To think the world should have a 100% tax rate

[notanothernamechange24]

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?

What are you on about, if you are a billionaire where's your moral compass. I linked the article where the Danish multi - millionaire is arguing for wjatbis morally correct.

You've literally just demonstrated how the Laffer Curve works! If you increase the tax rate the positivity decreases into depression and doom and gloom. which you just did.

Brilliant.

Interest is taxable income though…? In your worldview, the interest too would be taken off them

Winner of the most ridiculous post today.

Or do you lose the argument for just asserting “if you quote XYZ you lose the argument” without any rationale?

And can you explain why the existence of billionaires is not consistent with the future of the planet? Wealth inequality has existed for a very long time (see Romans etc) and is a result of capitalism. Is your logical argument that only communism is consistent with a future of humanity?

So is the planet just for the ultra rich to decide over or do other human beings get a say. Obviously, unfortunatel, in 2026 money talks the loudest it has ever been but that is completely morally repugnant.

And it doesn’t work from a “moral” perspective either

The planet belongs to all of us not just the few. How anyone can argue for the morally repugnant alternative is outrageous.

This thread immediately highlights the folk who have no fcking idea what a billion actual means 😖. What do mean "no incentive to earn loads of money" - you can't ethically earn a billion quid through hard work, bffr - a million quid yes, different, but not a billion. Be serious 😩.

But are they employing people in 'well paid positions' or are large numbers of their staff working for the minimum wage? Perhaps the tax rate should be 100% above £1 billion, but that rate is reduced if they prove that ALL employees are actually well paid - the better paid the employees, the lower the tax rate. That way, more people are earning enough money not only to pay the bills each month, but also to pay back into the economy through additional spending - more people spending more money is definitely better for the economy!

Ask yourself if you’d work for nothing
we need to look at the rules that stop people working
like the ridiculous low amount of your only allowed to earn before careers allowance stops
and the magical 16 hours to get benefits
booths these need a taper rather than a cliff edge
people going over 100k they lose childcare so it’s not worth it they work less
all of the above force people to work less thus pay less tax

we need to look at the bottom of the pile not just the top

Get the tech bros wearing lil’ shiny badges “I paid £1,000,000 in tax”

Make it a collectables situation and they would lose their minds!

You say this while the UK news is currently reporting on a British MP having received a donation of £5000000, while his political party had previously received £12000000 from the same individual?

I'm sure he doesn't want anything in return for those donations, he must just have done it because he thinks Nigel Farage is a great guy.

The world is run by psychopathic megalomaniacs. The best you can hope for is that they become philanthropists in their older years and put their vast wealth to worthy causes.

When wealth inequality got too high in the late Roman Empire, the empire collapsed. Might be good to remember.

And this supposed to be evidence people are falling over themselves to pay tax rather than leave high tax countries? Ok then.

How would it be "moral" to take 100% tax to give it to some people who can work but don't want to?

I don't believe that every benefit claimant is genuine - far from it. What about tackling that lack of morals?

As for your arrogance in dismissing the Laffer Curve I KNOW it's true from my personal experience in 33 years working in HMRC.
There is a "Goldilocks" zone where the level of tax brings in the most Revenue. Go above it and the wealthy leave the country, and your Revenue plummets.

Google taxation under Labour in the early '70's when the highest tax rate was 98%.

So you think billionaires have no moral compasses and as such, we should behave the same and take all their money. Right o.

Well, the OP was musing on the concept of a worldwide tax, so unless Elon Musk does in fact move to Mars...

I agree that the principles that apply to people earning £100k don’t necessarily apply to billionaires.

Though regardless of the relevance of the Laffer curve I think it’s common sense that billionaires are going to give away assets rather than pay them to the state in tax. So this isn’t a tax raising policy but one that limits the wealth any one person can accumulate and effectively requires more diverse ownership of assets.

But a billionaire like J.K Rowling will hold the majority of her wealth in IP. She did earn that from writing novels. Are we saying it’s immoral for her to retain the IP in an asset she created and that she should be required to sell part of it to pay tax such that a pension fund or similar owns part of her work?

I would say most billionaires have created their wealth through selling a product which is in very high demand. This requires hard work but that isn’t sufficient. If you cap them at making a billion, they may stop developing their product at that point. And that could have meant we don’t have Microsoft, apple, Amazon, Tesla etc in their current state but a far less developed one (though some people may think that’s a good thing).

But there isn't a Worldwide tax nor is it remotely likely to ever exist so her whole argument is fatuous.

Can you articulate your argument? It doesn't make sense as it stands.

That's no reason it shouldn't be discussed.

I think the argument that we couldn't possibly even consider taxing the global super rich a bit of a cop out tbh. Once upon a time nobody could have imagined the existence of the UN, NATO or the EU. If an international defence organisation can exist, I see no reason why an international wealth taxation one couldn't.

One thing Britain as a country could do with doing though is looking at all our offshore tax havens, of which we have a disproportionate amount.

I agree that the whole concept of billionaires is obscene - the concentration of wealth and the inequity is mind-blowing. It is not millionaires and they are not on the laffer curve.

They are almost impossible to tax - Elon musk famously pays himself no income but instead gets banks to lend him billions against his company stocks to finance his lifestyle. So he and presumably most other billionaires would rather pay interest to financial institutions and opt out of society with the rest of us than contribute to the world their employees live in.

Hate posts like this. It’s obvious out of envy. I bet you say ‘eat the rich’ as well OP. Very childish