‘Raise my taxes – now!’ : the millionaires who want to give it all away

asredastheycome

Well-known member
Long read but an interesting article in the weekends Guardian Magazine. Headline is a bit incorrect they don't want to give it all away but as in the case of Abigail Disney uses part of her fortune for good causes(not folly's like some of the rich) and thinks they should be paying more tax. They formed a group called The Patriotic Millionaires. Anyway you can read it yourself should you wish to do so.

 

NYboro

Well-known member
Long read but an interesting article in the weekends Guardian Magazine. Headline is a bit incorrect they don't want to give it all away but as in the case of Abigail Disney uses part of her fortune for good causes(not folly's like some of the rich) and thinks they should be paying more tax. They formed a group called The Patriotic Millionaires. Anyway you can read it yourself should you wish to do so.

NBC evening news just had a bit about CEO pay - in general, 1000 times their employees' average earnings. Then the CEO of a property company, who while he holds significant stock, keeps his salary way down and, last year, forewent it altogether.
 

jam69

Well-known member
The way forward in my opinion is to limit how much more one person can earn than the lowest paid in the company, maybe 100X ? That way there's no upper limit for pay it just means a rise benefits all.
 

Borotommo

Well-known member
Unfortunately, the systems are rigged against this. Accountants and lawyers know all the hiding places.
A voluntary wealth tax is probably more viable. Many wealthy people do support charity via foundations etc, and a voluntary pot where donors are disclosed would feed their egos whilst feeding the world.
I think she’s right. No-one should ever need more than 50 million, so the tax should start there.
 

Ziggy

Well-known member
Unfortunately, the systems are rigged against this. Accountants and lawyers know all the hiding places.
A voluntary wealth tax is probably more viable. Many wealthy people do support charity via foundations etc, and a voluntary pot where donors are disclosed would feed their egos whilst feeding the world.
I think she’s right. No-one should ever need more than 50 million, so the tax should start there.

The revolving door. Whereby ministers, but mainly senior civil servants after retirement, and a supposed Purdah period take up jobs in industries which were relevant to the departments that some spent years in has always been contentious, especially Defence and HMRC.
These are the people who actually write, under government instruction, tax law...and luckily for them they sometimes have “seconded” help in their department from the very companies who will advise clients on said laws.
There are always, it seems, loopholes. Sometimes it makes you wonder if they are there by chance?
Or maybe I’m just being cynical.
 

Borotommo

Well-known member
The revolving door. Whereby ministers, but mainly senior civil servants after retirement, and a supposed Purdah period take up jobs in industries which were relevant to the departments that some spent years in has always been contentious, especially Defence and HMRC.
These are the people who actually write, under government instruction, tax law...and luckily for them they sometimes have “seconded” help in their department from the very companies who will advise clients on said laws.
There are always, it seems, loopholes. Sometimes it makes you wonder if they are there by chance?
Or maybe I’m just being cynical.

Not at all cynical. It’s what the Old School network is all about.
Even in my own industry, medical devices, it was “useful” to get elected to industry panels to consult and agree upon incoming regulatory requirements, in order to have a head start against the competition. Many of the “experts” were just seasoned career networkers/management consultants who prospered by advising companies how to work within or, as frequently, work around the frameworks they had helped develop.

Back on topic, though, I hope Ms Disney succeeds in her efforts to lobby for wealth taxation. I’m very much behind her
 

dooderooni

Well-known member
People like those covered in that article restore your faith in humanity, but it shouldn't be down to them to make charitable donations and run foundations, it should be national governments that raise taxes and invest them into social programs, climate issues, education and health care amongst others that benefit the nation.
Redistribution of wealth is not about giving everyone more money in their pockets if they still end up having to pay it all back out in order to live.
There is a lot of animosity in the US currently over wealth inequality and yet you've got legislators on both sides opposing the raising of corporation taxes to fund Bidens spending programs. This comes on the back of revelations that 20 odd of the biggest US companies paid zero corporate tax since 2017.
Its obvious to anyone brave enough to admit it that trickle-down economics isn't working so taxing the higher earners and funneling every penny of it into programs that help the majority has to be the way forward. For every one of those noble people in the article that have realised that they have a civic duty there will be tens if not hundreds who's only goal in life is to acquire more and more wealth by any means.
If you use a VPN to change your location to a non-UK one and then search YouTube for the latest episode of 'Last week tonight with John Oliver' then he discusses National Debt and how even the worlds best economists can't explain why interest rates are so low and why running a high national debt isn't necessarily a bad thing if you are spending money on the right things.
One criticism of lockdown is always that it is saddling future generations with debt just to save those who are already comfortable, but if we had a government brave enough to raise taxes from those most able to afford them and then spend that money on the futures of the young then that problem goes away.
You can say it's economics of the simplest kind and I'm sure there are people clever enough to try and convince us that it won't work, but unless we actually have the will to try it then we will never, ever know.
 
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asredastheycome

Well-known member
John Oliver's show is on Sky Atlantic on a Monday night at 9:30 most weeks but timing does change sometimes. That said I have a feeling he might be missing a week next Monday but I could be wrong. Brilliant show though.
On another note I see John Stewart is coming back later in the year. Single topic each week on hour long program on Apple TV.
 

dooderooni

Well-known member
John Oliver's show is on Sky Atlantic on a Monday night at 9:30 most weeks but timing does change sometimes. That said I have a feeling he might be missing a week next Monday but I could be wrong. Brilliant show though.
On another note I see John Stewart is coming back later in the year. Single topic each week on hour long program on Apple TV.
I'm a virgin media man asred, no Sky Atlantic for me :(
 
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