Rishi Sunak's taxes - the REAL story

The rich own everything - but they hide it in their tax returns.
UNDERSTAND, SHARE & PUSH BACK
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Performed by Gary Stevenson
@garyseconomics

[@professoryaffle332]

Recently having had my first child really made "Tax the rich or your kid will be poor" hit hard.

[@Priest92]

Same man.

[@markfrancis5164]

It shouldn’t take a change in circumstances to see the unfairness. That’s just selfishness. It should be obvious from a basic perspective that the system is rigged for the elites at the common man’s expense.

[@robertbaldwin5771]

So now u r a dad and an active thief. Get a skill set that pays for yr child. No one owes u a living. And tell the govt to f*k off and let u keep your income

[@fawfulBeans]

I think it's a crazy and kind of chilling idea that he disclosed 2 million specifically because it's a poor man's idea of a rich guy's income.

[@rickymort135]

Yeah for me this the most insane take away. It definitely wasn't a random decision, he knew it would be in the news so he picked that number very carefully

[@mypointofview1111]

If you're making £1 million a week then £500,000.00 isn't even pocket money

[@aries6776]

@@rickymort135 Absolutely. Completely cynical.

[@JonathanLivingstoneUKSA]

The rich won't like you, Gary, but we do!

[@John-wf5if]

1) Gary is the rich. 2) He merely espouses simplistic remedies that appeal to simple minds. Nothing remarkable about his views, apart from the fact that they lack any degree of scrutiny past 1st effect thinking.

[@DarthFurball]

@@John-wf5if please expand further on the 7D chess effect

[@DeputyChiefWhip]

The rich are a mixed group, there's quite a few that say they want taxing, I believe the movement is called "Patriotic Millionaires". If only all were like that.

[@Roberta80]

You won't get a coherent response. It's a troll.

[@seawavechau]

I am rich and I like him. I don't mind being heavily taxed as long as I and my next generations remain rich enough to control and exploit the middle and working classes. It's the moral responsibility of the rich, as I learned from my parents and grandparents, to be looked up to.

[@austinsideburns]

Such a powerful message... "when I say tax the rich, you hear tax me", that's it in a nut shell.

[@SK-vg3mw]

That’s how it always ends up. When taxes become too high, rich people just move to another place, but poor will remain paying them, because government will not decrease it’s spending and money will have to be taken from somewhere

[@metsfanal]

Oh yeah? What about property tax? They can move out of the house? Good more supply for normal people. They can move out of taxes on stock trades? Okay don’t trade stocks then. There are ways to tax rich people that they can’t get away from and wouldn’t affect average people.

[@SK-vg3mw]

@@metsfanal Maybe just get yourself busy and earn your own money? Why do you have to be a parasite and live off someone else? There is enough money in the world for everyone, you just have to earn it!

[@Climate.Realist]

Yep. The conservative parties all over the world made this very clear. When the left asked for higher taxes on the wealthy, the loopholes for the upper 10000 stayed in place, but the taxes rose for the middle class. That's why I was for a very long time very hard against higher taxes - because I know I can't afford higher taxes without changing my way of living. But we need higher taxes for the upper 10000. They are the black holes of society. They have so much wealth that it won't be lost.

[@Himself2019]

Get yourselves a democracy not a political system run by wealthy elites for wealthy elites 😎 🐝 Free

[@harrylong2796]

"the poor see themselves not as an exploited proletariat but as temporarily frustrated millionaires"

[@davebento1548]

Credit - Steinbeck

[@John-wf5if]

This seems preferable. Why see yourself as permanently poor. Nothing wrong with aspiration!

[@eldrago19]

​@@John-wf5ifwe could aspire to build a better world for everyone.

[@jbock2753]

No the poor are told they are not exploited and that they are actually the next potential millionaire. By the people who are exploiting them making billions at their expense. the whole house of cards is stacked up on the inherent greed of human nature.

[@WarrenPeaceOG]

Ragged trousered philanthropists

[@hilaryporter7841]

That dip into medieval history to illustrate your point was brilliant Gary, especially as we have fallen so helplessly into the 'technofeudalism' that Yanis Varoufakis has so accurately described.

[@billB101]

I loved Yanis's book, great read.

[@dimwoo]

"Feudalism" leapt to my mind watching this video. That's where we are now.

[@Fillup82]

The U.K. has never not been feudalistic. It literally still has a king.

[@annepoitrineau5650]

@@Fillup82 Sweden Norway and Denmark are monarchies yet are not feudalistic anymore.

[@Gumardee_coins_and_banknotes]

@@Fillup82 The Nederland, Switzerland, Venice, Pisa, Genoa were republic at some points but were still feudal for alot of their time period.

[@stephencorkery3567]

You’re quite literally the only economist I’ve ever heard that makes actual sense about the state of affairs in this country and how it really works behind the scenes. Just got the book yesterday too btw after seeing your interview with James O’Brien. Keep up the good work.

[@Gold.Circle.]

He teaches you nothing

[@JimmyTheGiant]

The comparison to the merchant class marrying into aristocracy is so accurate, another banger Gary!

[@LxftRxght]

Hey Jimmy! Love your channel, bro.

[@DeputyChiefWhip]

💯

[@annepoitrineau5650]

Gary is absolutely correct, but there comes te human factor: Catarina de Medici was very jealous of her husband (and used clairvoyants etc), and while she was fully on board with her family's interest, she also acted for her idea of France and protected her sons. Likewise, Rishi has found himself to be unable to withstand the stress of the position of PM. I think he is damaged goods, not that I feel any pity, but I expect some unravelling.

[@KINGCABA-if4nk]

Interesting only 4 more days later you created a video about great British class system survey.

[@Hali88]

just watched your video on class, a great companion piece to this video

[@imfreetoroam3764]

Why poor people vote for the rich, is the real phenomenon we should be looking at....

[@benrobinson1648]

Agreed 👍

[@JoinTheBlocks]

Easy answer to this one .... The Sun, The Daily Fail

[@joelmendes4506]

people dont vote for the guy, they vote for the party.

[@Brokout]

Because it’s easier to believe in a seductive fantasy than deal with the harsh reality of classist society

[@mrECisME]

So would you vote for someone from a council estate that works in a warehouse?

[@johnwright9372]

Rishi Sunak has never disclosed his assets. The Cabinet Office refuses to publish them. His wife and father in law have interests in companies which receive government contracts. No conflict of interest then..

[@mrECisME]

Literally every single industry gets government subsidies and government contracts. It would be basically impossible to invest in any company that doesn't.

[@Jambozal]

​@@mrECisMEIndustry, perhaps. Individual companies? Not so much.

[@user-tb9yp8rr5w]

They own the England and the British

[@19rudy73]

@@mrECisME Literally every other company doesn't have a Prime Minister connected to them involved in the allocation of those subsidies refusing to be transparent about his assets, now do they? Stop making excuses for the elites. They wouldn't even take the time to piss on you if you were on fire

[@NS-wy6dl]

Why should he !!

[@agapitoliria]

I have heard it from lots of people, thought of it myself when I was very young: "This doesn't affect me, I'll be rich in some years, I'm not like the others, I'm more disciplined/intelligent/hard working". You got their strategy right in this video. Thanks for what you do!

[@b00ts4ndc4ts]

But dont you think it's a bit two faced what he is doing? He's on here telling people where everything is going wrong but he's still invested in the idea of it.

[@philipoakley5498]

Yep, the belief that we (you & I) are above average, often because we compare ourselves to the 'wrong' people ;-)

[@Ultravis66]

A lot of young Americans (mostly white people), think like this.

[@philipoakley5498]

@@Ultravis66 isn't that the American dream/expectation/disinformation... A rework of the class wars in UK/Europe. It's the minions' problem....

[@mooganoid]

"...how the media completely bought it..." Not only is this a superb education by a superbly knowledgable gent, there are also extremely valuable insights that ALL SHOULD KNOW. A brilliant ending too. Thank you Gary! Love your work.

[@DileepaRanawake]

Here's what I think the solution to inequality and falling living standards is; 1. Tax Wealth NOT Work. 2. Fix private the public services, that siphon Taxes into the hands of the wealthy via profits, whilst not delivering services / decent wages. 3. Proportional voting system - to ensure we can choose to vote outside the corrupt parties and people like Gary could run for PM. 4. Transparency on funding for political think tanks and political donations - politicians should have to wear their sponsors like F1 drivers, on their suits. 5. Better national metrics everyone uses to measure the success of our politicians - we need to measure the end goals - Health, Happiness, Vertical mobility, and cut our fixation on the economy and growth (which are simply a means to an end, not the end). Would love to know what people think / if there are any big holes here.

[@CuriousCrow-mp4cx]

It's a good start, but we the people have to change too. Voltaire said "People will cease to commit atrocities only when they cease to believe absurdities." And over nearly the last 5 decades we have committed several atrocities on ourselves and others, because our priorities - individually and collectively - are misplaced. All priorities bring problems, but if you end up resenting dealing with those problems your priorities bought with them, that's a sign you've got the wrong priorities. And resentment driving our politics now. And that resentment leads us to cling to blame, which changes nothing, instead of being accountable. Not only should our politicians be accountable to us, but we need to be accountable for how we contributed to our issues. We're more divided and isolated from each other and the world around us because we haven't been honest with ourselves. Yes the plutocrats and their bought politicians deceived us, but we wanted to be deceived. We wanted not to think about the consequences of policies executed by politicians we voted for that were not only counter-productive, but corrosive, harmful, and pointlessly cruel. People stood by as different groups wet made scapegoat of the week, not realising that was a beast that would eventually consume them. The poor, the sick, and the disabled, and the elderly were thrown under the bus. Then the working class, and now the middle class are now going under, all because plutocrats want more assets, and their banks and corporations they own want more profits. And they resent anyone who stands in their way of those goals. Time to be honest with ourselves, or nothing can get better. Time to accept that the plutocrats see everyone but themselves as a means to an end. And if we keep on pretending that isn't true, things will only get worse. If we want to keep the pros of capitalism, we have to take responsibility for its cons, and it's conmen that come with it. They depend on Society being organised and well-run enough to clean up after the messes they leave as they make their wealth. Well, There's a price for that and that is taxation, entailing redistribution of wealth when capitalism and its markets fail to adequately distribute assets, services, and commodities that are needed by everyone. We need to stop running our economies as if they were branches of Red Lobster, where the plutocrats consume numerous portions of fare, and leave little for the needs of those making it possible for them to eat as much as they can.

[@PaulStargasm]

Those all seem like fair demands. Nothing unreasonable, unless you're a Tory of course!

[@DileepaRanawake]

@@CuriousCrow-mp4cx thank you for such an eloquent and thoughtful reply. Love the Voltaire quote. Any thoughts on things like democratic socialism e.g Allende /Chilean Socialism etc? For me the way we fix corruption is through democratic and de-centralised planning. Though it seems like we need some stepping stones to get there, which is why I think, as Gary once suggested, fix the system's problem (distribution in Capitalism) is easier than parachuting a new system (as that requires people to change minds = slow). So for me it's about stepping stones. I'd love you to prove me wrong though / share any thoughts on how we can have a more equal, resilient democratic system that serves and improves the lives of the majority. Thanks again for sharing.

[@DileepaRanawake]

@@CuriousCrow-mp4cx another question is if there are any faster way's to re-equip out priorities to quote you on "our priorities - individually and collectively - are misplaced". A very salient point there, just not sure on how this can be solved. Thanks again.

[@DileepaRanawake]

@@PaulStargasm thank you Paul 🙂 please let me know if there's anything you suggest / big problems that create inequality I've missed / doesn't solve (I'm trying to prioritise the big ones and the big actions). Haha most definitely am not a Tory, think I'd rather go and get myself a pint of some lovely Thames water... Feels like this country is up shits creek at the moment...and rapidly sinking deeper, so trying to figure out what to do about it.

[@rnulfschmer7537]

What I got from the italian rich family comparison is that basically, Rishi doesn't go into politics for himself, but instead he's a tool for his father in law to influence policy. The power dynamic inside their family leave Rishi with several superiors, of whom he is much more dependent than the British public. So UK basically privatised itself.

[@ratsliveonnoevilstar1]

100% he’s in it for the contracts

[@towkukus]

Best comment here

[@Vroomfondle1066]

He's certainly a tool.

[@susanjeynes1712]

He's only ever been in politics in order to be able to service business connections/deals for his father-in-law

[@20165776YEAR]

and himself, his hedge fund invested millions in the early 2010's is a startup company that was never able to bring a product to market because their technology was too dangerous and toxic the one animal trial was so bad it states this cannot proceed to human trails. to this day this company has not been able to bring a product to market except for one which they were given an emergency use approval bypassing the standard quality and safety as the finance minister he appointed one of his friends from the hedge fund to be the lead on the countries plandemic response and as PM he committed billions of taxpayer money for the next 10 years to 'that' company which has never been able to bring a product to market and which he has a major financial interest in. do you know who that company is?

[@NS-wy6dl]

Why are the British so jealous of Rishi, he earned it so well deserved. All BRITS should work hard and taste the fruits of long hours, effort as well instead of hating rich people while holding a can of beer and cigarette !!

[@DSDJ1986]

​@@20165776YEAR I only found his father in laws infosys & Akshata's catamaran.

[@Roberta80]

​@@NS-wy6dl He earned nothing mate, he married into wealth as the video very clearly explains; his in-laws then used him to further their business interests. Try listening to the part about the Medicis.

[@susanjeynes1712]

@@NS-wy6dl Are you his mum?

[@ArtistSoftwareEngineer]

Do you know the sickest part of this? If you are on Universal credit - and have savings over 6k, the government tapers your benefits at a rate that de-facto assumes you can make a > 20% annualised return on it 😂 “Any capital/ savings you have between £6,000 and £16,000 is treated as if it gives you a monthly income of £4.35 for each £250, or part of £250, regardless of whether it does or not. So if you have £6,300 in a savings account, £6,000 of it will be ignored and the other £300 will be treated as giving you a monthly income of £8.70.” A *monthly* income of £4.35 on each £250! Show me the bank that’ll pay me £52 per year in interest on £250 and I’ll leverage everything I own. I can only assume every person on UC is balls deep in Nvidia stock then!

[@ArtistSoftwareEngineer]

@@peterdollins3610 No my figures aren’t wrong, sadly. What I put was copied from an official website, and it shouldn’t take much searching for you to confirm for yourself if you wish.

[@ArtistSoftwareEngineer]

@@peterdollins3610 www.nidirect.gov.uk/articles/what-will-affect-your-universal-credit-payments#:~:text=When%20your%20capital%20is%20%C2%A3,not%20entitled%20to%20Universal%20Credit.

[@peterdollins3610]

All kinds of very worrying implications to this. Especially as the Tories are moving to get the right to see everybody's savings in the UK. My bank has recently said they will no longer pay me interest--at 82--on the extremely modest savings I have.

[@ArtistSoftwareEngineer]

@@peterdollins3610 please consider moving your savings to another bank Sir. There are plenty now paying half decent interest. You can even set up regular savers etc. Of course, there are other ways to save … At 82, you’ll have seen the money system change in your lifetime. Let’s just say I’d be considering a golden future with a silver lining in your position.

[@CCP_Operative]

It's a joke. If I'm not mistaken a homeowner would have higher universal credit than someone who was saving a deposit up for a house😂

[@steveparker9546]

Trouble is money brings power and contempt for the masses

[@noneofyourbizness]

they are raised to have contempt for the masses. THE main messages pumped into their young minds from the first day at private schools is: 'you are special' 'you are tomorrow's leaders' 'that's not because you're privileged in the extreme (they can never admit that), instead they get it into the child's mind that it's all because the masses are 'lazy and stupid'.

[@lenevarc]

Starmer has enrolled Feargal Sharkey for the environment… I’d like him to enlist Gary to help with reforming the tax system!

[@farhiyadirir8497]

@lenvarc I wish starmer will do what is for the interest of the British public. He made lots of promises to Labour members to get elected. When he did get elected he broke all those promises. Sunak and starmer are protecting the interest of the super rich. Please don't be the Turkey that keeps voting for Christmas.

[@fraserduthie5853]

Lobbying and HUGE donations to parties by wealthy individuals should be clamped down on, this is legal bribery. Donations by one individual should be limited so that donations can't or have significantly reduced influence on national policy.

[@BarryDiegoLondon-cy9ij]

You called it on inflation reducing, Rishi took the credit again, and think it's enough to call an election!

[@alexs2985]

Tbf everyone called it

[@BarryDiegoLondon-cy9ij]

@@alexs2985 and I've left this same comment on everyone's KZbin channel also 🥱

[@arisdavid8193]

He didn't. Every third Wednesday of the month, economic forecasts are published on GOV UK site. The CPI expectation was 2.1%. By looking at that figure, most people already know inflation is expected to come down. When inflation figures came out, they were off by .2%. 2.3% actual vs 2.1% expectation but the most important takeaway is it's been trending down.

[@bearwynn]

​@@arisdavid8193that's a really roundabout way of saying that Gary called it

[@annepoitrineau5650]

Rishi took the credit for something he did not do. He called an election because he has had enough. This is the weak link: he is a human being and it is easy to tell from his whole demeanour that he is not able to take it anylonger, even if he went it fully espousing the cause presented to us by Gary.

[@sandworm9528]

You're the man Gary, loved the book

[@alecjmccartney]

This blew my mind. I thought I already understood Rishi, but your explanation brought him into stark focus.

[@beachboy13600]

I have been waiting for years to hear someone like you talk..dont ever stop.

[@mattsennett]

I thought exactly the same too Gary around the tactical earnings. No doubt he is and always has been working to build a long term family legacy and not operating in the best interests of the majority in our country. His party never has and it's about time for change starting July 4th. Keep up the fight Gary 👍🏻

[@anantsingh1699]

Very well explained. I work in rishi sunak’s father in law’s company in india, Infosys ltd.the company has market cap of $71 billion !! He is one of the richest man in india.

[@davideyres955]

On the backs of paying his staff low money and undercutting British people in the IT game. I’ve seen their output, it’s not great.

[@anantsingh1699]

@@davideyres955 They don’t deliver because they don’t get paid enough. You get what you pay for.

[@stevosd60]

Ordinary families don't aspire to being wealthy they hope it will happen and so buy into the logic of low taxes while in fact they will never benefit from low taxes like the rich do.

[@jjefferyworboys8138]

I really don't care how much someone much wealthier than me benefits from low taxes as long as I also benefit. If they save a million and I save a thousand, I'm happy.

[@brokenrecord3095]

@@jjefferyworboys8138 yes but if they use that million to buy up assets (which they will, there's only so many cigars you can light with hundred quid notes and the rest of the money has to go SOMEWHERE) eventually they own everything and you wind paying your thousand to them.

[@ArchADB]

These people need to be brought to account. Literally

[@ArchADB]

@@CmdrTobs said like a kunt

[@calumroche2851]

Really interesting points on the Medici comparison, and the "tactical" income to make that wealth look achievable.

[@jameseyk1]

Depressing but this kind of thing needs to be heard. Thank you and keep up the good work Gary.

[@TurielD]

Amazing that his invome was 2mil, while his net worth went up 130mil.

[@John-wf5if]

As a wise man once said: “If you don't find a way to make money while you sleep, you will work until you die.”

[@SEANPOL203]

@@John-wf5if He has got more than he could ever spend, he’s just a greedy man making the rules for the poor

[@jjefferyworboys8138]

@@John-wf5if He was absolutely right and I took his advice, did you ?

[@John-wf5if]

@@jjefferyworboys8138 I manage money for a living. Yes.

[@JohnEvans-vl5wo]

@@John-wf5if Very true. Guess Sunak has also found a way to make money from us while we're sleeping too.

[@Klerks47]

Gary you’re spot on as always! May I suggest that you should use the phrase “super rich” instead of “the rich” when advocating increasing their taxes to reduce wealth inequality. Ron Klerks

[@Dawb653]

Thank you for the explanation, it is awful to feel cheated but that is the world now unless we change it! I send you to all my friends hoping they will pick up your message.

[@mattwright2964]

Very accurate. This guy basically just says it as it is.

[@stevehodson2986]

The message of tax as a defense against the super-rich coming for all our wealth is very powerful, never heard it put like that before, but it's true. Great stuff brother keep fighting the good fight!!

[@user-gd6qm9qs6n]

Thank you Gary💗 Again and again you hit the nail on the head, and explain to us, the audience, how the extremely wealthy avoid being taxed.

[@rogermcnaught]

Probably your best video yet - drilling down into a specific case and showing what it means very clearly.

[@Bhodisatvas]

Speaks volumes that someone surrounded by so much wealth was not voted in to run the country by the people.

[@donnnaread6947]

When you have money you can buy anything and 99% of people, but not this lady xx

[@mikeowen1819]

no Prime Minister is voted in by the country. The leader of a political party with the most seats is PM by convention.

[@brittagavnholt5638]

Great example of rich people controlling the world - while hiding their true power in plain daylight. Dubious company structures are an important part of this scheming. Reading your book and circulating a handful of copies amongst family and friends🙏🔥

[@orangetara4268]

We’re not falling for it. Game over.

[@paulwheatley3017]

Well said Gary , it’s quite worrying as a parent what the future of my children will be . Keep up the good work we need you .

[@John-wf5if]

It is certainly worrying if you're in the UK. A nation in decline on nearly every metric.

[@WythenshawePhil]

Just tell them not to be poor.

[@John-wf5if]

@@WythenshawePhil Exactly.

[@user-ty2or1zp7k]

Gary do a video on if you became prime minister, your policys

[@DileepaRanawake]

100% this video needs to happen.

[@DileepaRanawake]

Maybe Gary is count bin face?

[@benrobinson1648]

Absolutely he should. That would be his best video yet by far I asked that question when he first started making videos

[@John-wf5if]

In essence - Tax the rich. Redistribute the wealth. Erode individual freedoms by growing the state and thus the power the state has over the individual. There is nothing extraordinary about his beliefs. He is a millionaire socialist - like so many of them - that would be immune to his disastrous views. Luxury beliefs in a nut shell.

[@craigjones797]

Yes!

[@DrDanWeaver]

Shared, saved and liked. I thought the same when I saw the reporting. Love you mate.

[@Dave-dt9ss]

Keep this kind of analysis going. I think it's rare to have someone from a working class background explaining economics. Good job.

[@MikeTPP]

Thank you for taking the time to share this! It's much needed 😊

[@DarthFurball]

The analysis is bang on. And here's another nugget - having worked with fund managers for wealthy "expats", the foreign asset and family distribution models are taught to their children at a very young age so that the concept and persona are ingrained.

[@fredsmith809]

He doesn’t turn up each day for the salary, that’s for sure.

[@SEANPOL203]

He turns up to be a rule maker and keep the poor from rising the prosperity ladder

[@momentumstocks3493]

Set up deals for his companies

[@nonefvnfvnjnjnjevjenjvonej3384]

wonderful analysis. great tying up the thread at the end.

[@davidjames2910]

Sunak's tax return isn't supposed to give a holistic view of his and family's wealth, just his own transactions in the year.

[@booms7258]

Very good video, spot on.

[@joss8558]

Fascinating. I don't think it's as simple as you make out though. We can't tax Rishi Sunak's wife's wealth, it's not within the UK's grasp, and it never has been. The very rich have total flexibility as to where they keep their wealth, and themselves. They can avoid countries that attempt to take larger slices of their money.

[@tomwright4689]

Very true

[@jfrith7699]

Another brilliant explainer, thank you! I've shared this with my family. Wrote to my local MP too last week too, about sharing your message! Great stuff, Gary!

[@RichardPonsford-kv2uy]

Gary, should be on a loop 24/7 on TV explaining this.

[@Skylark_Jones]

Thank you for everything you do to educate the masses on wealth and inequality Gary, you are a godsend.❤ Just to add: I find the whole thing of wealth inequality fascinating and infuriating by turns. I yearn for a change in this setup. It doesn't help that everytime someone says "tax the rich" the response they get back from politicians and political pundits is that "It isn't feasible because there aren't enough of the 1%" or "They'll leave the country" or "It's the politics of envy"! Even after everything you and other wealth economists have said, This. Still. Goes. On. But given that time and again I've seen graphs that show the top 1% own vast amounts of wealth compared to the rest of us, it stands to reason that there is more than enough money to be got from them and that changes to the tax avoidance system of loopholes could make a real difference. If all countries signed up to a deal that says "Nowhere to run, nowhere to hide [your taxes]" then there'll **be** no escape from paying their fair share.

[@janewayles499]

The EU have why do you think the rich right wingers wanted Brexit

[@nickcryptopuna2736]

Fantastic book and fantastic information.

[@callumtyler686]

The worst thing of course is that these people will borrow money against the value of their assets to acquire even more assets and loans are not taxable income

[@biffotube]

Best so far Gary! This is GOLD. KEEP IT UP!

[@jeremyanderson8433]

Good stuff man - please keep it up!

[@CristinaGomes-qo3vu]

So clear and easy to understand - Thank You!m

[@leviathon2]

It's great that you are explaining this because it's obvious that the majority of people have no idea how real wealth works. This knowledge is crucial in changing the system.

[@chrisyates2591]

Well said and well explained Gary Keep going.

[@ilovedraw]

I’m not sure I understand. Sunaks reported wealth is 500m but that’s in shares that his wife holds in infosys. He doesn’t have 500m in cash and able to place that in fixed deposits and earn 25m per annum?

[@paulcoates3860]

Nailed it,...Best to date.....Rishi Read like a Book

[@JohnSmith-gy8rc]

You nailed it; first people go for money, then they go for power.

[@waggy007]

Sunak isn’t hiding his wealth here. His assets are just increasing, like our houses do if we own one. When he sells then he’ll pay tax.

[@paulronalddoe4548]

Spreading the word. Beautiful lesson today. Have you read up on John Hawkwood and Italy in the 13th century . Banking changed warfare .

[@kieranclark5192]

Well said Gary 👏

[@ceciliabrown3301]

Great post as always. 👍 Just finished your book. What a ride! Look after yourself, young man.

[@MrButtermunch]

Would love to see a Yanis Varoufakis collaboration, keep up the amazing work - nice no face hoodie also

[@arghjayem]

04:07 so glad you’re mentioning this. I tried to point this out to some on social media who claimed “oh but the rich (like Sunak) pay plenty of tax, more than you will ever pay” and went on to claim how we should be lowering taxes for the rich because it will encourage growth. I tried to point out the flaws to this argument- passive income not being taxed the same way as your salary is taxed, capital gains and how that only comes into effect when you sell your capital etc etc and this moron kept on insisting I was wrong and that multimillionaires and billionaires are essential for us and we need them so we need to make things easier for them! Crazy!

[@jackc6476]

Do you have a video suggesting how to effectively tax the rich? The connection between owning your home (or rather the rich owning it all your life while you pay the mortgage to them) and that taxing the rich means "me" has to be broken somehow. Keep up the great work, Gary.

[@thestretch]

This message is spot on. To the point and concise and shareable. Let's hope this gets some traction and people start to actually do something

[@tartantwinning]

Thanks for the video!

[@keithianlocke]

The "2.2 million" will only be the amount he had to pay any tax on. Whether that be at income tax or capital gains tax rates. It won't include any amount from tax exempt gains. One example can be any capital gains from UK Gov Guilt bonds.

[@KalpeshPatel-tq5jl]

Another great video Gary. Very revealing. As someone who has also come from nothing and done well - I completely agree with your honest views. But the billion dollar question is: how do you effectively tax these billionaires when they hold all the cards for avoiding every single tax.

[@markwilson4652]

It's great that you're getting your message out to so many people. Keep on explaining the situation of inequality and how the man in the street is getting a rough deal. Thank you so much for being a man of the people.

[@GordonDykes]

Perfect! I was waiting for this one. Because people don't know what you mean by 'tax the rich'. It so hard for normal people to have context. It's like talking to about the vastness of space.

[@katherinedd04]

Can anyone explain AMS120X?

[@HibijibiCraft]

Bot

[@deividasstutas475]

thanks for your education

[@kevin9sc]

Great insight Gary, the idea that he was branding himself as something to aspire to had totally escaped me. It is so obvious when it’s laid out. Thank you.

[@jamesevans8520]

Great video as always Garry. Thanks 🙏

[@corvus1238]

Thanks Gary. It's true, what we see is Sunak the Prime Minister. He isn't that at all, he's Sunak the super rich man, playing games with the plebs in order to serve his family. We have to make things change.

[@user-dh7gp9hu4w]

Keep plugging away Gary❤️

[@mattdoyle7513]

Keep doing what you’re doing mate. You put this important point across so well.

[@ianbaker8243]

Thank you for providing these insights. What you are doing is so important. Helping us see through the lies it is really appreciated.

[@micromachineswasgreatonseg9316]

Spot on

[@tileux]

Should be a deemed rate of income on assets that gets taxed, no deductions. And assets controlled via tax haven entities - that give the impression of no legal control - should be deemed assets for those purposes. I used to work as a lawyer with PwC and i know these games very well.. Youve got sunak right but you missed one thing. England has an historical apartheid between the anglo-saxon working class and the franco-norman ruling class. Sunak has never been part of the anglo-saxon working class. He came in as yet another freeloader into the ruling class of england. He didnt have to aspire to be part of that ruling class, like say, thatcher did. He was born to it. And they welcomed him with open arms.

[@zombiehunter170]

excellent video thank you Gary for the honest view

[@junaidarif9932]

Well done. U explain it so beautifully!

[@alastairhoffmann9079]

The issue with many ultra wealthy individuals and families is that they strive to be domiciled in the middle of the ocean, using extremely good tax lawyers etc to arrange their affairs, so limiting the tax they pay on income and gains in any individual domicile. What has to be rebuilt is the concept of responsibility - if you or your family hold British passports, or are regularly living and working in the UK, then you pay a fair share of your worldwide income in tax. The basic concept is easy to understand, but very difficult to define in the detail needed in tax law. Perhaps use a wealth tax based on estimated net assets where if your UK income tax & CGT paid does not exceed 0.5% of your net wealth then the balance is due as tax?

[@neilwhitehead166]

So obvious when you say it. Another great video to get the message out - we must demand the redistribution of wealth.

[@blackwavenoise]

There can only be one real goal with the conservative way and that is to control wealth and keep in within its circles. To them the country is a business that should pay out to its shareholders. The workers will get a bit, but don’t ask for too much.

[@s1perry]

This is so accurate! I had exactly the same thought when Rishi's income and tax figures were released - how is it all so low? Thanks for explaining this in an understandable way!

[@ericcookson168]

The Rebel Accountant's book dives into a lot of this. I picked it up from WH Smiths in the airport with the thinking it was the best of a bad bunch, turned out to be really interesting & opened my eyes to a lot of the tricks the rich use to keep their money.

[@andrewoh1663]

If they're not selling their assets, it's not 'income' because they haven't realized it. So they're not "hiding their income"

[@misterbarker]

I think you missed part of the message.

[@CheeseyMilkshakes]

Think you’ve missed the point lad

[@andrewoh1663]

@@CheeseyMilkshakes I think not sunshine

[@catherinenjenga5308]

Just came across this channel and I am already hooked.

[@thor.382]

Love this channel - puts everything in perspective Thanks Gary

[@shznn]

Pure gold

[@garyanthony5292]

The way to look at this would be to determine how many nepotistic contracts Infosys got from the UK Govt while Sunak has been in Downing St as chancellor and prime minister and what we need to be doing is tackling lobbying and insider dealing. They go on about monitoring the poor bank accounts when what we should be doing is monitoring the rich bank accounts for tax evasion and disallowing insider contracts by criminal convictions that include incarceration for the rich.

[@emoven369]

Projection

[@mbs7966]

Thank you for explaining this.

[@johnstath9666]

One of the best explanation of today’s world I’ve heard. Well done and thank you.