Absolute tosh, instead of making a system clearly in favour of the mega rich, how about we make a system that encourages diversification so we have much fewer mega rich but more people have opportunity to step up and fill the gap.
this post was submitted on 09 Oct 2024
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This really does seem like propaganda! Not much revealed here either. Says 60 people, earning at least 50m in 21/22, paid over 3bn in tax a year. It says at least 50m but if we take 50m x 60, that's 3bn. They are obviously not paying 100% tax and are therefore earning way way more than 50m a year on average between them. What would be "revealing" is saying exactly how much they earnt and how much tax they paid so we can see the %. I bet it's a significantly lower % than the UK average, which is why this story doesn't "reveal" it.
The amount they paid in CGT would be more revealing
This is one of the issues with the obscenely rich that isn’t as discussed. Here in the USA in New Jersey there was a single man that left the state. there was an uproar because he was one of the wealthiest in the state and there was a genuine concern on the impact of the state budget. The exact dollar amount wasn’t disclosed because it’s confidential in nj but he returned a few years later and there were statements that he contributed about 120-140 million in taxes. The state collected 31.5 billion in taxes in 2016 (the year he left)
So he alone made up almost a half a percent of the entire state revenue in the state with the 7th highest tax revenues in the country. That’s an immense amount of power. When it happened people were wondering if nj would extend deals to keep him. They didn’t, but it’s not crazy to think somewhere would in that scenario when they’re looking at a 9 figure loss that could make up a noticeable percentage of their budget. If he had left Wyoming or South Dakota that slight less than half a percent of the budget could’ve been more like 4-5% or more