AIBU to think a 2% wealth tax on the rich is unfair?

[Mrspepperpotpot]

i just saw an article and petition from oxfam saying if we taxed the ‘super rich’ 2% it would solve a lot of problems. They were suggesting 2% on anyone worth 10 million. Everyone in the comments agreed

I just don’t understand this mentality. High earners are hit at every turn. They usually use private health and private schools, pay the most tax, get hit with tax on savings, IHT, land tax, pensions etc etc Why on earth should people earn money to be taxed on it, to then be taxed on it again and again.

Why do people begrudge others having money when they’ve worked extremely hard to get it? Why isn’t there uproar about benefits instead?

I know this will never actually happen but the amount of people who seem to want it to is astonishing

The French system is a tax on property. We already have that with council tax

Where does the money need to come from then?

A few comparable countries have tried a wealth tax and repealed it due to people leaving but Norway has increased theirs:

When the Labor-led government increased the tax rate to 1.1% in 2022, it triggered distinct waves of emigration. Dozens of Norway’s wealthiest tycoons—such as real estate and industrial billionaires—relocated to low-tax jurisdictions like Switzerland. 1, 2, 3, 4]
The "Working Capital" Dilemma: Critics argue the tax penalises domestic business growth.
Venture Capital Chill: Norway's venture capital funding as a share of GDP sits at half the level of neighbouring Sweden (which has no wealth tax), causing concerns that future entrepreneurs will build their companies abroad. 1]

Yet Norway manages to consistantly be in the top of the "best countries to live in" studies/polls/websites.

That doesn’t change the impact of a wealth tax does it?

It’s clear that it’s difficult to use without capital flight in whichever country it’s used. You have a lot of information available at to see it’s the case.

The Nordic countries also have higher and flatter taxes on the working class and middle class. VAT is really high as well. No minimum wage as well (though sector specific bargaining)

But Norway did it and people are happier.

Less social inequality makes us ALL happier. Research shows this to be true.

"people are happy" isn't really a good arguement

The Millionaire Exodus: When Norway's left-wing government increased the wealth tax rate to 1.1%, it triggered a massive exodus. Over 50 of Norway's ultra-wealthy individuals left the country—mostly fleeing to Switzerland.

Capital Flight: The billionaires who left took billions of dollars out of the local economy. Economists estimated that the resulting capital flight actually cost the Norwegian state more in lost income tax, business investment, and corporate tax than the wealth tax itself brought in.

Norway increased it in 2022 as put below. They’ve been happier longer than that.

There’s a push to change it because it’s becoming clear that people are leaving.

So you would choose to live in a low tax place with little social expenditure as opposed to a nation that tops quality of life tables ? All so some super rich can save a few bucks wealth tax ?

Yep. Norway is happier anyway. Causing capital flight isn’t going to make people say great.

If we did the same we’d lose people too, and our base line happiness won’t be helped either. We’d have lower tax receipts for public services.

And? The terrible consequence was?

I’m happy living here thanks, I don’t think you do?

You’ve moved for whatever reason, which is fine. It still doesn’t change the outcomes from a wealth tax which can be easily seen in multiple countries.

Increases in social inequality correlate with increasing poor mental health and increasing crime. Countries with less inequality have people who are happier.

I’m aware of the stats for Norway. It still doesn’t change the outcome and why wealth taxes get overturned. The money is wanted for services.

This is an AI summary of the societal impacts of reducing social inequality;

“Less social inequality can improve access to education, healthcare, and employment, allowing more people to reach their potential and contribute to society. It is often associated with stronger social cohesion, lower crime rates, and greater trust between communities. Reducing inequality can also support long-term economic growth by expanding opportunities and enabling a wider range of people to participate in and benefit from the economy.”

So surely it makes sense that we do whatever we can to reduce inequality, which at the moment is obscene (private jet use one end and children going hungry at the other) and the way the most wealthy are able to keep hoovering up all the assets, it’s set to get worse and send us back to Dickensian times.

A wealth/asset/resource tax is the only way to avoid further squeezing the middle section of society leaving them less and less able to afford houses etc.

How does having highly skilled wealthy people leave the country help it?

“Less social inequality can improve access to education, healthcare, and employment, allowing more people to reach their potential and contribute to society. It is often associated with stronger social cohesion, lower crime rates, and greater trust between communities. Reducing inequality can also support long-term economic growth by expanding opportunities and enabling a wider range of people to participate in and benefit from the economy.“

So do you think reducing inequality is worth perusing? Or would you rather continue down the path of further increasing social inequality?

I don't care about inequality at all..I care about absolute poverty.

From below:

Economists estimated that the resulting capital flight actually cost the Norwegian state more in lost income tax, business investment, and corporate tax than the wealth tax itself brought in.

The UK is money strapped already, how would similar here and lower funding for services help?

What level of inequality/equality is ideal? Should we all be exactly equal and live exactly the same?

"happyness"

What do you think about the social inequality in the U.K. currently? Ok? Not ok? Good/bad? Something to change? Or are you happy with it getting worse?

I don't look at this at all. I care more about absolute poverty

What do you think about the current level of social inequality?