Well, no Peter, it wouldn\’t

Speaking at the protest, political campaigner Peter Tatchell proposed a one-off 20pc emergency tax on the net wealth of the richest 10pc of the UK population, as well as the introduction of a \”Tobin Tax\” on financial transactions.

\”The richest 10pc of the UK population have a combined personal wealth of £4 million, million. A one-off 20pc tax on those people would raise £800 billion,\” he said.

To raise the money you\’ve actually got to sell that wealth. Either the taxpayer has to or the government has to.

And what\’s going to happen to prices when you try and liquidate 10% (which is roughly what £800 billion is) of the wealth of the entire nation?

After all, you can\’t ask any of the rich to buy any of it, by definition, all of the rich are sellers.

It would also be interesting to see how many rich people the country had left the day after you announced this: we\’re not actually allowed to stop them from leaving the country you know.

7 thoughts on “Well, no Peter, it wouldn\’t”

  1. The OWS cretins and their imitators no doubt think ‘the rich’ have their wealth stuffed in fivers under the mattress, or in big Scrooge McDuck vaults where they can toss handfuls of gold coins in the air while smoking a fat cigar.

  2. Tatchell does good things sometimes, but being an expert in Gay rights does not qualify one as an economics expert.

    I saw this comment in the Telegraph story and could not believe that a mature adult – these days immature adults spout this particular brand of cods wallop routinely alas – was capable of such illiteracy.

  3. It would also require a survey of all 60m people in the UK to work out who are the richest ten per cent.

    Each survey would need to place a value on all the assets of the individuals, from every copper pot to antique broach to share portfolio. Assume a team could roughly assess the net wealth of an individual in a day, and there were, ooh, let’s be generous, ten thousand assessment teams, it would take 16 years of ceaseless work .

    Assuming no appeals process.

  4. Rob would solve the housing problem – there ceased to be any housing shortage in the Ukraine after Stalin liquidated the Kulaks because over 10% of the rest of the population starved to death.
    People have (rightly) been convicted of genocide for killing fewer.

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