Pod Save the UK Why is it so hard to tax the rich? Would it fix our economy? With Gary Stevenson
Jun 9, 2024
Economist and activist Gary Stevenson discusses the potential of a 1% tax on the wealthy to reshape the economy. Cat Hobbs from We Own It talks about the failures of privatization in the UK, emphasizing the need for renationalized services. The podcast delves into nationalizing Welsh water, renationalizing British Rail, and challenging political parties to address economic plans before the upcoming election.
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From Expulsion to Top Trader
- Gary Stevenson was expelled from grammar school for selling drugs but later became Citibank's most profitable trader.
- He bet on the global economy collapsing due to wealth inequality and won, leading him to activism.
Wealth Tax Proposal
- Patriotic Millionaires advocate for a 1% wealth tax on individuals with over £10 million.
- This aims to address growing wealth inequality and its societal consequences.
Labour's Stance on Wealth Tax
- Rachel Reeves opposes wealth tax, potentially due to perceived unpopularity among voters.
- Some Labour members privately agree inequality is a problem but fear a wealth tax is not a vote winner.