To think the problem with wealth inequality is that rich people don't know how rich they are?

They got that way through hard work. Even those who have inherited money, their parents will have worked their backsides off.

Success is earned. Many risks have been taken. Do you ever roll your eyes when a business owner complains about taxes? You shouldn't, because taxes have increased and many business owners have had to abandon their dreams, or worse, they've ended their lives, bringing major upset and pain to their families.

If you have a job, it's because someone worked their backside off and ploughed through several sleepless nights wondering how the hell they're going to pay their employees.

Don't belittle success, be inspired by it or fail. That's it.

Wealth and income are two different things. You can be high income but low wealth - e.g. families with high outgoings living in high cost areas. You can be low income but high wealth - mortgage free, lots of assets, working part-time or retired and living off savings/investments/pensions.

Currently, the high income person is the one paying most, if not all, of the tax in the UK in the above situation.

I previously lived in Switzerland, and they have a wealth tax as well as income tax, VAT etc. It is not just for very wealthy people - e.g. if you own your home, you are already going to be liable for wealth tax. Depending on which canton and municipality you live in, the amounts and allowances (deductions) are different, but it is usually progressive, and covers your worldwide assets minus debts. The wealthier you are the more you pay. Housing is not assesed at market value but to a formula well below this level. Pension savings and certain personal possessions are excluded. The rates are from less that 0.1% to just over 1%. Some rich people move canton/municipality to minimise this tax, e.g. Nidwalden or Schwyz, but if you're not from those areas, the main attraction is tax saving tbh.

Switzerland does not have IHT (abolished some time ago), but does charge income tax on bequests if you are not direct line related - so, children no tax, parents no tax, friends and extended family taxed by degree of relatedness. Before Covid I did a back of the envelope estimation on what a 5 pro mil (0.5%) wealth tax would raise in the UK . I came up with approx £45 billion per annum. Even if generous deductions reduced that by half it's a big chunk of money - annually!

The very wealthy would not leave if it's 0.5% per annum charge that everyone with wealth is expected to pay. It's charging multiple percentat arbitrary starting points (£10 million, £20 million, £50 million) that scares off the very wealthy. Switzerland is discussing this problem now, since the Young Socialists (far left) propsed having a referendum on bringing in IHT of 50% on people with over £50 million. The vote is at the end of this month, and the Young Socialists are likely to loose (barring a major upset), since the Swiss are very pragmatic, and do not want to kill the golden goose! Imagine the wealth tax those people pay every year! A few have been spooked and left already, so let's see what happens!

I'm not sure how thay can afford them...

Do you not know what "disposable income" means?

They can afford them. They just aren't swimming in cash. It's really not the same thing.

Then why are you on here bleating that they have no disposable income?

The problem with wealth inequality is that NOBODY should be having to sit in the dark under a blanket, or only making food that doesn't involve turning the oven on.

And equally nobody should be a tax-avoiding billionaire.

The system that enables these things to happen is at fault. The way that six-figure earners "feel" about their financial situation is kind of irrelevant to the actual problem.

Can't afford them though going by thier income/expenditure.

Then why are you on here bleating that they have no disposable income?

They can afford them. They just aren't swimming in cash. It's really not the same thing.

Can't afford them though going by thier income/expenditure.

And that’s what you are saying about someone whose income is spent on living in a basic two bed terrace, paying for full time childcare and travelling to work. What a sad state of affairs. They are contributing over £34k of tax and NI and therefore putting far more into the economy than they are taking out. But you still criticise them.

As for choices, no one should have children with the aim of them being supported by the state. But that is not is what happening here. Even if they got a reasonable amount of childcare support (as they would in the rest of Europe), they would still be contributing more than they take out.

Well the mantra aimed at UC recipients is " don't have children you can't afford". This is clearly the situation here. Having only £900 a month left to pay all bills including food, toiletries, cleaning products, heating, broadband, CT, clothing, etc means they are living well beyond their means.

Exactly - especially if we are talking about people on 6 figures, which is very disproportionately going to be in London, with a job that requires childcare until 6pm, i.e. costs continuing after school age (that includes knocking off "early" to be able to make that, so you look like a non team player not being able to take the 6pm calls...).

I disagree. People on 6 figures tend to buy bigger houses, have larger mortgages, live in more expensive areas which enable them to earn that 6 figures to start it. Yes it’s a ‘small violin’ situation but if they went round snapping up the 300k/400k houses, what would we buy? And like everyone else their lifestyles have declined in real terms. If you work hard and have high responsibility, like a consultant or surgeon or pilot, why shouldn’t you have a nice lifestyle?

Well that’s great for you. Some of my friends who stayed in the area that we grew up in haven’t paid for childcare either as their parents have looked after their kids. But it’s very naive to think that is an option for everyone.

Well that’s great for you. Some of my friends who stayed in the area that we grew up in haven’t paid for childcare either as their parents have looked after their kids. But it’s very naive to think that is an option for everyone.

I have never paid for childcare and I have two (now adult) children.

Oh, I’m not talking about me. Why did you think that? I can understand the position that some other people are in. I don’t just scream “rich, rich, rich”.

The figures I gave were for a two bed terrace. The sort of house that most reasonable people would not associate with being rich. And the £2k for childcare is at the lower end of the scale. Some of my colleagues are paying £3k for one child.