The Money Podcast TAX IS DAYLIGHT ROBBERY | A Money Expose with Dominic Frisby
Rob is joined by the comedian and author of Daylight Robbery Dominic Frisby in this episode. Dominic exposes tax, talks about who actually controls your money and reveals why all billionaires are psychopaths! Listen in to this conversation with Rob and Dominic and learn the truths you need to know to protect you and your money.
KEY TAKEAWAYS
- About 50% of your lifetime earnings will be taxed, with income tax being the biggest.
- Most government services, including healthcare and education, could be better provided at a lower cost and higher quality by the free market without government involvement.
- The current tax system should be replaced with a flat rate income tax of 10-15% and a land value tax, which would create a healthier relationship between citizens and government.
- To achieve political change, we have to look at new technologies and frontiers rather than relying on the current political system.
- The rise of digital wealth has outpaced the growth of the physical economy due to its scalability and less heavy regulation, leading to the rapid growth of tech billionaires' wealth.
- Governments have become bloated over time due to wars and currency debasement, with tax revenue as a percentage of GDP increasing from around 10% in 1900 to much higher levels today.
- The wealth of Russian oligarchs is mostly built from commodity wealth seized during the fall of the Soviet Union, while the wealth of tech billionaires like Elon Musk is more digital and less tangible.
- Imposing windfall taxes on corporations during times of high inflation is not a solution, as the real cause of inflation is money printing, supply chain disruptions, and geopolitical events.
- To protect your wealth from inflation and the erosion of money's value by the government, consider keeping your money in gold and bitcoin rather than in government-controlled currencies.
BEST MOMENTS
"Over the course of your lifetime, roughly 50 per cent of everything you ever earn will be taken from you in taxes."
"Most government services could be better provided to a much higher standard, at a much lower cost, for a much broader section of people, if there was no government involved."
"I think to become a billionaire, you've probably got to be a little bit of a psychopath and have a ruthless streak to you. But also billionaires create wealth."
"Voting has no impact."
"You know, they say money makes the world go round, but taxes defined history."
"If you keep your money in sterling, you're endorsing the system. Whereas if you keep your money in non-government assets that have no liability, then you're getting your wealth out of the system."
VALUABLE RESOURCES
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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”
CONTACT METHOD
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