Critiquing the Green Party manifesto
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- Опубликовано: 11 июн 2024
- My discussion on BBC News on the 12th of June 2024
ABOUT RICHARD MURPHY
Richard Murphy is Professor of Accounting Practice at Sheffield University Management School. He is director of Tax Research LLP and the author of the Funding the Future blog. His best known book is ‘The Joy of Tax’.
This video was edited by Thomas Murphy.
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The counter argument is that just because it's hard to get a precise figure for people's wealth, doesn't mean we should give up on the whole idea. Even taxing based on a conservative valuation of assets still moves us forwards.
The problem we have is one of disparities in wealth between super-rich and the rest of us, and between public assets and private. This creates asset bubbles and increases the running costs of the public sector (which increasingly pays rent to private landlords instead of owning property, for example).
Increasing capital gains, inheritance and income taxes are oblique ways to address that problem. Wealth taxes get at the root.
I don't think we need to let perfection be the enemy of the good here.
Well freaking said man
Yeah, get him
they managed to "value" 30 million houses quick enough for council tax purposes...
"How do you value a racehorse, is it worth £50 or £50,000,000?" Well, start by asking how much they insured it for.
There are auctioneers who value racehorses, works of art etc all day every day; its not difficult to use their knowledge; I'm presuming they already do this when calculating death duties.
The vast majority of capital investments are in things with a well established value- that is the main point of them.
The Green Party is our only hope for rational policies on taxation and the environment and virtually everything else. Why give the BBC the ammunition they are looking for to undermine them?
To be fair to King Richard I don't think there are enow auctioneers (or accountants or lawyers) only the wealthy can afford to calculate annually future values of unsold assets that are rising in cost to replace - although you are correct in your logic and insurance companies are asked to insure them while many poor do not insure their home or contents against fire floor...
Why not go after the succulent, low hanging fruit, and work your way up?
(For context, I vote Green, and will never vote Labour, Tory, or LibDem due to corruption, Neoliberalism and genoc!de)
I think he did a good job of praising the greens massively without avoiding critique purely to favour the party. It's true, wealth is obfuscated deliberately by making these sorts of purchases and basing on something that is already numerically measured (i.e higher levels of income and higher inheritance transfers than most of us will see in our lifetimes) is an easier way of achieving the same goal. You can't genuinely think it's scalable to ask people to individual value all of these assets like you suggested? The cost would be astronomical, that's part of the reason they buy them in the first place, to avoid the tax system.
@@Jmcinally94 Aye
Saying it's hard to quantify wealth is understandable, yet DWP sure make a good go of quantifying who they think should/n't receive benefits. Wealthy people usually have accountants and wealth managers, so they likely have a reasonably good picture of their assets, so surely this could provide a basis from which to work for higher taxation? One thing wealthy people are VERY good at is counting (and hoarding) beans, so ought not be too hard to build a picture.
I know a tax worker who specialises in the wealthy and their accountants are sneeky af.
They are good at hiding or disguising wealth.
@@julianshepherd2038 Indeed, sigh. HMRC and gov agencies should make them more culpable for such tricks. They're happy to scrutinise the little person, and should apply the same to those who can well afford it. I'm sick of long-held excuses and exceptions for the wealthy in UK.
The assets of the wealthy are concealed through the use of networks of nested shell companies (that is to say companies and subsidiary companies which are only registered as a vehicles to carry and transact capital) which ping money across national borders all over the world, much like a VPN conceals your IP address by pinging around Internet traffic, and the UK plays a major role in facilitating those transactions through The City and its offshore territories. The scale of these shadowy transactions is staggering, with small office buildings in the US state of Delaware, for example, acting as the host for thousands of shell company headquarters.
@@julianshepherd2038 this is true, but it doesn't need to be a perfect system to do some good.
HMRC are going to need more resource for sure. In the US, studies have measured a $5-9 return in additional tax revenue for each $1 spent on funding the IRS.
This is annoying, because in a way that $1 is not useful economic activity- we haven't directly created any new value, we've just moved money from private to public purse. It would be better if the wealthy just paid up and we didn't have to spend the extra money getting them to do that. On the other hand, having so much wealth tied up by the super-wealthy is funding asset bubbles and insufficient funding for public sector work is creating huge systemic problems which have a knock on effect on the health of the economy. So probably well worth the cost.
@@andrewgifford7740 They write the tax laws!😹 (Pro Bono. To save the nation money, of course)
I represent #DefendTheGreen USA is listening and in touch with other green activists. We are not in agreement with all green parties. FYI. We are exchanging information and ideas.
From $7K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family
I agree just reached my goal of $100k monthly trade earnings. Setting realistic goals is an essential part of trading
How does this trading stuff work? I'm really interested but I just don't know how it go about it. I heard people really make it huge trading..
Get yourself someone like Stacey Macken who understands the market very well and is also a professional in placing trades. That's the key
I made a lot from last week, a vision of the effective signals alone assured me of the turnovers. all thanks to Stacey Macken .
Stacey's understanding of market indicators is impressive. She knows exactly when to enter and exit trades for maximum profit. her signals are top notch .
Your presentation style is very good. You get your point across clearly and precisely with no unnecessary waffling.👍
It always seemed to me that putting up wages is a better way to address inequality. Higher wages mean smaller profits and will get taxed as income tax as well as putting more money in people's pockets.
Only if we also have rent controls so fat landlords cannot absorb it.
Nice intro from the presenter demonstrating the difference between expertise and privilege.
See Gary's Economics ...
Credit where credits due I totally agree with you here.
By avoiding the tax on assets and basing it solely on income has allowed the super rich, the top 0.1 %, to squirrel more and more of the nations wealth away out of the reach of the tax man at everyone else’s expense. You further raise the good point of how the hell does the tax man get access to it especially as so much of it is probably buried off shore somewhere.
Value the art, racehorse etc. at the absolute highest and then the owner has to challenge it down with evidence, make them do the work.
Why not end the cap on council tax bands?
Right, that decides me.
They delete any comment I post containing the truth I want to talk about
whats the truth?
@PeachesandCream225 it just got deleted.
They do this to me aswell.
Keep fighting.
Censorship is a lousy shield.
Just a shame their manifesto has no chance of being implemented.
Labour won't implement 1p of tax on those taking £1,000,000 a week out of the UK economy witch has the meanest pensions in Europe
That's also true of Reform, but that doesn't mean they're not having a huge impact on the policies the Conservatives have been implementing.
Yes but it puts the idea of taxing the rich out into the public
@@keithparker1346 The rich are already taxed
@@charlytaylor1748 they can afford to pay more
Go Green 💚
Greens are Communists.
@@Sonya_MakepeacePrince A ndrew is not a Communist but he does like quarter million Universal Basic Income for one
👍
same old story about its too hard to tax the people with all the money
Wealth is what retired people - no longer earning - may depend on
Sell it and put it in a retirement fund
That's what the whole pension sector is for.
What a plonker Rodney 😅😅😅
Nonsense
A friend of mine is a landord and has housed greens/hippies in the past. They preach end to fossil fuels, eat the rich and believe in love and freedom, but if they live in your house it is a different matter entirely. They will run the washing machine just for one pair of socks or a large oven just to heat up one veggie burger for two hours, and when it comes to cleanliness, they expect servants to run after them cleaning all their mess they make because they have trouble locating their mouth. The great irony in this is often their parents are rich bankers or similar and live in Hampstead.
Sure...a friend of yours. Nice believable second hand story 😂
@@keithparker1346 It's all true.
@@Andrew-rc3vh whatever
@@keithparker1346 Try it yourself if you don't believe me. Set up and air B & B specialising in hippy cuisine.
@@Andrew-rc3vh why do you have to continue if your story is true?
Which green party ?
All of them - unless your research has found one that thinks democracy denying oppressive wealth delivering ultimately unstable society where kings' heads fall off is better
The Green Party
Not the Scottish Greens which are separate
The Marxist Muslim one
@@Killergoat69 NURsSEEe!!!!
Where did you find it, was it in the Beano ?
I like to proliferate the most cutting well-thought-out detailed criticism-how can I use that-this guy knows accountancy and is supplying ideas based on productivity
Utter childish gibberish sums it up. An A level wish list
greens migration control is no control at all
Total control of our borders - Greens provide the greatest defence and don't manufacture the bad men
The Greens these days are more Allah Akhbar, than raising the tax bar ;)