so this idea that if you tax them they'll leave it is based on an intentional obfuscation  

and confusion of wealthy people who  are ordinary people with high-paying  

jobs and super super wealthy people with  hundreds of millions of pounds of assets

okay I want to do one on the  difference between wealth and income  

uh we've covered this a bit on the channel before  but I think it's important to go over it once  

again to answer some of the most common questions  we're getting recently which are basically No.1  

people who are not super rich but have decent  jobs and are worried we're trying to tax them  

and No.2 this question of if you tax the rich  they'll leave okay so first we need to just  

cover very quickly the difference between wealth  and income uh income is basically about your job  

your salary the money you get from working where as wealth is about your accumulated assets uh

stocks & shares, property, land... people that have high  amounts of wealth will get high amounts of passive  

income from the wealth that they own now on this  channel we have never once supported higher taxes  

on working people this channel has always been  about higher taxes on people with huge amounts of  

accumulated hoarded wealth if you don't tax them  they will use their enormous amounts of income to  

buy the rest of the wealth, wealth inequality will  get higher and higher we will lose our middle  

class and we will fall into poverty we need to  tax hoarded accumulated wealth and if we did that  

it would actually enable us to potentially lower  taxes on working people now how does this relate  

oh I should probably just add we're not even  necessarily advocating increasing taxes in general  

really this is about changing who pays taxes at  the moment we have a system where if you come  

from an ordinary background and you get a great  job and you make a lot of money you pay a ton of  

tax whereas The Duke of Westminster inherited  10 billion pounds and paid nothing, so at the  

moment hard-working people are paying too much tax  super-rich are not paying enough so it's not about  

raising taxes on workers it's about raising taxes  on the very very rich, now how does this relate to  

the question of 'if you tax the rich they'll leave'  now the reason this is related is because a lot  

of people when I say raise tax on the rich they  assume I mean raise taxes on high earning working  

people now if you are a high earning working  person and I raise the taxes on your work you can  

leave and you can work in another country and then  the UK will not get any of your income but I'm not  

advocating that I'm advocating lowering tax on  working people and raising taxes on the super rich  

now why is that more effective? people say oh but the super rich are super mobile they are the most  

mobile people they can leave, the reason that  the super rich are rich is because they own wealth  

what is wealth? wealth is your house wealth, is your  mortgage, wealth is the office block that you work in  

wealth is the Tesco down the street, wealth is Boots in your high street, wealth is the shopping centre right  

wealth is the farmland in the country okay these guys are rich because they own your mortgage  

when you pay your mortgage it goes to them, they  can leave the country, it doesn't matter! because  

the money comes from you, what they need is for you to leave the country right a working person they  

are rich because they work, a wealthy person he is  rich because you work, he gets his money from you  

how do you think Rishi Sunak gets 30 million  pounds a year passive income without working  

those payments come from you that are your  mortgage payments they are your rent payments  

they are the money that you pay in profits to  corporations his money comes from you so actually  

the rich are the least mobile people on Earth  because their money comes from you what they  

need is for you to leave so let's say these super  rich people they leave and they own your mortgage  

or we can still tax it because the money comes  from you and you are still here these people are  

actually the least mobile people on earth and the  best example we have of that was Roman Abramovich  

he is rich not because he works he is rich because  he owns, what he owned was Chelsea Football Club  

and Chelsea Football Club is in f***in Chelsea  He can't f***in take it with him, so this idea  

that if you tax them they'll leave is based  on an intentional obfuscation and confusion  

of wealthy people who are ordinary people with  high-paying jobs and super super wealthy people  

with hundreds of millions of pounds of assets  these people are not the same working people  

can leave because they get their money from  their work rich people can leave but they get  

their money from your work so we can tax their  income wherever they are because their income  

comes from you so this idea that 'you can't tax rich people, they'll leave' it's absurd and  

it's obviously put about by rich people who pay  tons of money to the IEA to send ideas like this

rich people are the least mobile people in the world financially because what they own is fixed assets 

fixed assets; your mortgage, your house,  your office building, your shopping centre  

they can leave we can still tax them and if we don't tax them it's a political choice made by 

in our country one of the richest men in the world  we can tax them and we have to if we don't  

we'll all pay the price! thanks, support  the channel, follow us, share the video

housing could be so much more affordable wages  could be so much higher and we could have so  

many more options in how we live our lives some of them put a lot of money into paying 

economists & thinktanks to tell you that inequality  is important for the economy that is not true

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