Taxing the rich more is difficult but it's necessary

March 21, 2025 - 12:16 UTC

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Did you see some of the public meetings in the US chanting Tax the Rich 🫶
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It looked like it was still just us on the left. Few on the right still agree with taxing the rich because they are all just 'temporarily embarrassed millionaires'.
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They always say the rich will leave with higher taxes - could we explore what happens if they do? They won't just keep the assets and let them rot, they'll sell them, right? If all the riches' assets are sold, won't they be getting cheaper? Will that allow room for new entrepreneurs to succeed?
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Gary addressed the topic of rich people leaving in a recent video (a Channel 4 interview?) - fact is that the *assets they own* are here so tax the assets. He explains it well in his own YT videos.
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Even though I am in favor of taxing the rich a lot more I don’t see the solution there. If they own the houses, the factories and the land they could just increase rents and prices and you have the working class paying again
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From interview with Diary of a CEO: www.youtube.com/watch?si=1bjE-RuXlWPcAZpC&v=4yohVh4qcas&feature=youtu.be
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Question: I know people trade in debt, have you ever made a video about this? can you make a video about this, and can this in any way be used as a tool to work against the rich through debtpurchase and forgiveness?? Or am I completely offside with this thought?
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Gary exposed the warped mentality & the elephant in the room-which was all working classes. Essential work that makes society function as whole was absolutely missing in these guys minds. They could only focus on startups/tech that get eaten by monopolies & that you get rich starting business. LOL!
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Tax the rich so that more than half of the wealth ends up in the middle class
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@garyseconomics.bsky.social as usual great interview.
Overall, you demonstrate a level of patience that simply I don't have.
Thanks for fighting the good fight and sharing your insights.
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100%! You are a voice we need at this time
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Surprised at Simon Squibb attacking you. Thought he was one of the good guys. Think he needs to watch you more. Btw just watched Hypernormalisation again and the opening words could have been made today!
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Good old Lacordaire once said:

“Between the rich and the poor, between the strong and the weak, between the master and the servant, it is freedom that oppresses and the law that liberates”

Fail of educational system produces fuckwits we can watch on social media. And I don't mean Gary.
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Is it a direct wealth tax you advocate for? If so what do you do about capital flight? Or clever accounting and offshoring to avoid it? At first glance Im in favour but it seems from history they rarely bring in the levels of £ expected. Or is it something more along the lines of a LVT you propose?
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Loathed to give Bartlett a watch count, but as it's you Gary I will.
He's become a pedlar of all manner of disinfo. If you can turn him round....?
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Can't quite wrap my head around Dan implicitly thinking that all nurses, teachers, social workers etc should quit their jobs and launch a tech startup. Not exactly sure how a society without any of them but drowning in tech startups is supposed to function.
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I'm trying to get through the whole discussion, but it's hard to listen to generalities like "We need more freedom, i.e. lower taxes, lower government spending, but I'll never admit that the lower spending will affect services for poor people". It's exasperating.
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In most cases, the middle and lower classes are the laborers. Gary and Dan don’t discuss wages. They mention companies like Amazon and Walmart but overlook the fact that these companies pay low wages. Standards of living won't improve if there are countless entrepreneurs who only offer low pay. 1/6
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Someone tell Gary to start bringing up Land Value Tax!

If he's really not afraid of standing up to the rich, this is the policy he's looking for! Its a miracle policy!

You can't hide land and it would solve housing supply at the same time!
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Great conversation. I particularly enjoyed counting how many times the CEO dodged and changed the subject when Gary asked him direct questions. I literally lost count after a couple of dozen times. The negative effects of capitalism have been documented since Aristotle warned about market economies
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Dan sure sounds like a guy who got rich from selling get rich quick courses. And oh, looking at his record that's not far from reality 😂
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@garyseconomics.bsky.social a really good debate, thank you. However, follow your own advice: do not accept the challenge to create a tax system on the spot, it is just a distraction. We need to focus on the message, and make sure the problem is clear and understood by the majority of people.
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hey, thank you so much for this discussion. i really appreciated your passion and no nonsense point of view. it was refreshing.
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Why haven’t people like Daniel Priestley still not understood that trickle down economics simply does not work?
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Dan’s logic is staggeringly flawed. For society to function the vast majority of people can’t be “entrepreneurs”. Dan is a “I’m alright Jack” type, who is embarrassingly out of his depth in this conversation.
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Thanks @garyseconomics.bsky.social, do you see a component of the current issues around wealth inequality coming from the fact that rulings like Citizens United in the US allow vast wealth to influence politics without any limitations?
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@mrjamesob.bsky.social you might have seen this but just in case you haven't.
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It's so frustrating to see your opponent constantly refer to entrepreneurs and tech workers. People like me want nothing to do with that; we want to be paid for teaching (or policing, building, or plumbing).

But: unless we are a nation that's friendly to all (pubs, parks, cafés!) we're alone.
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Superb debate. Apologies because I wasn't aware of you before, but was seriously impressed. Sharing w/my young adult sons.

If you've ever spoken on or addressed UBI I'd be interested in reading/hearing.
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True
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Difficult politically but not technically.

Requires:
- Legislation & enforcement to address tax flight
- Staff/resources for collection (auditing!)
- Work internationally for agreements to weaken tax flight incentives / opportunities

The "difficult" is politicians beholden to uber-wealthy
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Haha! Stopped in to ask who this fellow is bc I'd seen and enjoyed another clip of his -- but it seems he's you. So cheers and well done, I guess. 😹
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what's difficult about it? They rewrite the tax code all the time without too much difficulty... Write it to exclude all the loopholes that the rich exploit to avoid paying for the society that makes their wealth possible. Done.

I'm tired of this bullshit like "but it's not that easy". It is.
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People are scared that "the rich might leave" - but the USA has had a workaround for that for years (pay your usa back-tax in full if you want to renounce citizenship).
People are also scared of the daily mail and the like. But they'll just have to devise a good media strategy!
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In terms of the debate not the points being argued I think Gary lost this one. A bit more aggressive and one dimensional than Dan who had prepped to debunk Gary's points. Healthy to see him challenge Gary even though I think Gary is right
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Agreed, it was good to hear Dan’s thoughts. He’s very knowledgeable and probably a decent bloke, I believe him when he says he’s disgusted by issues like housing but he seems to think everyone can just kickstart a business and get financial freedom when many can’t afford food let alone startup costs
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Gary is a great campaigner for what to many progressive economists and many in society is absolutely essential: tax wealth. Inequality stifles growth and prosperity. Society doesn't work if everyone becomes an entrepreneur. In fact, if everyone was successful as such, they would just scrape along.
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So great that you highlight child poverty. It usually gets marginalised or ignored in the conversation
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Going to the moon was very difficult, applying a progressive tax on the rich should be a walk in the park in comparison.... It's a matter of importance and scale....
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the reality is the vast majority of rich are amoral at best.
going to "low tax" jurisdictions because of the UK picking on them is evidence.
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Taxing the rich is only difficult because they control the media and politicians. We need more voices like yours in the U.S. Robert Reich is the only American economist I know that shares your ideas but he doesn’t have your energy and charisma.
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Everyone should hear this. Especially in western countries as they seem to be rowing in the wrong direction. Wake up!!👍
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Not that difficult actually! You can start with a land value tax!
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Totally in support Gary & spreading the message ✊🏻

Can you give us your take on Norway's implementation of their wealth tax? Only responses to it so far look negative, which tells you it is prob affecting the right people 😉

Interested for your view, keep up the great work
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Watched this full episode and I really wish you had called out the other guy for what I felt was advocating for the same thing Liz Truss tried. Felt you went easy on him. Although it was edited, so I wonder if you did and it got cut.
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Banger JFK quote, mate, just missing the No-Face hoodie here.

Depressing that our post-WWII relatives realised higher taxes on the ultra rich were able to push society forward and raise the people on the bottom, yet their kids, the current ruling class, seem oblivious m after a silver spoon life.
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📌
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And just to make it clear, rich people do not have so much, because they worked so hard. I mean sometimes they risked their lives and sometimes they surely worked hard, sometimes Both, and sometimes they also had luck, but for sure nobody gets this rich because they worked 10.000 times more
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And sometimes they just had a rich dad
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#TaxWorkLess
#TaxWealthMore
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Too bad we did not do that here in US.
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It's not necessary or sensible if it reduces tax take and harms growth.
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Taxing the rich is so difficult the French just cut off their heads instead
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Radical solution to housing issue: 100% tax on all residential property sale profits. Adjusted for inflation ofc. Auditable improvements taken into account at cost, not added value. Houses as home not investments. Proceeds ring fenced for social housing building.
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it's only difficult if we wait for their permission
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Exactly. We must do it as those generations ago once managed to. It clearly can be done. We should do the opposite of trickle down. We should tax the rich and provide universal basic income.
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Tax the rich so that more than half of the wealth ends up in the middle class
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Message to Reform and MAGA... If you want disruption of a corrupt democratic system..good... But don't give that disruption to people like Trump or McSweeney to disrupt for their own profit... Give it to disruptors like Sanders, Corbyn, Unions or Greens or anyone that isn't lining their own pockets
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A working democracy speaks for all voices...not just voices of people with money
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Taxing the rich is more difficult because they have a voice !
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Watched this while working an 11 hour shift today and finally felt like someone was sticking up for us. Thanks Gary.
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Gary with the nut cracker trying to deliver a message to Daniel Priestley...Jesus he's out of touch with society!
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Unfortunately that's common amount young people that work in tech these days, until tech gets old I doubt they'll listen
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