Patriotic Millionaires. Would they really stay?
A group of rich people wants to pay more tax, and they staged a rigged football match to say so. The catch with a wealth tax is the one thing rich people can do: leave.
THE GIST ON PATRIOTIC MILLIONAIRES: "Patriotic Millionaires"
What is the super rich tax match?
The Patriotic Millionaires put on a football match: Team Wealth against Team Work. The first half is rigged on purpose. Team Wealth gets free goals, extra players and a biased referee.
At half time, they bring in a wealth tax, and the second half is a level playing field. The people who organised it are the ones who'd pay.
What do the Patriotic Millionaires actually want?
They're rich, and they want to pay more tax. Specifically, 2% a year on everything over £10 million, which they reckon will raise £24 billion. And they want the chance to put it in the budget this month.
Do wealth taxes work?
A wealth tax only works if the rich stick around. Twelve countries have tried it, and nine have given it up. A fortune is hard to value, easy to hide and, crucially, easy to move.
Norway put its rates up in 2022 and 300 of its richest went off to Switzerland. Except Norway's take went up anyway, by 26%.
Is this a protest or a promise?
The rich left and the money still came in, which makes this a promise, not a protest. Rich people on a pitch saying publicly: we'd stay. And pretending they're good at football.
The pitch tilts towards whoever can walk off it, which is why your salary is the easiest thing to tax. It only changes when the people who can leave say they won't, the chancellor believes them, and they stay.
Would a wealth tax keep the rich here?
Your take. One tap, then see how everyone else voted.
Quick answers
What are the Patriotic Millionaires proposing?
A tax of 2% a year on everything over £10 million, which they reckon would raise £24 billion.
Do wealth taxes work?
Only if the rich stick around. Twelve countries have tried one and nine have given it up, because a fortune is hard to value, easy to hide and easy to move.
What happened in Norway?
Norway raised its rates in 2022 and 300 of its richest moved to Switzerland, but its tax take still went up by 26%.
See you on the next one.
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