I’m not defending billionaires anymore than anyone else, but take a look at wealth taxes elsewhere. They haven’t raised money, they have reduced the tax take. It’s a fundamentally stupid thing to do.
We have four choices:
Increase taxes - we’re totally maxed out. We cannot do this.
Grow the economy - we’re shit this. We incentivise people to stay at home with benefits. We haven’t been installing a work ethic. People are lazy and unproductive. NIMBYs are hampering construction so companies cannot build factories and offices here so invest overseas. Labour have made it expensive and risky for companies to employ people.
Borrow - see my first point above. Totally and utterly maxed out. We’re ’in Hock to the bond markets’ enough, without going in any deeper. 10% of the budget immediately disappears in interest payments.
Cut spending - Labour tried this but their own lefty MPs thwarted them.
Labour is walking a tightrope, trying to take small steps to make things better because that’s all they can do. The country is stuffed. We’re not going to get better public services until we cut the sky high welfare bill and inject some growth into the economy and they’re trying to tiptoe in that direction but it takes time.
Modt billionaires have a range of citizenships and split their time over a range of locations. One less week in the year in the UK is often all it takes to flip their tax residency to another country, exceedingly easy for them to do. THATS why Polanski is a grade A idiot. There are no quick fixes or easy solutions. If they were they would have been taken already. Get wise!