Why only taxing billionaires will never fix the UK economy
Many think a “billionaire tax” could solve the UK’s problems — but there are only 156 of them. The real wealth — and the real untaxed income — is spread far wider. In this video, I explain why looking beyond billionaires, to the top 1%, and even some in the top 10% of wealth owners, is essential if we want a fair tax system.
00:00 – Intro: The problem with tax tropes
01:32 – “Tax wealth, not work” — why it’s misleading
03:05 – Millionaires vs. billionaires: the real gap
04:40 – Wealth and work are deeply intertwined
06:15 – Beyond billionaires: the top 1% and 10%
07:55 – How wealth is spread across the UK
09:25 – Who counts as wealthy? HMRC’s definition
11:05 – Income inequality and the 1%
12:40 – Effective tax rates: who really pays what
14:05 – Why wealth taxes alone won’t work
15:40 – Towards a fairer, progressive tax system
17:20 – Final thoughts & call to action
Credit to : Richard J Murphy