If the asset-rich leave the UK, they can still be taxed. Here’s the reason why

Once again, Gary Stevenson proves he’s worth his weight in gold:

So people with accumulated wealth earn huge amounts of passive income from it – and this should be taxed to prevent them from using it to buy all the other assets available and driving the rest of us into poverty.

If these people leave the country – as is often threatened – then it won’t make a difference because the income they gain from their wealth can be taxed here in the UK; the reason they say they will leave won’t stop happening if they do.

And this is part of a larger argument that taxing the asset-rich more may make it possible to tax the income-rich less – so high-earning working people who have threatened to leave the country in the past, over tax, may end up with no reason to do so.

(Remember back in the 1980s, when Phil Collins kept threatening to leave the UK if it elected a Labour government?)

So refusing to tax the wealthy on the riches that come from their assets that are fixed in the UK is a political choice by the richest man in the UK (Rishi Sunak), that is supported by a lie.

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