatd probably raise less than it would cost to enforce.

[@SaintGerbilUK]

That would make billions but never happen...

[@4m4n40]

Tory tax

[@JackDrewitt]

@@SaintGerbilUK since 2010 theres been 6million in gifts. A 50% tax would raise about £250K a year but cost about £650K a year to enforce.

[@lighting7508]

cynical and innefective. I don't really care for the drama anymore I want solutions.

[@mordant221]

Yes, taxing people who are either good with taxes or have access to tax professionals, and can also live anywhere in the world... probably won't net you as much money as you'd think

[@looseycanon]

Not really... property tax can be sky high, because you can't dodge it. The building won't move... And you could also do taxation by citizenship similarly like the US... or worse, make it that way, if one ever held UK citizenship...

[@theotherandrew5540]

The primary benefit of legalising cannabis is to decriminalise a substance considerably less harmful than alcohol, thus freeing up courts and police from unnecessary trivia. The tax revenue would be a beneficial byproduct.

[@spiddders]

Actual wealth... Real wealth where people have millions and billions is NOT because they saved income!

[@SaintGerbilUK]

Its beacuse they own assets like metals, property or shares. The problem is that the value of these depend on people holding them and the demand for them. Taxing wealth would devalue all of these, you might say "good I can afford a house now" if you don't mind trashing everyone's pension, savings and likely more 2nd and 3rd order impacts.

[@4m4n40]

@@SaintGerbilUKa problem exclusively caused from them hoarding and developing strategies to combat them

[@themrpope4537]

So just tax capital gains then

[@bigfisher4354]

@@4m4n40 That’s an oversimplification. The real problem is more complex than just ‘hoarding’ wealth. Assets like property, shares, and metals are driven by much more than the actions of the super-rich, including things like inflation, supply and demand, and regular people’s investments. Also, over-taxing wealth has proven to backfire. Look at the UK in the 1970s-the top tax rate was 98%, which led to an economic disaster with wealthy people leaving in droves, businesses collapsing, and the economy taking a serious hit. France tried a 75% wealth tax in the 2010s, and loads of high earners simply moved to Belgium or Switzerland to avoid it. The UK today already relies heavily on the top 1%, who pay around 30% of all income tax, so if they leave, we’d lose a massive chunk of tax revenue. Taxing wealth too aggressively might sound like a solution, but the knock-on effects-on pensions, investments, and the economy as a whole are far more damaging.

[@SaintGerbilUK]

@@4m4n40 shares are used by companies to expand, create more jobs and hire more employees. Property is used for businesses and people for rent or lease. The only one which is hording is metals, and the major reason why people invest in that is because the economy, is bad.

[@SurmaSampo]

There is no such thing as a credible one off tax on homes and savings. It is a great way to cause market uncertainty and to convince people to move their inveatments overseas.

[@archvaldor]

Go. No one will miss you.

[@urlauburlaub2222]

In the Socialist UK, you don't have much private productive capital, where this would be true. In contrast, you had much criminal and Socialist "capital" bound in homes and savings with the help of banks and the government, that's why the debt to GDP in the financial sector is so high. A tax should not bring "income" for the state and destroy privacy for having that money wasted. Instead, it's an incentive to deleverage (like high taxes reduce consumption), so people will create productive capital to produce and sell, because there is a market. So, it's exactly the other way round.

[@terence_k]

Good luck with moving property and British companies offshore.

[@SurmaSampo]

@@terence_k Moving companies happens all the time and so do operations. Also land isn't the only form of investment and capital is highly mobile. Britain is heavily reliant on overseas investors.

[@jo-mi4966]

What happens when the wealthy get taxed, and then increase the money they charge for their services their businesses provide to compensate, and everyday people who use those services end up having to pay more?

[@Jon-hh3gz]

The war on weed is over it never worked changing the classification. They should experiment with legalisation and tax which can bring in a bit when you consider how much tax they could stamp on.

[@RowanJones-lp6iu]

It would also combat the UK's drinking culture (better for NHS), and reduce prison overcrowding. I don't see how this could be a bad idea.

[@killdamnation]

From what I remember of reports in some US states whacking on tax caused issues because illegal weed was still cheaper meaning legalisation didn’t do much to curb the black market

[@ohwhatworld5851]

And this is why I cannot stand that Gary Economic guy. All he says is 'We need a wealth tax', and gives zero insight into the pitfalls or how to counter them. He doesn't even state how they could be implemented. He is a numpty.

[@JohnR31415]

You can’t assert that saving rates are really low *and* then most wealth comes from people saving income. Most wealth isn’t generated from income, which is part of the reason for the vast inequality.

[@MammeMassaert-i2m]

I hope we all know that it doesn't matter who is in the 'top job' because this is a systemic problem - greed. We have allowed many of our economic sectors, to take advantage of the American people. It's disgusting and frightening for the future of our country. My husband and I will be retiring in the next two years n another country. We are absolutely worried that SSI will no longer be funded. we'll have to rely on his pension, a 403 (b) and a very prolific Investment account with my Tracy Britt Cool Consulting my FA. Our national debt is bloating and expanding every month. Our government needs to get spending under control and cut the federal budget.

[@TonyPantoja-m3h]

I'm 56 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[@VonNothias-f7h]

I feel your pain mate, as a fellow retiree, I'd suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

[@RamseyAlaqel-d2u]

In the 80's my Dad worked a modest job, Mom stayed at home and raised the kids, and they lived a nice middle class lifestyle including owning a home. Nowadays both I and my partner works and can barely afford to make ends meet. Soon the kids and family dog will need to work to keep this household going. It's the destruction of the American dream right before our eyes.

[@RAKelBerquist-p7p]

If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation

[@RitaFredsham]

I went from no money to Invest with to busting my A** off on Uber eats for four months to raise about $20k to start trading with Tracy Britt Cool Consulting. I am at $128k right now and LOVING that you have to bring this up here

[@markdolan8866]

Even one-off wealth taxes undermine saving and investment as trust in the Government will diminish. Arguably capital gains are not previously taxed income.

[@nathanaelsmith3553]

Put VAT on abnormal financial services - such as those used by the abnormally wealthy.

[@4m4n40]

And if they leave?

[@TE4MTIGER]

​@@4m4n40then we will be denied then dodging taxes and still benefiting from services... oh no

[@silphonym]

@@4m4n40 Oh no, no billionaires? Have to shut the country down. /s The thing is, even if they leave, they can't just take all the people working for them, and factories and real estate they own, with them, so the actual "loss" for the economy is minimal in comparison to the amount of benefit due to redistribution based consumption increase boosting GDP and wellbeing.

[@legomovieman2]

​@@silphonymlol, lmao even, unless you live in an Autarkic state, of which the UK does not you can't do a Russia and just run everything like they never left. Losing the last wealthy class is dismal when nearly 50% of the UK population are tax takers than payers. Destroy the destructive classes, so smart.

[@nathanaelsmith3553]

@@4m4n40 They won't. We put VAT on cakes and alcohol and cake makers and brewers haven't left the country.

[@fuerstmetternich1997]

How about cutting wasteful spending?

[@kb4903]

Like what? Tories cut tons to a point a lot of services don’t work.

[@fuerstmetternich1997]

@@kb4903 How about all the Green new Deal policies? They cost a fortune.

[@kb4903]

@@fuerstmetternich1997 making wind turbines and being self sufficient and not reliant on Russia or china is a bad thing?

[@dererik9070]

Nice one austerity again because that is going so well

[@freddytang2128]

@@kb4903 if it cost you 10000 pounds to make a wind turbine and someone else would sell it for 2000 pounds, you think it’s good use of taxpayer money to insist on making it yourself? A bit ironic that British empire invented global free trade and now some people think trade is bad

[@dvosburg1966]

Why don't I ever see an article about 3 ways to make the extortionate amount of money you already snatch work?

[@martinr5233]

How in heck is £500k considered wealthy what a joke. Tons of people at some point in their life will own a property which quickly get them to 500k with inflation

[@Andy-oc3ew]

This is labour we are talking about, they will come for the loose change down the side of your sofa so they can give it to some lazy a$$hole that will give them a vote.

[@londondisc]

How do you value wealth in unquoted private ltd compaines, share of partnerships, sole proprietor, value of final salary pension schemes. commercial properties, assets held abroad say Argentina currency rates, agricultural properties. Many people talk about wealth tax without knowing the nitty gritty of how it would work.

[@moeadham3750]

Saying that a one time windfall tax will not affect behaviour is incorrect. People move to the UK with the tax rules in place for the fiscal year. It is seen as a stable country with rule of law rule making. A one time windfall tax would be seen as theft by recent immigrants to the UK. It would irreparably harm the reputation, as who guarantees its actually one time? Why could the government not just do it again next year?

[@fashionlooveur76]

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[@XinFrancis]

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[@PenDevito]

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[@BeiLien-tu2hd]

people are ignorant of profitability in bitcoin investment and that has been the major issues limiting their investment

[@Gabriellmorris507]

She is my family' personal Broker and also a personal Broker to many families in the United states, she is a licensed broker and a FINRA AGENT in the United States.🇺🇸

[@CarlDharani]

@@XinFrancis This sounds so good and I would like to be a party to this, is there any way I can speak with her?

[@jsg9575]

A one of wealth tax would never be a one off and people would know this.

[@anthonylulham3473]

income tax was a one off from king john.

[@davidioanhedges]

There were two examples of different one off wealth taxes in the video ...

[@WilliamAhlert]

I hope it isn’t a one off 🎉🎉🎉

[@vetinaris1297]

You're right. So it might as well be a regular tax. Like a tax in earnings or income or profit every year, much easier and stops the need to get the money back in the first place.

[@gerttherude6366]

OK so weed may not bring in enough , but some is better than nothing with no other cuts and the added benefits of what are mentioned in the vid

[@dumbguy1007]

It's also like a long term investment, yes it would only be a small increase in revenues but that would be every year for as long as it stays legal, possibly growing as the industry develops. And it's every pound raised by it is a pound which doesn't have to come from someone who desperately needs the support.

[@gerttherude6366]

@@dumbguy1007 precisely my thoughts too :)

[@themasqueradingcow91]

Tax on weed raises £3.5bn. But would also limit the cost of policing and enfocig laws that have make it a class B susbtance. Once the novelty wears off, people move onto edibles and then the impact of public spaces through smoking decreases.

[@2dTones]

Great video, and an eye-opening explanation of how the QE / reserves setup is being subsidized. Sounds like even dropping the interest rate without removing it entirely would be a big help, especially in combination with the other ideas discussed.

[@neilmartin7776]

While I support a "wealth tax" in theory, let's not kid ourselves that it'd be a "one-off". Once it's on the books, it'll get used and used again and again - after all, income tax was originally conceived to pay for the Napoleonic wars. The wars may long be over, but unsurprisingly the tax remains. Also, once a tax is on the books, it has an unhappy habit of spreading. What may start off as a tax on the Uber rich will trickle down eventually as the Uber rich find ways to reduce what they pay, and as consecutive governments get used to having that money coming in.

[@davidioanhedges]

You mean like the one Thatcher did ... and no government since has ..

[@daspeed198]

Not to mention they won't adjust the limits based on incomes and inflation so it will be the same rate on the same non-adjusted amount the next time.

[@tulliusexmisc2191]

I think your example demonstrates the opposite point. Income tax replaced window tax, which was a wealth tax.

[@looseycanon]

@@tulliusexmisc2191 And people were filling in their windows, causing a health hazzard.

[@simonhopkins3867]

The idea that the labour government might legalise weed is laughable.

[@HopeGreen-m7i]

it will come over 6 years the u.s tried to lay claim to all cannabis plants, globaly they knew the health result being helped ect but that says it it did to me years back if they aren,t floating their nukes their dangling pharmas more expensive than a funeral lol also %70of pharmas are just placebics, i.s patient sycologialy beleives they help while majoriity actualy cause more harm yep just another expense for u.s to pocket

[@Wow55579]

one off tax's sounds good but would create a dangerous precedent and create uncertainty in the market and people would just move their money overseas

[@mintcake2668]

That one--off tax idea sounds crazy. I don't know if any government can get away with it in peace time.

[@FireEverLiving]

As I understand it, the proposal is not for the BoE to stop paying interest on reserves to banks, but for BoE losses not to be offset from the government budget. So they'd still pay the interest, but the money would just be printed out of thin air rather than coming from tax revenue. That's how the US Fed does it.

[@greenyboiiz3930]

That sounds much more likely, completely stopping paying interest on reserves would be an interesting decision hahaha, I think I read somewhere, the average reserves banks hold are currently double the minimum requirements.

[@W0lfbaneShikaisc00l]

Taxing weed would still be a better idea than encouraging crime from illegal drug trades. Besides in the long run this would end up generating more jobs and would be a net positive for the UK. I don't see a downside: countries like Germany are taking advantage of this, why shouldn't we?

[@robertmartin6800]

The problem is that your state is just too large for your economy to sustain, increasing taxes this year will help the shortfall, but not by much, and it'll only _worsen_ the problems you have next year, as your state uses that money to grow even larger, and taking it makes your population even poorer.

[@Thedarkknight2244]

Will imprint go into more depth on that quantitative easing section? My whole degree in chem eng had nothing as complex as that

[@albinmartinsson1567]

Its a pretty straight forward policy. Just that the system it works through (the financial markets) are awfully complex.

[@niu9432]

Wealth tax (if done right) can be effective (for some sectors like real estate): 1) Since ownership is guaranteed by law, which is guaranteed by state, all You need to do is to make a law that someone is effective owner, only if the property is registered. 2) Then each owner needs to register their property, along with transaction details like price (it'd be sensible to give some legal period for registrations). 3) Then if any property is sold above estimates, it changes ownership only AFTER paying the difference in taxes between declared value and actual sale (You provide registration after such tax is paid). 4) Introduce an inheritance law that allows the state to buy the property without consent, by paying let's say 130% of declared value. The sale could be stopped by increasing the evaluation by the future heir and paying the tax difference (by heir) for lets say the last 10 years. In such system people would be careful not to try downgrading the value of their property, as it would become a significant obstacle in selling such property. In terms of inheritance it wouldn't make sense do falsely lower the price. In both cases state could simply buy the property and sell it with profit, which would be a right punishment for the frauds (and proportional to the scale of the fraud). One or two guys would loose a couple of millions and the rest of that lot would learn quickly. Having said that, such system would require 2-3 years to implement, so the other ideas presented in the video are much better for the short term budget problem. Nonetheless, such mechanism seems sensible in the long term.

[@cbromley562]

It’s estimated that oil and gas extractors could receive up to £18.1bn in tax relief between 2023 and 2026, through a tax loophole, which allows a 91% tax break for continued oil exploration and extraction. How about making them pay this tax?

[@hughjass1044]

MPs could all get paper routes, return their empties and do some babysitting.

[@nathansavage8692]

Geoffrey Cox could even go full time!

[@idontwanttopickone]

Pull their bootstraps up you mean?

[@markwoolley3842]

Everyone has an opinion on the budget. I’d like to see to government release a “game” whereby the player gets to try and balance a budget. Three things will happen. 1) players will realise how hard it is 2) someone might come up with a really good idea that the government can steal 3) how they play will be a great indicator of what the players deem to be important which could direct policy

[@EnordAreven]

Its a joke to say they promise to end Austerity, because they're clearly not going to end it...

[@A380Concord]

It is naive to assume a "one off wealth tax" wouldn't cause the wealthy to leave. Yes, you'd get the money initially, but then why would any wealthy person stay in a country that would do dip into their money randomly whenever it feels like it? It's tyrannical and people would leave as a result in expectation of future "one off" wealth taxes and that would take a lot of jobs and wealth creation via investment into the uk with it.

[@Philsmahsmchjsb]

These leftist idiots have never worked a real job why would they understand any of that

[@TheIronArmenianakaGIHaigs]

I always wondered what would happen if VAT was dropped completely. Everything being 1/6 off would be amazing 🤣

[@idontwanttopickone]

And the country would have 1/6 less to spend on roads, schools, hospitals, etc. It would be good for a few days if you have money to spend, but over time it would be worse for the country as we would have less money to help the poorest in society get the leg up they need. VAT is one of the fairer taxes as it's very much tied to what you are buying - if you buy something cheap, the amount paid in tax is small, if you buy something expensive the amount paid in tax is big. We have a reduced rate for some essential things. But maybe we need a double rate or higher rate for very expensive luxury items. If someone wants to import a luxury item worth £100,000+ (a gold-plated Lambo or some diamond-covered handbag, pointless sh*t like that), I think we can both agree they should probably be fine with paying £50k tax on it. If you can afford to buy something like that, then you can afford the taxes too.

[@noriantiri9310]

@@idontwanttopickone no, VAT is not fair, obviously their is a part of your revenue that you have to spend in consumption, the tax is not progressive, and the tendency to spend on cunsumption is higher in lower income households because of incompressible spendings

[@zesky6654]

It can be 1/6 off, it will not be 1/6 off. Businesses are not in the business of leaving money on the table.

[@tomkandy]

Can you do a video on unorthodox ways Labour can cut public spending? I've got a few suggestions. Cut the state pension by 50%. End NHS care for over 75s. End all foreign aid for countries which have demanded slavery reperations. That should save over £100bn a year total!

[@RickProcterLane]

Superb little piece on QE too there, nicely done 👍🏻

[@michaelkearney576]

Most wealth in the UK is in property, and gained via property inflation, which is not taxed at all. So there is no double taxation

[@noonecaresaboutgoogle3219]

But preventing housing from being passed down within families with high IHT will result in more and more families being pushed out of home ownership. It will speed up the process of the very richest owning everything.

[@michaelkearney576]

@@noonecaresaboutgoogle3219 quite the opposite, it will put downward pressure on prices and make it easier for those who didn’t inherit a house to afford one.

[@anthonylulham3473]

@@michaelkearney576 would work if we didn't have a strongly growing population. the demand is too high, people will do things like 2 couples to a single house to afford things. every house being a uni house share will be the outcome, and the price goes up and up.

[@Andy-oc3ew]

@@michaelkearney576people already pay tax on houses they inherit, it’s called inheritance tax. People already pay a tax when they buy a house, it’s called stamp duty, and people usually buy a new house as they sell their old home. How many times should people pay tax on what they earn, including the income tax we already pay before buying anything.

[@michaelkearney576]

@@Andy-oc3ew Yes, but the IHT they pay is a single tax, not double. Stamp duty is on the price they paid for the house, not what is worth when inherited. If someone owned a house for 50 years before dying, they would have paid no tax on the majority of their wealth, so the IHT would not be a double tax as some claim. However if they earned and saved all their wealth, this would be a double tax. VAT is also a double tax, so this is itself if not a good reason not to tax something.

[@BUFUmic]

Would love to know where you got the figures from for a weed tax, as the issue has been specifically looked at previously but assumed we would tax it at a similar rate to how its taxed in legal US states such as Colorado, Oregon, Washington, Nevada etc... where conservative estimates where around £8 billion, not £3 billion. We used to as evidence of how various treatments could be funded especially the medical side of things, which thankfully the law changed in 2018, but is still obscenely expensive when compared to producing it yourself. Not to mention the increase in service related businesses, from garden centers, hydroponic shops and electricians and inspectors.

[@user-mp8sw3bc8j]

Experts also had no idea that usage of weed would surpass alcohol and become a massive cash cow either

[@yurisei6732]

The main arguments against a wealth tax are all just "you're overestimating it's efficacy", but that's absurd as a reason not to do it. Yes, it will require some administration. Yes, people will always underreport their wealth. But underreported wealth is still taxable. You're not getting no money, you're not losing money, you're just not getting as much money as you theoretically might if there were no loopholes.

[@absta1995]

Exactly. I really hate this argument of "it's not 100% perfect so let's not do it"

[@SurmaSampo]

The real main argument against a surprise wealth tax is it creates uncertainty and incentives wealth to move offshore.

[@absta1995]

@@SurmaSampo a lot of people are not so willing or able to just up and move their whole life to another country. Think about it. They have connections to their job, family, friends, etc That's an insidious meme created by the wealthy to scare the poor from taxing them fairly.

[@reheyesd8666]

Except they have been increasing tax year after year, its called inflation.

[@NieroRa]

One option not mentioned in this video is taxing foreign capital. Michael Pettis has suggested that this could be a real option for the USA

[@neilbufton2926]

"Suprise wealth tax" sounds a lot like a cash stapped government seizing peoples assets without compensation. I think most people are in support of higher taxation on those with the most in society. But "supprise tax" sounds very sketchy.

[@HungoverHistorian-zf6gi]

Naw Zimbabwe did it some years ago and it turned out a great idea

[@spiderbootsy]

Income tax and/or capital gains tax has already been paid when accruing their wealth. It’s wrong to tax it again.

[@Scientist538]

We've over spent ourselves into 3rd world status, we even imported the people not just the policy.

[@absta1995]

The low household saving rate will not be affected by a tax on £10m wealth... Most people that don't save have nothing even close to that amount

[@merrymachiavelli2041]

While that's true if people are rational actors, I do think there's at least a portion of the population who will that they hypothetically _could_ have 10 million in the bank if they saved, but they aren't going to bother, because the government will supposedly take it all.

[@ShubamRachappanavar-m6v]

It would trigger a sell off of assets triggering market crashes and hence lower savings. Wealth taxes are a terrible idea

[@absta1995]

@@ShubamRachappanavar-m6v selling assets can be taxed, and that would give them liquid cash that can also be taxed. The avoidance argument is more to do with them having no cash to be taxed on

[@SonHNguyen-qz5dg]

@@absta1995 Nope it will only be tax if their assets gain value which won't be the case in a market crashes. Investor will dump their assets before the bill get pass lol, like what happen under Lis Truss. I think investor would rather take a bit of loss rather than take huge lost lol. Eventually you'd have no wealth to tax or earn money lol

[@charlesmartin9724]

Just legalise weed and sex work and make the UK a industry leader in both. Just gives a bunch of more revenue to tax. And the UK is already good at growing weed

[@Aubrey2004-j4k]

Yeah not sure about sex work but weed should be legal and taxed

[@TheWebstaff]

More than half of the world's "medical" cannabis is already grown in UK greenhouses.

[@joedobson7609]

​@@Aubrey2004-j4kNever understood this.. Prostitution is the oldest trade in our history, it will always go on no matter how hard you come down on it (same with drugs) so why not legalise it, tax it, make it safer, cleaner etc etc. Completely idiotic to be against it and weed

[@2dradon2]

​@@joedobson7609 it's not illegal in the UK (except NI). It's just illegal in public areas. But going directly to someone's house and paying for it is legal.

[@oakstrong1]

I agree. Legalise brothels and put laws to protect the workers. Regular testing protects customers, too. Sex workers will never go away. Some of the independent ones earn more in a few hours than a middle income worker in a week, yet they don't pay any tax on their earnings. I don't think it's fair.

[@MrHowardMoon]

Legalising weed would help bring the strength of it down because it would regulate how it is grown. Most of the stuff around today is so strong, it causes so many mental health issues. I smoked in my early teenage years up until 18/19 and then started again at 26 and quit at 29. The difference in strength from back then to now is astronomical.

[@Jammy0024]

What refreshing ideas! All are very good ideas, albeit I think £500k is a very low threshold for a wealth tax.

[@natwagner9664]

+++ Land value tax

[@davidioanhedges]

Will be paid by the people renting it ... not the owners

[@silastithing6897]

Land value tax if you also remove every other kind of taxation that is...

[@to101md]

@@davidioanhedges Which is already the case for property tax. There is a key difference though: Property tax incentivise the owner to NOT perform upgrades/maintenance as that increases the building's value, and therefore the tax. Land tax has no such drawback. If the owner wants to pay less tax, they would have to sell their land OR offset it by using their land more efficiently. (I.e. build up/down & increase the number of people using it) Of the two, land tax is by far the superior option for urban areas like cities and inner suburbs as it encourages economic growth (more people/business) as opposed to stagnation (letting the property rot)

[@pjkinsley]

hard to hide land or move it offshore unlike other assets and incentives land utilization and discourages unused land hording

[@BioHazardCL4]

Yes! Legalise weed and tax it!!!

[@porphura4448]

Maybe if we destroy the property market people have money to spend, instead of it all going to someone else's mortgage. It would be painful for those sold on the idea that houses are a retirement fund, but that much extra money flowing would turbocharge the real economy and maybe then we wouldn't feel like taxes were such a burden.

[@daspeed198]

And then we all have to fork out extra in taxes to pay for the livings of all the pensioners whose retirement just disappeared over night. A simple tax on having say more than 2 properties (because I think having a holiday home is perfectly justifiable) would be a better idea, would incentivise people to sell over time and pursue other investments thus boosting the economy.

[@ajn2370]

@@daspeed198 which pensioners? The ones funding their retirement through equity release mortgages? Yes. The others? No. So that's currently less than £3b per year and falling. Or about 0.2% of total public spending budget. There are other problems with this plan but actually we could save all the pensioners who would otherwise be destitute very easily.

[@daspeed198]

@@ajn2370 If you crash the housing market rents will decrease harshly and tenancy rates. Their monthly income could disappear which leaves the only option as selling which is a massive loss aswell.

[@ajn2370]

@@daspeed198 They should lose that income. It is an unreasonable burden on they're tenants. If it were a burden spread across society and paid as an old age pension it would be more secure for everyone and less exploitative.

[@daspeed198]

@@ajn2370 "Burden on their tenants" brother those tenants would be homeless if someone didn't rent to them, they can't afford a house. I'm not saying people should own 200 properties, read what I said. I said there should be a tax for every property you have over 2 simple as. If the government never stopped building houses a few decades ago we wouldn't be in this mess.

[@jo-mi4966]

There are hundreds of areas where money is wasted by the UK gov, but unfortunately, most people are not aware of these and focus on only a couple of obvious points. If they were to cut down on all of the pointless waste spending, I'm sure that would go some way towards helping the situation.

[@scaryjeff]

What happened to the idea of making big companies actually pay the tax they're supposed to? Google, Amazon, Facebook etc. Very popular a few years ago but nobody mentions it any more.

[@tomwood8153]

Capital Gains Tax should be taxed the same way as income tax. 40% over 50k and 45% over 125k. The fact that you pay a maximum flat 23% on any passive income is saying that you deserve your dividend payments more than I deserve my wages.

[@matthewtalbot-paine7977]

Taxing the people who can afford to leave the country more might not have the desired result. You also spoke of wealth inequality but that doesn't actually do anything to quality of living for example Netherland has 1 of the highest wealth inequality in the world but also has 1 of the highest standards of living.

[@haza102]

tax the assets, not the person the property they own can't leave the uk

[@conormurphy4328]

Wealth inequality, not income inequality.

[@SaintGerbilUK]

We have already lost thousands of millionaires since Labour took power, which in turn is likely billions in taxes.

[@matthewtalbot-paine7977]

@@haza102 Pretty sure they covered the asset rich cash poor situation in the video which would be a counter to this.

[@yurisei6732]

People always threaten to leave the country when there's talk of increased taxation, no one ever does. Any rich person still in the UK after brexit is here because they like it so much they don't want to go somewhere more profitable, so they're not going to leave due to increased tax either. Plus, we can just increase exit taxes on wealth; make the decision stay here and pay a low regular tax, or leave and pay a high one-off tax.

[@Phil_AKA_ThundyUK]

Wonder if they'll take this one down too? Let's see how many errors there... let's gooo!! :D

[@AzzieTheGamerr]

Weed tax? Weed is illegal for a reason 🙄🙄🙄

[@rendondo214]

The biggest problem with weed is that it’s controlled by criminal gangs and not regulated companies. A tax of 3 billion a year is actually pretty decent imo, because not that many people smoke it compared to cigarettes and alcohol

[@benedictmarshall7031]

Other than taxing the super-rich, how about a tax on SUVs! They are obscene, and clog the streets.

[@natwally7869]

Or, and I know this is a crazy idea, the government could do a proper job of reviewing the existing expenditure and reducing it significantly.

[@EdinburghExile]

We should be levying a property tax. 1% on properties over £1m would raise anywhere between 5bn and 10bn. Sure, it may force some old people to sell their massive homes. But, you know what, there's a housing crisis going on. Pensioners SHOULD be pressured out of oversized homes so that families can live in them.

[@looseycanon]

Geezes, how about putting pressure on the private sector to start rapidly raising wages? That's income tax revenue going up, because economic activity would finally kick off!

[@digimanga]

What a time to be alive, tory austerity leading to the legalisation of weed 😂

[@nickdc1987]

Any wealth tax would have to also apply to businesses too. In fact the business one is more important. Even Luxembourg has a Net Wealth Tax (NWT). There’s a minimum payment, and it is subsequently charged on any company with a NAV over a certain threshold (with exemptions for certain fund structures), meaning it doesn’t damage the fund industry and doesn’t touch small businesses. The U.K. could easily copy and paste this simple tax into its own code and raise a ton of cash easily. And if you think Luxembourg is a tax haven, have a think about how its taxes are higher than the UK’s.

[@declangallagher1448]

Legalizing and taxing weed would be

[@comparethequeercat]

Sadly starmer has specifically said it won't happen. Also said the smell of weed is "ruining people's lives"

[@chiefbeef9905]

​@@comparethequeercatmost people in places with it legalised have THC vapes, not actual blunts so the smell wouldn't really be an issue. Only reason people buy blunts illegally here is because there's a decent chance a THC vape has battery acid or some other shit in it that could kill you. Not to mention edibles which obviously don't smell. In practice it'd be completely overshadowed by how much vapes you smell

[@comparethequeercat]

@@chiefbeef9905 Oh trust me, I know. Starmer is full of shit.

[@foreveremoatheart]

This is the thing with wealth tax, those people will simply just move their money into a foreign account, cause they can afford it, or simply just move country. There are many many ways to get around wealth tax, which is why its so so hard to enforce it

[@Andy-oc3ew]

My wife and I work all over the world for a large consulting company. We easily spend more time out of the country than in it, but it has always seemed right to call Britain home and pay our taxes here. We know a lot of people like this. I think l am done with this shit and will be registering residency in Dubai, I spend half my life in UAE. 0% income tax.

[@StevenCrown-x9t]

Finally a presenter who speaks slower and takes breaths. So much easier to understand and didn't find myself rewinding constantly to keep up. Handy for us whose first language isn't necessarily English.

[@brendanwiley253]

Capital gains tax isn't taxing wealth its pretty much the sales tax for selling stock. Unless Britain is different from America then you don't get a bill from the government for just buying some shares and sitting on them, you only pay tax when you sell the stock which is actually able to be calculated because money is changing hands so you can take a percent of it. A wealth tax is just the government saying "hey I know you paid tax when you bought all this stuff, but what if we said you have to pay us for the privilege of getting to keep that stuff you already own."

[@daspeed198]

Best thing for us commoners is that we don't have to pay tax on any capital gains from stocks if you use a stocks and shares ISA

[@tulliusexmisc2191]

No, Britain is not different from America in that respect. Capital gains tax is a tax on income.

[@daspeed198]

@@tulliusexmisc2191 I know it is, I said I don't have to pay it because I use a stocks and shares ISA

[@sigurdbigset]

Do all of them!!

[@mattbennett7036]

Legalising weed "wouldn't raise nearly enough money"?! Yeh but it would raise 3.5 billion every single year.... and that's 15% of the deficit sorted!? Not bad going for a policy which would come up against little resistance.

[@1697djh]

Stop giving them ideas, actually I am sure the Labour regime have already composed their budget.

[@davidsworld5837]

may be a new tax on breathing is an idea

[@-M_M_M-]

Wealth taxes popularity can only be explained by financial ignorance and envy

[@AlexandertheGreat332]

Reduce alcohol intake so in other words discourage spending on something that is more taxed than weed probably would be

[@t4404]

remigration is inevitable

[@Aubrey2004-j4k]

😂you just spam comments like this everywhere, to unrelated videos???

[@t4404]

@@Aubrey2004-j4k it's inevitable

[@FakenameStevens]

Could you make a video on why after all the austerity of the tories, public services are still really bad in a £22 billion black hole? That's insane. All the increases in taxation and government state of public services is probably the worst in its aggregate in history? What is going on?

[@Andy-oc3ew]

It’s simple, the economy has barely grown in over 15 years but spending has increased. National debts are not really paid back, a country grows out of them. If GDP does not increase the debt never reduces and the payments become unsustainable. The only way out of this is to grow the economy and you can’t do that with taxation as it discourages investment, tax breaks encourage investment. This isn’t just a Tory problem, Labour are making the same mistakes as the previous government by not encouraging growth, stop thinking of this as a Tory vs Labour issue, they are both as bad as each other.

[@BoredomIncarnate1]

I don't see how a poor pensioner in a big house could have £10 million in assets. These people that they're worried about hitting with a wealth don't exist, plus surely you'd exempt the primary residential property.

[@ThomasBoyd-x3x]

Awesome. Brilliant content. Excellent video. Cheap energy bills France £1100 per year Thomas. England London United Kingdom £1710 per year. Don't know what Germany or Austria energy bills are more expensive than France.

[@RickProcterLane]

I’m a huge supporter of cannabis legalisation and tax, I’ll say that.

[@JohnGrenadian]

Windfall taxes on the energy companies, banks and the billionaires would solve most of labour short term fiscal problems.

[@HungoverHistorian-zf6gi]

2:56 the problem with one-off measures is their tendence to become regular once they’ve been implemented. Also taxing savings from an already taxed income is not very fair. Moreover, it doesn’t help redistributing wealth, and Brits with their sky-high inheritance tax system and entrenched upper class should know that well.

[@SamUploads420]

I have a private medical cannabis prescription in the UK (its called CBPM but its many varieties of flower) - that market alone is set to exceed and massively but needs significant reforms and deregulation, the Uk must legalise homegrowing, clubs, supply and possession.

[@SamUploads420]

Just to add this is an area which is set to continue its global expansion and represents growth opportunities ranging from biosciences, tourism, culture. I like to compare recreational to craft beer, speciality coffee and products you might see at a farmers market. Other countries are leaving us in the dust on this.

[@raymondsmith9886]

As an American, I I thought they were going to say they were going to have a wealth tax on people who make over a quarter million dollars. 10 million seems very reasonable

[@Andy-oc3ew]

There is already a wealth tax on people earning over £125,000, about $175,000, it’s a 45% income tax. It makes you think it’s a bit of a waste of time making the effort especially if you throw in a new wealth tax on top. Luckily a lot of businesses are international now and well paid highly qualified professionals can live in one country and work in another.

[@Adam-pk2te]

An internationally coordinated and enforced wealth tax would work

[@owenthomas5103]

Keep quantitative easing but spend it on things that help everyday people so they can stimulate the economy.

[@gwina64]

A wealth tax will work if you fund the hmrc property, you put a little money their, they increase staff and suddenly they’re able to root out a lot of people who have misrepresented their income, it will pay for itself

[@Aubrey2004-j4k]

Hrmc is seriously understaffed

[@As_Sulay]

5:46 🗃️🛃🛂🇺🇳 5:55 📰📋🛎️ inquisitive and eligibility 6:05 6:19