The Money Podcast 75 Ways You're Being Taxed (And How to Fight Back)
Rob passionately exposes the hidden world of taxation, revealing how we are all paying in at least 75 different ways! From VAT to "stealth taxes" on sugar, Rob breaks down why the current system is broken and proposes controversial solutions, including why you shouldn't take a salary. This episode gives useful advice on how entrepreneurs can navigate the tax system, maximise their earnings, and why flat-rate taxation could revolutionise the UK economy.
KEY TAKEAWAYS
- A flat rate tax of 20% across all income levels could attract more investment, encourage entrepreneurship, and generate more revenue than the current progressive system by bringing billionaires back to the UK.
- The current tax system penalises success through progressive taxation, with some brackets reaching 60% tax rates between £100,000-£125,000, effectively discouraging economic growth and overseas investment.
- Business owners should consider replacing traditional salaries with performance based commission structures to increase motivation, accountability, and potential earnings while reducing tax burden.
- Most employees are experiencing "Salary Stockholm Syndrome," becoming dependent on the perceived security of a regular salary while actually limiting their earning potential and paying the highest tax rates.
- Entrepreneurs can significantly reduce their tax burden by running expenses through their business, including hardware, travel, and vehicles, paying tax on what's left rather than the gross amount.
- Government inefficiency and complex tax codes are causing massive waste. Simplifying the system and reducing civil service bloat could improve economic outcomes.
BEST MOMENTS
"When you take a pound or dollar you might be left with 20 pence or cents. When you save a pound or dollar, you save the whole pound. So when you save tax, you save the whole pound."
"If you borrow a million pounds from the bank, you have the problem. If you borrow a hundred million pounds from the bank, they have the problem."
"Small businesses account for 55 percent of all the economy. That's just small businesses and small businesses are the ones getting hurt the most."
"Financial Stockholm syndrome is when you develop an addiction and a relationship with your salary, but your salary is keeping you broke."
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ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
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