The News Agents Why we need to talk about wealth
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Sep 15, 2023 Exploring the prevailing economic scarcity narrative, this podcast challenges the concept and emphasizes the need for a fairer society. It discusses the disparity between wealth and taxation in Britain, highlighting the progressive nature of income tax. The inequity of wealth taxation is addressed, along with potential solutions like a wealth tax. The podcast also explores the impact of wealth inequality and the recent indictment of Hunter Biden on the White House.
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The Great Tax Con
- The UK tax system favors wealth over work, benefiting the rich and homeowners.
- This perpetuates inequality by taxing capital gains at a lower rate than income.
Sunak's Tax Rate
- Rishi Sunak's effective tax rate is 23%, lower than most Londoners.
- He earned nearly £5 million over three years, primarily from capital gains taxed at 20%.
Piketty's Discovery
- Thomas Piketty observed that wealth grows faster than wages, exacerbating inequality.
- This creates a rigged system where the wealthy continuously outpace those below them.