Those patriotic millionaires

Standard economics tells us that higher taxes now are a bad idea. Standard economics also tells us that wealth taxation is a really bad idea, as is taxing the income from investments. Perhaps that’s an argument for the wonks requiring specialized knowledge of the subject, so how about a simple argument?

When those millionaires and billionaires voluntarily pay higher taxes, they can bring us their thank you letters — yes you do get one, I checked — and then we’ll talk. Until then, they’re all talk and no action, or as the English say, “Fur coat and no knickers.”

Not sure the subeditor quite translated that right but still….

19 thoughts on “Those patriotic millionaires”

  1. Off topic but watching “The Trade” about heroin trade in USA and Mexico.

    It’s pretty fucked up over there.

  2. The Pedant-General

    It’s not the English – that’s a standard barb about Morningside – the snooty area of Edinburgh

  3. When I was married, I refused to claim Married Person’s Allowance on principle. Where’s my medal?

  4. Patriotic flag waving millionaires like:
    Lewis Hamilton: “Look at me and flag I wave, I’m British….but I don’t like Britain and live in Monaco to avoid paying UK tax to thank country that helped me become rich

    – My guilt is now such a weight on my shoulders I turn on and attack my racist benefactors”

    Keep digging Lewis, you may reach the depth Harry Woke has reached

    @Andrew C July 14, 2020 at 6:46 pm
    For brutal portrayal watch Mayans MC

  5. “Moar Tax”? Covid crisis is Gov’t & MSM created, not Covid created

    A “Debate” ?
    – ITV: Should Wearing a Face Mask Be Compulsory?
    No surprise, all say Yes
    ITV as bad as BBC, But nobody forced to pay for it

    Toby Young ‘very disappointed’ by ‘censorious’ introduction of mandatory face masks

    Summed up here
    A Government led by the media is a government unfit to govern

    Political leaders are ‘ignoring scientific studies’ which don’t suit [anti-Trump] bureaucrats
    Sky News Australia
    Governments are very good at “alarmist talk which is frightening the tripe out of Australians,” but are categorically ignoring the science behind a potential treatment

    There is solid evidence that Hydroxychloroquine works. Early treatment and prophylactic

  6. “Standard economics also tells us that wealth taxation is a really bad idea, as is taxing the income from investments”

    And high tax on labour harms social mobility, because your labour is all you have if you’re starting out without rich parents.

    Maybe the state should just spend less money, and/or get more creative about solving the long-term hard problems like cost of living / aging population etc.

  7. I put this lot on Samizdata–might as well reprint here:

    “The millions of promised deaths were bullshit. The Virus is a damp squib flu and non-wearing of masks is the only moral course remaining. Perhaps with a minor sideshow in wearing wide-open mesh metal/plastic masks that will cause them to have to define masks and open them to endless court cases and ever-growing resentment

    As for voting for Blojob in Dec. I did so for Brexit. NONE of us could have known this load of evil shite would arise.

    Jizz would have been worse–already destroying econ when this shite arrived and wanted to ration food so we would be starving already. Keir Stumour has spent LD whining Johnson’s hysteria not hysterical enough.

    As to this govt–well I did think Johnson just a cowardly mis-informed hysteric –and a lazy bastard who did not do checks on Pantsdown’s appalling record of doom-mongering failure.

    But this –worldwide mask shit stinks of a globo-elite plan. To muzzle us 24/7 until we take Gates gene re-writing untested shite “vaccine”. Which we don’t need as we have several good enough treatments already.

    Take the jab and lose the suffocator–until the next phony pandemic. This IS a tactic they will try again.

    What other choice is there–submit like a cowardly dog and be unable to look your cowardly masked face in the eye? Fuck that.

    Also Johnson is either a very evil globo stooge –who knows he is wrecking our economy and is content to do his masters bidding. Or he is a very stupid individual–ancient Greek speaker or no.

    Stupid enough to believe money printing can not only keep things going but repair all the damage.

    If they try to run winter flu as the return of or 2nd wave shite and revive LD–people WILL starve in this coming winter. We can’t take anymore “help” from Bloj.

    It may be rough the next few months of standing up to morons and bluebottle scum. But help will arrive by Oct-Xmas. The states bullshit “worst case scenario” itself says maybe 4 million on dole by Xmas. Given their neo-Keynes fantasy world I think 7 million is quite possible.

    So Bloj will soon have millions of v angry people on his case and a new cold war with China plus war re soggy face nappies and gen encroaching tyranny. Cos 10% of the population with balls can make life difficult for him. Together with everything else Mr Blojob will find life every bit as difficult as the rest of us will. I think–once the heat rises enough–he will do a Camoron -style runner for cover.”

  8. Look at this dozy bint –

    She only has money because she sued (for $500M) when left out of the family estate. She “invests” in social enterprises which will reinforce the old saying “the way to make a small fortune is to start with a large one”.

    The point of this (rather than more rant) is the new twist on why her views should be imposed on others:

    “Writing a cheque to the Treasury is just philanthropy, and you can’t address the challenges facing society based on the whim of rich people giving money away.”

    But you can if the state extracts the money with menaces presumably.

    Why if the rich are so philanthropic couldn’t the state rely on that money each year? Oh, yeah, because once the virtue signalling fad had worn off, they would stop.

  9. “Fur coat and nae knickers” Edinburgh.
    Is taxing income from investments considered a bad thing by economists?

  10. Yes. Optimal taxation theory. It was actually Joe Stiglitz who proved that the optimal tax on investment earnings could in fact be negative. Of course he doesn’t say much about that these days.

    It’s entirely agreed that it can’t happen on equity or political grounds. But economically it would be efficient.

  11. allthegoodnamesaretaken
    July 14, 2020 at 5:02 pm

    Isn’t the septic version ‘all hat and no cattle’?

    I don’t think so. Over here ‘fur coat and no knickers’ means ‘ready to play’. ‘All hat and no cattle’ is for someone who represents themselves as more successful and important than they are.

    ‘Talk’s the talk, doesn’t walk the walk’ is more appropriate than either.

  12. Face Nappies
    If these muzzles work, if they keep out the virus and stop the spread of the transmission, then why are mask wearers worried? If they’re protected, they have nothing to fear, right?

    Johnson has spent the last month talking about kick-starting the economy, so why he has come up with a hare-brained decision to effectively make people more scared?

    @Mr Ecks July 15, 2020 at 2:27 am
    “Take the jab and lose the suffocator” – Dominic Lawson at DM wants all who refuse vaccine to be banned from shops, pubs, schools etc

    A revelation from of all places, the BBC – story seems to have been binned – H/T Peter Hitchens

    Should people be fined £100 for refusing to wear a face mask in shops? – 62% say No
    Peter Hitchens: If I refuse to wear a face mask, people suggest I’m “guilty of murder”

    Deborah Cohen BBC Newsnight
    Coronavirus: Why have masks become such a battleground? – BBC Newsnight
    “WHO changed their advise due to Gov’ts/political pressure” – Seen To Be Doing Something

    You could drive a bus through Johnson’s muddled mask rules

    Why now, who pays?

  13. @Tim Worstall July 15, 2020 at 8:15 am

    The Times front page today:
    “Threat of capital gains tax to pay for pandemic, Rishi Sunak orders urgent review
    The chancellor has ordered a review of capital gains tax that could result in the Treasury clawing back billions of pounds from homeowners and investors to help to pay for the coronavirus outbreak
    Sunack considering taxing gains/income same as earnings”

  14. Nurses have faced mandatory flu jabs every year if they want to continue working, even admin staff in some places are faced with jab or face masks/restrictions and mandatory reporting of if you have had the vaccine or not.

  15. So Much For Subtlety

    If billionaires express a willingness to pay more tax, we can safely assume they have very good Tax lawyers

    What seems to distinguish the Woke Billionaires from the normal run of the mill ones is that the Wokies demand higher taxes but notably do not pay them themselves. The former Starbucks boss was running for the Dems demanding higher taxes. Starbucks? Where have I heard that name before? Amazon’s boss? Uh huh. Hollywood is famous for both being Left wing and their creative accounting.

    So I am going to go out on a limb here – the Top Shop guy Phillip Green, he has a very tax efficient system. I bet he is a Corbyn fan.

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