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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think the world should have a 100% tax rate

215 replies

notanothernamechange24 · 21/05/2026 22:27

On anyone with assets or income over 1 billion pounds. Nobody needs to hoard money / wealth to that degree. There is no justification for it.
The world would be a far better place without billionaires let alone trillionaires.

I know it will never happen. But it should. AIBU?

OP posts:
Nogreenskittles · 21/05/2026 23:56

Clowningaroun · 21/05/2026 23:49

I mean there are many economists who would disagree with you op!

Show quote history

And many other who would agree!

there’s a very wide range of views among economists

Original poster
notanothernamechange24 · 21/05/2026 23:55

Whatifitallgoesright · 21/05/2026 23:41

Already there are people who are not taking promotions because it would put them into a tax bracket which wouldn't benefit them at all so because they will stay longer in their postions other people trying to progress in their careers find themselves hitting against a brick wall. As trickle-down goes it hasn't got the best odds.

Maybe. But that is an entirely different situation.
If someone is turning down a promotion solely because of the tax implications it will most likely be because they will have a net loss overall. And that loss will have a negative impact on their lifestyle.
A billionaire is not going to have a loss to the extent that their lifestyle is compromised. These are people who have so much money they never have to think about money again. They couldn’t spend it all even if they tried.

Billionaire are passively earning more money every day than most will in a lifetime. How is that ok?

OP posts:
Clowningaroun · 21/05/2026 23:49

notanothernamechange24 · 21/05/2026 23:39

But that’s a nonsensical argument. These people will not suddenly stop earning money or gaining wealth at the point they hit 1 billion. Thats not how it works. The interest alone is massive.

And there is a huge argument that many of these enormous corporations are not healthy for the planet or humanity.

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I mean there are many economists who would disagree with you op!

Whatifitallgoesright · 21/05/2026 23:41

Already there are people who are not taking promotions because it would put them into a tax bracket which wouldn't benefit them at all so because they will stay longer in their postions other people trying to progress in their careers find themselves hitting against a brick wall. As trickle-down goes it hasn't got the best odds.

Original poster
notanothernamechange24 · 21/05/2026 23:39

tttigress · 21/05/2026 23:32

Have you heard of this thing called the Laffer curve?

If you tax at 0% you will get zero tax, if you tax at 100% you will also get zero because why would anyone work/take risk in order to get nothing in return?

But that’s a nonsensical argument. These people will not suddenly stop earning money or gaining wealth at the point they hit 1 billion. Thats not how it works. The interest alone is massive.

And there is a huge argument that many of these enormous corporations are not healthy for the planet or humanity.

OP posts:
Nogreenskittles · 21/05/2026 23:35

Dunnocantthinkofone · 21/05/2026 22:30

Well, what incentive would they have to build companies that employ hundreds or thousands of people in well paid positions
Yanbu to think no one needs billions but deprivation of assets is a daft idea in a capitalist society

I always think this is a bit of a nonsense argument. Do you seriously think every entrepreneur is just going to give up in case they become billionaires?

Lots of people give their all to a business for reasons other than money. some noble reasons - others not.

A lot of it is mindset. A lot of these mega rich tycoons are actually quite emotionally stunted and would actively benefit from not chasing money and focusing elsewhere.

i think we should adopt the ancient Greek attitude to taxes- people actively sought to pay more tax because it brought kudos and status. We need people thinking like this rather than trying to hoard it

tttigress · 21/05/2026 23:32

Have you heard of this thing called the Laffer curve?

If you tax at 0% you will get zero tax, if you tax at 100% you will also get zero because why would anyone work/take risk in order to get nothing in return?

minipie · 21/05/2026 23:31

Agree

Have we all been watching Elon Musk by any chance…

Original poster
notanothernamechange24 · 21/05/2026 23:25

LettuceAndCarrots · 21/05/2026 23:12

I actually agree with you. I think one person owning more than the vast majority of countries is morally wrong and dangerous in terms of power. The top twelve billionaires own more than the bottom half of all humanity - more than 4 billion people.

No one needs that much money. I don't believe that their businesses bring more benefit to humanity than greater equality would. I think people struggle to envisage how much money a £ trillion is. If you spent £1million a day, it would take over 2700 YEARS to spend it all.

I don't believe that these people would stop work if they were taxed at 100% over 1 billion. They don't need to earn any money already, they could retire tomorrow and never spend it all. They must either be motivated by something else, or be hoarding money for the sake of it in which case it's doing no-one good.

and any one of those 12 could feed the entirety of the 300 odd million people who are starving in the world. They wouldn’t even notice the cost. It would be small change to them.

OP posts:
LettuceAndCarrots · 21/05/2026 23:12

I actually agree with you. I think one person owning more than the vast majority of countries is morally wrong and dangerous in terms of power. The top twelve billionaires own more than the bottom half of all humanity - more than 4 billion people.

No one needs that much money. I don't believe that their businesses bring more benefit to humanity than greater equality would. I think people struggle to envisage how much money a £ trillion is. If you spent £1million a day, it would take over 2700 YEARS to spend it all.

I don't believe that these people would stop work if they were taxed at 100% over 1 billion. They don't need to earn any money already, they could retire tomorrow and never spend it all. They must either be motivated by something else, or be hoarding money for the sake of it in which case it's doing no-one good.

Dunnocantthinkofone · 21/05/2026 23:11

I mean most billionaires don’t pay tax anyway at anywhere near the rate of ordinary people. It’s all non dom and legal loopholes

Original poster
notanothernamechange24 · 21/05/2026 23:10

anonamouse1234 · 21/05/2026 22:42

But income tax with a 100% rate for those with assets over £1bn would raise £0. Nobody would bother to earn anything as they would get nothing from it. Not better to let them earn the money and they 45% tax to support govt spending?

But they will continue to earn over that rate. The interest alone would be bringing in millions a year. When you have that level of wealth it just increases.

OP posts:
anonamouse1234 · 21/05/2026 22:42

But income tax with a 100% rate for those with assets over £1bn would raise £0. Nobody would bother to earn anything as they would get nothing from it. Not better to let them earn the money and they 45% tax to support govt spending?

Original poster
notanothernamechange24 · 21/05/2026 22:35

Business can be owned by multiple people. It would restrict an individual owning more than 1 billion worth of shares in said company. It would encourage greater cooperatives. Arguably it would be in the interest of most businesses of that sort of size, to be owned and managed by more than one person

OP posts:
Dunnocantthinkofone · 21/05/2026 22:30

Well, what incentive would they have to build companies that employ hundreds or thousands of people in well paid positions
Yanbu to think no one needs billions but deprivation of assets is a daft idea in a capitalist society