Intro

This chapter examines the intricacies of implementing a wealth tax in the UK, revealing that despite public backing, the repercussions are complex. It discusses the economic principles at play, particularly the potential effects on investment and the economy, supported by international comparisons.

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Episode notes

Wealth taxes are all the rage as we approach an Autumn budget where money affi make for the Treasury.

75% of the British public want a wealth tax (2% tax on assets over £10 million) according to YouGov polling. Gary Stevenson, Dale Vince and the Patriotic Millionaires crew say it will raise £24 billion - so why doesn't the government just do it...

Dan Neidle is the UK's foremost tax expert - head of the Tax Policy Associates and formerly Clifford Chance's Head of Tax for 20 years. His tax vigilanteism led to the sacking of senior Tory minister Nadhim Zahawi. His organisation 'Tax Policy Associates' continues to go after dodgy tax schemes, creating more scuffles with some of the most rich and powerful in the UK.

We call him Professor (ta)X, some call him tax Batman.

In this episode we discuss a wide range of ideas - not just wealth taxes - but wealth inequality, populist comms and radical pro-growth reform of the UK's antiquated tax system.

P.S. for our leftist audience, we're not giving up on an internationally co-ordinated wealth tax.

We also hone in on a land value tax, supported by every tax policy wonk across the political spectrum but a big fat 0 politicians. Maybe the govt's mission really should be a housing-theory-of-quite-a-lot, moving with far more urgency and doing whatever necessary to upend the UK's supply problem.

But of course, the cost of that is votes - votes that virtually every party has deemed necessary not to challenge, leaving us with council tax home valuations from the 90s... It really is such a mess.

Enough of the doomerism. Hopefully this episode will leave you, like us, feeling a bit more informed about the shape of British tax policy and how we should be influencing the national conversation.

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Chapters

00:00 Intro

01:23 Will a Wealth Tax Work?

08:02 Are Millionaires Leaving the UK?

14:00 Wealth Tax vs. Economic Growth

21:12 International Wealth Taxes

26:53 Fixing the UK’s Boomer Tax Problem

31:58 Land Value Tax = A Real ‘Wealth Tax’

38:00 Farmer’s Inheritance Tax Solution

41:06 Why Politicians are Failing on Tax

52:55 Eradicating Tax Havens