Not meant as a criticism, Stirling me old mucker, but are they gunning for 'wealth' (when you say "millionaires" ) or income, as you suggest with your example? I accept that an income of £500k pa will mean the person is going to be a millionaire regardless, but you can easily be a millionaire these days without much of an income. That's certainly my situation and doubtless the situation of our resident troll, with his property empire of Robbie Fowler proportions.

Edited by YT (13 Aug 2024 4.31pm)

Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes)

The UK has had very little investment, necessary to produce growth, particularly since the vote in 2016, but since the banking crisis of 2008 so it bumps along the bottom, stagnating.

Millionaires, wealthy bankers etc. are not beneficial to the economy unless they invest and spend in it, but rather they accumulate which the system incentifies them to do through all the tax breaks they get. you are really subsidising their wealth.

Re-distribution of this gradually into the system would put money into the pockets of people who spend, from the people who do not, creating demand for goods and services.

'There is no direct link between savings and investment'- Keynes.

Ultimately one of the crop of chancellors is going to have to tax wealth, if only because they actually have it.

Edited by steeleye20 (13 Aug 2024 5.59pm)

These communist policies have of course been tried before. When Wilson and Healy put the highest tax rate at 83%, the wealthy people just moved their money and/or themselves abroad. When the Tories reduced corporation tax they found that income from it was higher than under the old higher rates because it wasn't worth the time and cost of companies to use schemes to avoid it.

When your approach has been adopted by full-blown socialist/communist economies, it resulted in standards of living that you and your ilk would find totally unacceptable. In the USSR, Mao's China, and still in North Korea, people were reduced to starvation with accompanying cannibalism of children. A small price to pay I guess in building the great socialist utopia.

The troll does not have an " empire ", he likes to give the false impression he has some kind of super business success.

That "success" is such his wife still has to work all hours in the NHS as he often reminds us.

Expedite the ignore button

Responsibility Deficit Disorder is a medical condition. Symptoms include inability to be corrected when wrong, false sense of superiority, desire to share personal info no else cares about, general hubris. It's a medical issue rather than pure arrogance.

So he has time for bowls and chatting to racist Dave down the pub !