what<00:00:00.599> we<00:00:00.799> actually<00:00:01.199> have<00:00:01.480> is<00:00:01.599> a<00:00:01.760> tax<00:00:02.040> system

what we actually have is a tax system

what we actually have is a tax system which<00:00:03.520> is<00:00:03.760> Progressive<00:00:04.200> for<00:00:04.400> ordinary<00:00:04.880> people

which is Progressive for ordinary people

which is Progressive for ordinary people so<00:00:05.319> the<00:00:05.440> rate<00:00:05.600> you<00:00:05.680> pay<00:00:05.879> is<00:00:06.000> higher<00:00:06.279> the<00:00:06.399> more

so the rate you pay is higher the more

so the rate you pay is higher the more you<00:00:06.640> earn<00:00:07.480> and<00:00:07.600> then<00:00:07.720> once<00:00:07.839> you<00:00:08.040> get<00:00:08.160> into<00:00:08.400> this

you earn and then once you get into this

you earn and then once you get into this realm<00:00:08.840> of<00:00:09.040> very<00:00:09.240> very<00:00:09.440> wealthy<00:00:10.280> people<00:00:11.280> the

realm of very very wealthy people the

realm of very very wealthy people the rate<00:00:11.639> starts<00:00:11.880> to<00:00:12.040> collapse<00:00:12.880> and<00:00:13.040> in

rate starts to collapse and in

rate starts to collapse and in particular<00:00:14.839> the<00:00:15.480> rate<00:00:15.719> on<00:00:15.879> inherited<00:00:16.359> wealth

particular the rate on inherited wealth

particular the rate on inherited wealth especially<00:00:16.920> for<00:00:17.080> phenomenally<00:00:17.520> wealthy

especially for phenomenally wealthy

especially for phenomenally wealthy people<00:00:18.119> Falls<00:00:18.439> to<00:00:18.640> zero<00:00:19.640> I'm<00:00:20.320> a<00:00:20.519> relatively

people Falls to zero I'm a relatively

people Falls to zero I'm a relatively wealthy<00:00:21.320> person<00:00:21.680> I'm<00:00:21.880> I'm<00:00:22.039> worth<00:00:22.480> you<00:00:22.600> know

wealthy person I'm I'm worth you know

wealthy person I'm I'm worth you know more<00:00:23.359> than<00:00:23.480> a<00:00:23.560> couple<00:00:23.760> of<00:00:23.840> million<00:00:24.199> pounds<00:00:24.519> and

more than a couple of million pounds and

more than a couple of million pounds and I<00:00:24.800> earned<00:00:25.199> that<00:00:25.560> through<00:00:25.840> working<00:00:26.720> so<00:00:27.119> when<00:00:27.359> I

I earned that through working so when I

I earned that through working so when I worked<00:00:28.400> I<00:00:28.519> had<00:00:28.640> to<00:00:28.840> pay<00:00:29.359> it<00:00:29.480> was<00:00:29.640> actually<00:00:30.039> 50%

worked I had to pay it was actually 50%

worked I had to pay it was actually 50% top<00:00:30.679> rate<00:00:30.800> of<00:00:30.880> income<00:00:31.160> tax<00:00:31.439> at<00:00:31.560> the

top rate of income tax at the

top rate of income tax at the time<00:00:33.440> at<00:00:33.559> the<00:00:33.680> same<00:00:33.920> time<00:00:34.160> as<00:00:34.280> I<00:00:34.440> earned<00:00:34.719> a<00:00:34.800> few

time at the same time as I earned a few

time at the same time as I earned a few million<00:00:35.200> pounds<00:00:35.440> from<00:00:35.640> working<00:00:36.440> the<00:00:36.600> duuk<00:00:36.800> of

million pounds from working the duuk of

million pounds from working the duuk of Westminster<00:00:38.200> inherited<00:00:38.760> 9<00:00:39.480> billion<00:00:39.960> pound

Westminster inherited 9 billion pound

Westminster inherited 9 billion pound which<00:00:40.680> is<00:00:40.840> you<00:00:40.960> know<00:00:41.719> maybe<00:00:41.960> 3,000<00:00:42.640> times<00:00:42.879> what

which is you know maybe 3,000 times what

which is you know maybe 3,000 times what I<00:00:43.160> earn<00:00:43.520> and<00:00:43.600> he<00:00:43.719> paid<00:00:43.960> nothing<00:00:44.719> who<00:00:44.920> pays<00:00:45.239> tax

I earn and he paid nothing who pays tax

I earn and he paid nothing who pays tax uh<00:00:46.399> if<00:00:46.480> you're<00:00:46.640> a<00:00:46.760> working<00:00:47.120> person<00:00:47.440> in<00:00:47.559> an

uh if you're a working person in an

uh if you're a working person in an ordinary<00:00:48.039> financial<00:00:48.440> situation<00:00:49.199> uh<00:00:49.360> you<00:00:50.160> who

ordinary financial situation uh you who

ordinary financial situation uh you who doesn't<00:00:50.600> pay<00:00:50.800> tax<00:00:51.239> very<00:00:51.440> wealthy<00:00:51.800> families<00:00:52.719> uh

doesn't pay tax very wealthy families uh

doesn't pay tax very wealthy families uh the<00:00:52.960> people<00:00:53.160> who<00:00:53.320> receive<00:00:53.559> your<00:00:53.680> mortgage

the people who receive your mortgage

the people who receive your mortgage payments<00:00:54.480> your<00:00:54.600> rent<00:00:54.879> payments<00:00:55.640> um<00:00:56.120> the<00:00:56.199> money

payments your rent payments um the money

payments your rent payments um the money spent<00:00:56.680> on<00:00:56.760> food<00:00:56.960> and<00:00:57.120> bills<00:00:57.559> they<00:00:57.680> don't<00:00:57.840> pay

spent on food and bills they don't pay

spent on food and bills they don't pay any<00:00:58.160> tax<00:00:58.399> on<00:00:58.559> that