This is a new meaning of the word “expert”

Wealth tax rise could raise £174bn to tackle Covid-19, expert says

Which expert is that?

UK taxes should be central to debate on paying for pandemic, suggests Richard Murphy

Ah.

The government has the potential to raise up to £174bn a year to help cope with the Covid-19 crisis if it taxed wealth at the same rate as income, a UK tax expert has said.

Aha. Actually, Ahahahahahaha.

Taxing wealth at 45% annually ain’t gonna work you know.

Richard Murphy, a professor in political economy at City University in London, said income was being taxed at almost 10 times the rate of wealth – and that the disparity should be central to any debate about who should pay for the pandemic.

Well one is a stock, the other a flow. So, yes, different tax rates are about right, justified, certainly.

In an analysis of the period from 2011 to 2018, Murphy said income had been taxed on average at 29.4% while wealth – generated mostly from rising house prices and the increased value of personal pensions – had been taxed at 3.4%.

I never know with Larry Elliott. At times I think he actually writes down what Murphy says, without correcting for the obvious errors, just so that people can see how ridiculous the claims are.

“This has massive implications for the forthcoming debate on who, if anyone, should pay for the coronavirus crisis. What is clear is that the only fair answer will be that those on the highest incomes, and those with wealth, are the only people who could afford to pick up that bill. If anything, everyone else needs a tax cut just to help them survive. Any politician with any concern for tax justice will have to understand this.”

A Richard Murphy

But tax doesn’t pay for government spending. Or is this Thursday, so it does?

11 thoughts on “This is a new meaning of the word “expert””

  1. “The obvious answer is to tax the rich more and give me more funding”, says Richard Murphy. “Now what was the question?”

    😀

  2. Tax Justice = eat the rich. Asssuming they will stand around to await being eaten.

    Read the article in its full, glorious idiocy here.

  3. Why don’t we just print the money we need, then raise taxes if inflation goes too high? If inflation stays down, we don’t even have to raise taxes. Of course, if inflation rises and taxes on the rich don’t reduce it, well just have to kill them all and take everything they possess. That’ll work.

  4. No Mr Ecks. Current images of Spud display a fat middle aged man attempting to eat a yorkshire terrier.

  5. Decades ago, one Donald Trump said he was worth $3B US.

    His wife divorced him. He said he was $600M in debt.

    Wealth is flexible. Tax it and it will mysteriously vanish.

  6. Bloke in North Dorset

    “ As the old joke goes, an ex-spurt is a drip.”

    When I firs heard it it was …

    X is the unknown quantity and spurt is a drip under pressure.

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