This means that, in total, the Taxing Wealth Report 2024 now suggests that more than £200 billion per annum could be released into the economy as a consequence of relatively easy-to-deliver tax forms that would result in a much fairer UK taxation system.
Spud thinks that moving money around creates more money. Cute thought, no?
“That leaves the question as to why I did all this”
You needed some money and managed to persuade a gullible charity that cutting and pasting a load of old ideas and cobbling them together into a ‘report’ was worth a grant.
The great thing about this ‘report’ such as it is is that it really does showcase his level of ignorance.
I doubt this would raise even 200 billion pence in the absolute, let alone P/A
I’ll fisk the details either later on today or in a future ‘Ragging on’ post but suffice it to say as the great Andrew C has often said he appears wholly unaware (or unrecognising) of disincentives or basic motivations and assumes people will just allow their money to be seized for his pet likes.
As ever, the Scrooge McDuck school of wealth taxation strikes again!
Don’t higher taxes take money out of the economy rather than releasing it into? Surely if you leave the money in people’s pockets they spend it, in the economy, on stuff that is actually useful and that they actually want, which makes them materially better off?
@ Stonyground
Taxes pay for the public sector wages so they can go and spend your money instead of you.
According to the Great Potato there is a larger multiplier once the public sector gets their hands on the money because you are stupid and would spend it on food & petrol rather than on Net Zero, DEI activities and importing foreign rapists.
THE MAGIC MULTIPLIER COMRADE!!
Seriously though, what is with leftists and their borderline autistic lack of appreciation of human incentives and motivations? Earning money costs the earner in time, effort, energy, time with family etc why would someone give the fruits of their labour up without a fight?
I’d laugh if Labour brought in a wealth tax on four bedroom houses. I bet he wouldn’t.
“Easy-to-deliver tax forms”? I get my tax forms online at the HMRC website, very easy.
What happened to trying to get gazillions from the accountant thingy to reinvent the ejamacation of da yooful accountants?
Or is that now considered last week’s adventure.
“According to the Great Potato there is a larger multiplier once the public sector gets their hands on the money because you are stupid and would spend it on food & petrol rather than on Net Zero, DEI activities and importing foreign rapists.”
Thats this weeks argument. Last week was when taxing the rich was the way to go to curb inflation because their spending multiplier was greater than everyone else’s………
Note how the only consistent part is the ‘taxing the rich’ bit.
Moving money around does create more money. That’s one of the feedback loops that causes inflation: when people fear that their money will be worth less due to inflation, they spend it sooner, which creates more money, reducing its value.
But I’m not sure what that has to do with some incomprehensible reference to tax forms and fairer tax. I suspect there’s a typo and it’s supposed to say “tax reforms”, not “tax forms”. It doesn’t make it much better, but at least it makes it comprehensible.
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