AI, Gary’s Economics and Wealth Taxes.

Transcript for How to convince your friends to back wealth taxes

0:00 – Okay, welcome back to Gary’s Economics.
0:02 – Today we are going to teach you how to
0:05 – argue with your friends about wealth
0:07 – taxes.
0:10 – Okay, so we are filming this in uh early
0:12 – August 2025 in an exceptionally exciting
0:16 – time to be an economist, to be involved
0:19 – in global economics, global politics. Um
0:22 – all of the traditional political parties
0:24 – all over the world are dying. That’s
0:26 – happening all across Europe. is
0:28 – happening here in the UK as well. We’ve
0:29 – just seen probably the death of the
0:32 – Conservative party coming up very soon.
0:34 – Uh Labour Party in power are very
0:35 – unpopular. All of the traditional
0:38 – political parties are super unpopular
0:40 – and that is because it is becoming
0:41 – increasingly obvious to everybody that
0:44 – the economic status quo is not working.
0:46 – What that means is there is a phenomenal
0:48 – opportunity now to decide as a society
0:52 – which way our economies are going to go.
0:55 – Everybody knows this. The billionaires
0:57 – know it. That’s why they’re aggressively
0:58 – funding the far right and that is why
1:00 – the far right is moving ahead in this
1:02 – debate of how we shift our economy. Um,
1:04 – but it doesn’t have to go that way. A
1:06 – lot of people don’t like the farright
1:07 – ideas. They don’t like anti-immigrant,
1:08 – anti-forigner ideas. And there is a
1:10 – massive, massive space to basically take
1:13 – possession of of this argument.
1:15 – Basically, the old ideas about the
1:17 – economy are dying and the new ideas are
1:19 – yet to be born. And I think we are in a
1:21 – great position to dominate the
1:24 – conversation about the economy going
1:25 – forward. I think we’re in this
1:27 – interesting space where kind of the
1:29 – economic status quo over the last 30
1:30 – years has failed and you have the far
1:34 – right coming in and I think we are
1:35 – basically probably the best position
1:37 – guys to compete with them. But what we
1:39 – don’t have is the billionaire funding of
1:41 – the far right. So what I am depending on
1:44 – is a kind of different model of how to
1:47 – educate people, how to win people over
1:49 – which is I educate you, you understand
1:51 – the economics of the situation as fully
1:54 – as possible and you use the
1:55 – understanding to educate your friends
1:57 – and educate your family. We are using uh
1:59 – a human amplification model I suppose as
2:02 – opposed to the billionaire and the money
2:04 – amplification model which is used by the
2:06 – main political parties and also by uh
2:07 – the farright media. Um, but I think we
2:10 – can win. But in order to do that, you
2:12 – need to know how to speak to your
2:14 – friends and your family about economics,
2:16 – about wealth taxes, about billionaires,
2:19 – about inequality, so that we can spread
2:21 – these ideas and uh we can dominate the
2:23 – conversation and then we can win over
2:26 – politics and uh the economic situation
2:28 – in this country and in yours. Okay.
2:30 – Okay. So, I’m going to break this down
2:31 – into kind of a checklist basically so
2:35 – you understand all of the most important
2:37 – things about how to convince your
2:39 – friends and family about the importance
2:40 – of managing inequality, about the
2:42 – importance of wealth taxes. Um, and
2:43 – number one on the list is don’t be a
2:46 – dick.
2:49 – So, don’t be a dick is about not
2:51 – basically trying to force your
2:55 – opinions about inequality and wealth
2:56 – taxes on your friends and your family in
2:58 – an aggressive way. I think in in our
3:00 – culture, we have this kind of idea that
3:02 – the way to persuade somebody of
3:04 – something is to to have a debate with
3:07 – them. Um, you see this all over the
3:08 – internet. You see this all over YouTube.
3:10 – Um, with this guy destroys that guy.
3:12 – It’s it’s totally the dominant like
3:14 – media narrative, the media form of of
3:16 – how to discuss economics is we have the
3:18 – leftwing guy, we have the right-wing
3:19 – guy, they fight each other to the death
3:21 – and somehow that persuades people. Um,
3:24 – basically having done this work of
3:26 – persuading people on the economy for for
3:27 – many years now, I’m convinced that
3:29 – debates almost never convince anyone of
3:32 – anything and they’re just not a good way
3:34 – to to persuade people of things. Um, the
3:37 – first thing is you need to recognize
3:40 – where we are as as an economy and as a
3:42 – society. And again, this is relevant for
3:45 – the UK and and for every other western
3:46 – country. Living standards are falling
3:49 – quite quickly.
3:51 – people’s children and and grandchildren
3:53 – are and will be much poorer than than
3:56 – they are or they were. And that is
3:58 – scary, you know. You know, that is
4:00 – scary. We we’re here in 2025 in most of
4:03 – the Western world. We haven’t
4:04 – experienced like really widespread
4:06 – poverty for a long time and we’re moving
4:08 – into widespread poverty and and that’s
4:10 – scary and people are scared and people
4:11 – are stressed out. Um people don’t know
4:14 – why it’s happening. People don’t know
4:15 – what to believe and um yeah, people are
4:18 – scared. People are told the problem is
4:19 – foreigners. People are told the problem
4:20 – is immigrants and really there’s not a
4:23 – lot of good economics education. People
4:25 – are running around. They’re scared and
4:27 – they’re worried. And if you want to
4:28 – speak to them, you need to understand
4:29 – that. And if you come in aggressively,
4:33 – if you force people into a debate they
4:34 – don’t want to have, um if you shout
4:36 – people down, if you try and win debates
4:38 – against people, you’re probably just
4:40 – going to force people kind of further
4:43 – into their own echo chamber, um into
4:45 – their own thoughts, um into their own
4:47 – sort of spaces of of fear. And I think
4:49 – when people are scared, it’s just really
4:51 – really difficult to move people into
4:52 – into a positive space. Um, if we’re
4:55 – going to fix this, it’s going to have to
4:57 – be through sort of building unity
4:59 – between the middle class and the working
5:00 – class. And I don’t think we’re going to
5:02 – achieve that by shouting at each other.
5:04 – Yeah. So, the key thing, number one,
5:06 – don’t be a dick. Understand that
5:08 – different people are in in different
5:09 – situations. Here in the UK recently,
5:11 – we’ve had a lot of recent like far-right
5:14 – protests at hotels of um refugees and
5:17 – this kind of thing. And um there has
5:21 – been obviously like counterprotests
5:23 – where people on the left go and and sort
5:25 – of shout at them. And you know, I
5:27 – understand that. I understand people on
5:28 – the left want to protect refugees, want
5:30 – to protect um immigrants.
5:32 – It’s important to recognize that people
5:34 – who might not be on the same side as you
5:37 – are scared and they’re in an
5:39 – economically difficult situation and in
5:41 – many cases they’re struggling to look
5:44 – after their kids. They’re worried about
5:45 – their kids’ futures. They’re being told
5:46 – the problem is foreigners. They’re being
5:47 – told the problem is immigrants. Um I
5:50 – think the problem is growing inequality.
5:51 – I think the problem is billionaires. But
5:53 – you’re not going to persuade these
5:55 – people just by going down and shouting
5:56 – at them. Um, you need to be able to to
6:00 – be compassionate to people who are in
6:01 – different situations than you. Um, that
6:03 – means they might be getting different
6:05 – ideas from the media. They might be in
6:07 – different financial positions. When I
6:09 – talk about the economy, I’m always very
6:12 – aware that I am a rich person, I don’t
6:14 – need to worry about paying the bills.
6:15 – Um, if I’m talking to somebody who’s not
6:17 – in that situation, I need to recognize
6:19 – that they’re in a different position.
6:20 – Um, if you’re a poorer person and you’re
6:22 – talking to a richer person, you need to
6:24 – recognize when you’re talking about
6:25 – things like taxing the rich, they’re
6:27 – going to be scared you’re thinking about
6:28 – taxing them. The situation of a poor
6:31 – person is super different to the middle
6:32 – class. Obviously, the middle class don’t
6:34 – have this problem of worrying about
6:36 – paying the bills, of worrying about
6:37 – feeding their kids. But the middle class
6:39 – is also being squeezed here. They’re
6:41 – worried about things like, will my kids
6:43 – be able to live the same kind of life
6:44 – that I did? Will my kids be able to
6:46 – afford a home? Will my kids be able to
6:48 – afford a family? Um, if you can’t
6:50 – understand with a bit of compassion the
6:53 – position of people who might be in a
6:55 – different situation than you, you’re
6:56 – never going to persuade anyone. So,
6:58 – that’s it. Have a little bit of
6:59 – understanding. Have a little bit of
7:01 – thoughtfulness. Don’t force
7:02 – conversations on people you don’t want
7:04 – to. Um, yeah. On that subject of forcing
7:07 – conversations, I think it’s important
7:08 – just to recognize when is the right
7:10 – place and when is the right person to
7:13 – try to have like a productive
7:15 – educational conversation on these kinds
7:16 – of things. Um because number one, if
7:19 – you, you know, go home and and try and
7:21 – argue with your your right-wing dad or
7:23 – uncle uh at Christmas when they don’t
7:26 – want the conversation, all you’re going
7:28 – to do is build division. It’s not really
7:29 – going to help. Um but also recognize,
7:32 – especially with things like arguments
7:33 – online, that sometimes people who have
7:36 – no interest in listening to you or
7:38 – understanding you are just trying to
7:39 – drag you into a fight and waste your
7:41 – time. Wait for the right opportunity.
7:42 – Wait for the right people. Wait for the
7:44 – right time. Try and find times and
7:46 – spaces where you can really have a
7:48 – conversation that takes the kind of
7:51 – morality out of it, takes the politics
7:53 – out of it and just explains very
7:56 – clearly, very educationally
7:58 – what is happening. I think that’s the
8:00 – best way to to understand. And that
8:01 – brings us on to point two, which is
8:04 – understanding and education.
8:08 – So I am a big believer that the best way
8:10 – to persuade somebody of something
8:15 – is to explain it very clearly. Um we are
8:18 – in a situation now where
8:21 – 70 80 90% of people in this country and
8:24 – in your country their kids and their
8:26 – grandkids will live in desperate
8:27 – poverty. First take a little bit of time
8:29 – to sit with that because that’s a [  ] 8:30 – up situation. But also recognize that un 8:35 – that means unless you’re talking to a 8:37 – very rich person, the person you are 8:40 – speaking to has a strong self-interest 8:43 – for the future of their family to agree 8:45 – with you. You should be coming into this 8:47 – debate in a situation 8:50 – that what your aim is is to protect your 8:53 – kids from poverty and to protect their 8:56 – kids from poverty. That is the truth of 8:58 – the situation here. for 90% of the 9:00 – people in the country, the working class 9:01 – and the middle class, unless you can 9:03 – unite, do something about growing 9:05 – inequality, you will not be able to 9:07 – protect your kids from poverty. So your 9:10 – base stance for any I’m not going to use 9:14 – the term debate because I don’t think 9:15 – debates help for any conversation about 9:18 – the economy should be 9:21 – if we don’t do something both my kids 9:23 – and your kids will live in poverty. So 9:26 – we need to do something about that. And 9:27 – your your main goal should be to very 9:31 – very clearly explain that point because 9:34 – if you can explain that point clearly 9:36 – then it’s not going to be about left or 9:38 – right. It’s not going to be about 9:39 – morality. It’s going to be about the 9:41 – very clear shared interest that you have 9:44 – with most of the other people in your 9:46 – country of protecting your kids and your 9:48 – grandkids from poverty. Okay. So, how do 9:50 – you effectively clearly educate the 9:53 – people you are talking to to make it 9:55 – clear to them that you’re trying to 9:57 – protect their kids from poverty? That in 9:59 – my opinion is all about understanding. 10:02 – The best way to educate and explain a 10:05 – concept in my opinion is to understand 10:08 – it as clearly as possible yourself. And 10:11 – that is why here on this channel I try 10:13 – as much as I can to do a lot of 10:16 – educational videos about the economy. 10:18 – And I really really try to make it as 10:22 – clear as possible to hopefully you the 10:25 – viewer the thing that I’m trying to 10:26 – explain. So part of the my philosophy on 10:30 – on YouTube of education is um I I don’t 10:33 – ever have scripts for these videos. 10:35 – Maybe that’s obvious. Um I plan the 10:37 – videos but I never script them. I’m not 10:39 – reading an auto quue here. The reason I 10:41 – do that is because I think the best way 10:44 – to educate somebody else of a thing is 10:47 – to really, really, really understand 10:48 – that thing. So during the weeks when I’m 10:50 – planning these videos, rather than 10:52 – writing a script, I’m just trying my 10:54 – best to really understand the situation 10:57 – and the concepts. And my idea is, my 11:00 – belief is if you come into a situation 11:02 – with a complete understanding of of what 11:04 – is happening, then you should be able to 11:07 – explain it without needing to read off 11:09 – of a script. And I think that that I 11:11 – think that that comes through better, 11:12 – that educates better, and that actually 11:14 – communicates the understanding better. 11:16 – So that means if you want to explain to 11:18 – people that if they want to protect 11:21 – their kids and protect their grandkids 11:22 – from poverty, they need to care about 11:25 – the wealth distribution, care about 11:27 – inequality, care about the tax system, 11:30 – shift the tax burden to the rich. You 11:33 – firstly need to understand that very 11:35 – clearly yourself. And hopefully if 11:38 – you’ve been watching this channel for a 11:39 – long time, you should be able to do that 11:41 – because really like my number one aim, 11:44 – absolute number one priority aim from 11:46 – this channel is to reach a situation 11:49 – where the vast majority of the working 11:51 – class and the middle class can 11:53 – understand in simple terms why changing 11:56 – the tax system is essential for 11:59 – protecting the financial position of 12:01 – their family, the financial position of 12:02 – their kids and their grandkids. In case 12:04 – you haven’t fully fully understood that 12:06 – by now, I’m going to mention a few of 12:08 – the videos on this channel also one on 12:11 – another channel which I think are 12:12 – probably the best videos to watch if you 12:15 – want to understand that very simple 12:16 – concept. So the first one is we have got 12:19 – a video series understanding the economy 12:21 – which I think is three or maybe four 12:23 – videos now which really explains ground 12:25 – up why inequality matters, why people 12:28 – don’t talk about it enough, why it’s 12:30 – important to protect your family’s 12:31 – financial position. If you want to watch 12:34 – just one video, um I think the squeeze 12:37 – out is is probably the best I think it’s 12:41 – possibly the best video we’ve ever done 12:43 – on the channel in just in just really 12:45 – really simply explaining that we have an 12:48 – economy which has a small group of super 12:51 – rich that are aggressively expanding 12:53 – their wealth share and in doing so they 12:56 – are basically out competing one at a 12:58 – time every other group in society and 13:00 – squeezing the wealth out of other groups 13:02 – in society. And what that means is the 13:05 – working class loses their wealth, the 13:07 – government loses their wealth, the 13:08 – working class goes into debt, the 13:10 – government goes into debt and we are 13:12 – moving into the stage now where the 13:13 – middle class starts to get squeezed out 13:15 – as well. I think that video the squeeze 13:16 – out really explains really clearly this 13:19 – basic concept which is you cannot have 13:22 – one group even if it is a tiny number of 13:24 – people rapidly aggressively in a kind of 13:28 – compound exponential accelerating 13:30 – fashion 13:32 – aggressively expanding their wealth 13:33 – share in a finite economy which is not 13:37 – growing quickly which has finite 13:38 – resources. If you have a section of an 13:41 – economy exponentially growing in a 13:44 – finite economy, eventually 13:48 – that group of society will own 13:49 – everything. And what that means is 13:51 – nobody else, including your kids, 13:53 – including your grandkids, including your 13:54 – government, will own anything. And I 13:56 – often use the metaphor of a cancer 13:59 – because really what this is is exactly a 14:02 – cancer. What you have is a group of 14:04 – society that is aggressively when a 14:05 – cancer starts is very small, right? But 14:07 – the problem with cancer is it grows very 14:09 – quickly. It grows at an exponential 14:11 – rate. So when it starts growing, it’s 14:12 – going, but then it starts to grow super 14:13 – super quickly and relatively quickly it 14:16 – takes over the entire host and it 14:18 – destroys the host. And this is what the 14:20 – very rich will do in our society if if 14:23 – unt untreated. So I think the squeeze 14:24 – out is a great video. The um the the 14:27 – series the uh understanding the economy 14:29 – series is a great video. We’ll link all 14:30 – of these in the comments. Um, I also 14:32 – think the if you want like a really 14:34 – short one, I think the interview I did 14:35 – with Krishna Guru Murphy at channel 4 is 14:37 – another really good like basic 14:38 – description. Um, but really the whole 14:40 – everything on this channel is about 14:42 – trying to educate you very clearly on 14:45 – these simple concepts, these very very 14:47 – simple concepts. If you do not deal with 14:50 – the aggressive wealth growth of the very 14:52 – rich, their share will grow and grow in 14:54 – an exponential way. Exponential growth 14:56 – gets out of control very very quickly. 14:59 – it will rapidly displace all of the 15:01 – other wealth in society. Your 15:02 – governments will break down because 15:03 – their wealth will be lost. Um the middle 15:05 – class and the working class will also 15:07 – break down. Um 15:09 – and that is why you need to deal with 15:10 – it. So understand this simple concept. 15:12 – And I think it’s important to recognize 15:14 – when you deal with this. We exist in a 15:16 – political climate where a big strategy 15:20 – which the the the far right or the 15:22 – billionaires use against me is they 15:25 – point at me and they say Gary’s a 15:27 – communist, Gary’s on the far left. and 15:28 – they demonize 15:30 – anything that is considered left. So, 15:32 – personally, I don’t think this is is a 15:35 – leftwing idea. My background is not in 15:36 – politics. Uh my background is in 15:38 – economics. My background is trading. Uh 15:41 – I use these ideas to make a lot of money 15:42 – trading financial markets. Um for me, 15:45 – this is like like car mechanics, you 15:48 – know, a car mechanic looks at your car, 15:49 – he points out the problem. A doctor 15:51 – looks at your body, you’ve got cancer. 15:52 – I’m an I’m an economist. I can see what 15:55 – you have. the a problem is rapid growth 15:57 – of wealth in this tiny little group. Um 16:00 – this is not a left wing idea. This is a 16:02 – do you want your kids to be poor idea. 16:04 – And I think that is an important 16:05 – starting ground to work from. Just just 16:07 – make it really really clear. Communicate 16:10 – to people that the way that this is 16:11 – often portrayed as a kind of temporary 16:14 – recession is increasingly obviously 16:16 – untrue. Something else is happening. 16:18 – What is happening is aggressive wealth 16:19 – concentration amongst the very rich that 16:22 – is squeezing other groups out of 16:23 – society. What that means is wealth 16:25 – owning becomes impossible for other 16:27 – groups in society. What that means 16:29 – practically is your kids cannot have a 16:31 – house. Okay. And now we’re moving on on 16:33 – I think to the the most common 16:35 – kickbacks. 16:37 – All right. So now I’m going to address 16:40 – some of the main like push backs against 16:42 – the idea that we need to tax the the 16:45 – very rich that we need to tax not work. 16:47 – Um and I’m just going to go through them 16:48 – one after another. Most of these we’ve 16:50 – already covered before on the channel, 16:51 – but it’s nice to have them all in one 16:52 – place, I think. We keep we keep getting 16:53 – asked these same questions again and 16:54 – again. The most common push back we get 16:56 – by a million miles is you can’t tax 16:58 – them. If you tax them they’ll leave. And 17:02 – what this misunderstands is and this is 17:05 – a very very common criticism what I do 17:07 – is a kind of sometimes intentional 17:09 – sometimes accidental misunderstanding of 17:12 – I am trying to tax people who own an 17:14 – enormous amount of wealth. I am not 17:16 – trying to tax high earning individuals. 17:18 – Um that’s why we chose to use the slogan 17:20 – tax wealth not work. We live in a tax 17:23 – system which already taxes high earning 17:26 – individuals very highly. It does not tax 17:29 – extremely wealthy families or 17:30 – individuals very highly at all. So 17:32 – working people are going to be paying 50 17:34 – 60% maybe more if you include everything 17:36 – whereas billionaires are often paying 17:38 – 0%. This is this is an absurd tax 17:40 – system. So we’re not trying to tax first 17:42 – things to make it very clear. We’re not 17:44 – trying to tax working people. In fact we 17:46 – want to reduce tax on working people. 17:48 – We’re trying to tax the billionaires the 17:50 – super super rich. And this is relevant 17:52 – to the idea of if you tax them no leave 17:54 – because if you try and tax a working 17:56 – person um like a doctor or a lawyer or a 18:00 – YouTuber then that person can very often 18:03 – move to Dubai or move to Singapore and 18:05 – they can do their job in that other 18:06 – country. They can pay tax in that other 18:08 – country which might be at a lower rate. 18:10 – They can avoid the tax. If we’re talking 18:12 – about taxing billionaires, billionaires, 18:16 – they don’t make their money from their 18:17 – work. They get their money from owning 18:20 – assets. And assets means property. 18:22 – Assets means land. Assets means natural 18:24 – resources. Assets means government debt. 18:27 – It means your mortgage. It means 18:29 – businesses that sell to the west. These 18:31 – guys, they own largely property and 18:35 – debt. I think one way to think about it 18:36 – is if I have an asset, I get a passive 18:39 – income. Where does that income come 18:41 – from? So if I own British businesses, it 18:44 – comes from British consumers. If I own 18:46 – British debt, it comes from British 18:48 – mortgages. People have mortgages. If I 18:50 – own British government debt, it comes 18:51 – from the British taxpayer. If I own 18:52 – British property, it comes from British 18:54 – renters, you know. And the same is true 18:56 – all over the West. So, if I own a ton of 18:59 – British assets and I tried to move to 19:01 – Dubai, I am still taking an enormous 19:04 – amount of cash flow from British people 19:07 – when they pay that passive income. So, 19:10 – wealthers can be taxed even if they 19:13 – leave. There’s this absurd idea. Oh my 19:16 – god. Some people even started to mention 19:18 – I think I’ll do a brief segue here 19:19 – because it’s so ridiculous. Some people 19:21 – started to mention this idea of a 19:22 – laugher curve um about taxing taxing 19:24 – wealth. And the idea of a laugher curve 19:26 – is if you tax people so much they will 19:28 – eventually like avoid the tax. So if you 19:30 – if you really increase tax on work, 19:33 – people will stop working or people will 19:34 – leave the country. But if you really if 19:36 – you first of all this Lapa curve goes up 19:39 – and down. So it’s supposed to hit a top 19:40 – at like 50%. We’re trying to raise tax 19:42 – on wealth from 0% to 2% which is 19:44 – definitely not a section which is 19:46 – downward sloping in this curve. How do 19:49 – you avoid a wealth tax? We’re taxing 19:52 – ownership. We’re taxing hoarded wealth. 19:54 – The way that you avoid attacks on 19:56 – hoarded wealth is you stop hoarding 19:57 – wealth which is exactly what we want. We 19:59 – want the rich people to stop hoarding 20:02 – wealth so that you can get your [  ]
20:05 – wealth back. That’s what we want. That
20:06 – is what we want. So we are not trying to
20:08 – tax working people. We are trying to cut
20:10 – tax on working people. We want to
20:12 – attract productive people, productive
20:14 – businesses to the country. We want to
20:16 – stop taxing ordinary working people like
20:18 – you. We want to stop taxing ordinary
20:20 – working people like your kids. We want
20:21 – to tax the super rich. Let’s talk about
20:23 – what happens if you don’t tax the super
20:26 – rich. If you don’t tax the super rich,
20:28 – their wealth grows and grows and grows
20:30 – and grows and grows. And other people in
20:32 – society, like the middle class, like the
20:34 – government, see their wealth shrink and
20:36 – shrink and shrink and shrink and shrink.
20:38 – Eventually, the government runs out of
20:40 – wealth and has a choice between shutting
20:43 – the welfare state down, taxing the rich,
20:45 – or taxing the middle class. If you do
20:47 – not tax the rich, you will end up taxing
20:51 – the middle class. We here on this
20:53 – channel are the people trying to protect
20:56 – the middle class. If you do not tax the
20:59 – rich, then the middle class will be
21:01 – next. And you are seeing this happen.
21:03 – We’re going to see this happen in the UK
21:04 – in the budget this autumn. You are going
21:06 – to see because of the government’s
21:07 – unwillingness to tax the super rich that
21:10 – the middle class get taxed. You are
21:11 – seeing this at the moment with Donald
21:13 – Trump in the US, he is cutting tax on
21:15 – billionaires and he is moving towards
21:17 – consumption taxes which is a tax on the
21:19 – middle class. Listen, the billionaires
21:22 – are going to try to tell you that when I
21:24 – say tax the billionaires, I mean tax
21:27 – you. At the same time, the billionaires
21:29 – are actively raising your taxes. If you
21:33 – want to protect your kids and your
21:36 – wealth and your tax rates, you need to
21:39 – protect yourselves from the people who
21:41 – are going to take your wealth, which is
21:43 – the billionaires. Now, this is related
21:46 – to to the next point, which I’ll just
21:48 – cover quickly, which is taxing rich
21:50 – people is really really hard. So, we
21:51 – shouldn’t do it. Uh, I agree taxing rich
21:54 – people is is super super hard. Um, I
21:56 – think the main reason taxing rich people
21:57 – is super hard is because they have so
21:59 – much power and influence over the media
22:01 – and over politicians. But I think we we
22:03 – have a chance of doing it and I think if
22:05 – we don’t do it then our economy will
22:07 – collapse. So I think it’s worth it’s
22:08 – worth doing it to avoid our country
22:10 – collapsing. Um listen our grandparents
22:13 – and our great-grandparents lived in
22:14 – desperate poverty and they fought hard
22:16 – to make things better and they did make
22:17 – things better. If you don’t fight hard
22:19 – to protect the working classes, the
22:22 – middle classes, then you lose the middle
22:23 – class and you lose your wealth. Um just
22:25 – because something is difficult that
22:27 – doesn’t mean it’s not worth doing. Um, a
22:28 – country which refuses to do difficult
22:30 – but essential things collapses. Listen,
22:33 – curing cancer is difficult, but if you
22:34 – had cancer, would you want to try and
22:36 – cure it or would you want to just try
22:37 – and let it take control? It’s worth
22:39 – doing. I’m going to keep fighting, so
22:40 – you should fight, too. Okay, so the next
22:42 – argument against this, which is common,
22:43 – is that it’s not fair. It’s not fair to
22:45 – tax rich people. Rich people work so
22:47 – hard. Um, they they deserve all of the
22:49 – money that they get. Um, I just want to
22:52 – make it clear. I’m not trying to tax
22:53 – working people. Um, I worked very hard.
22:55 – I paid 50 60%. At the same time, the
22:57 – Duke of Westminster inherited10 billion
22:59 – pounds and uh paid nothing. I don’t
23:02 – think that’s very fair. We always
23:04 – campaign on tax wealth, not work. Unless
23:07 – you are a billionaire, a super wealthy
23:09 – person, we are trying to cut your taxes.
23:12 – Listen, if you want to talk about
23:14 – fairness, if we do not do anything about
23:17 – this system, then very very quickly the
23:19 – billionaires will own everything and you
23:21 – will own nothing and we will move into a
23:24 – system where all wealth is inherited and
23:27 – it is impossible for ordinary people to
23:29 – own wealth. Does that sound fair to you?
23:33 – But to be honest, once again, I think
23:35 – this is a general um a good general
23:38 – piece of advice when you’re talking
23:39 – about persuading people. Personally, I
23:41 – don’t like to focus on fairness. Um, I
23:44 – like to focus on on real outcomes, which
23:46 – is if you don’t deal with this
23:47 – aggressive growth in wealth of the very
23:49 – very rich, then what that means is there
23:51 – will be no wealth anywhere else. So
23:54 – whether you want fairness or whether you
23:55 – want unfairness, you have a choice. Do
23:57 – you want untaxed billionaires or do you
24:00 – want your grandkids to own property? You
24:03 – cannot have both. You cannot have
24:05 – everything being owned by a minority and
24:08 – things being owned by the majority. You
24:11 – have to choose. Either you tax the
24:13 – billionaires or you accept poverty for
24:15 – your grandkids. So, the last criticism
24:18 – we we often get, and I think it’s been
24:19 – pretty well covered now, is the
24:20 – misunderstanding that I’m trying to tax
24:22 – working people. Um, I’m not. I’m trying
24:25 – to cut your taxes. I’m trying to cut tax
24:27 – on working people. If you do not tax the
24:29 – billionaires, we will reach a situation
24:32 – where the billionaires end up taxing
24:34 – you. That’s happening now in the US.
24:35 – It’s happening now in the UK. Tax wealth
24:37 – not work. We are the people who are
24:40 – protecting the middle class. If you are
24:41 – in the middle class, you should be on
24:43 – our side. Support us. We’re not trying
24:44 – to tax working people. We’re trying to
24:46 – tax the super rich. Look, this is if if
24:48 – you do not tax the billionaires, then in
24:50 – your country, just like in my country,
24:53 – you will reach a situation where the
24:54 – only way to not shut the welfare state
24:56 – down is to raise taxes on the middle
24:58 – class. Okay? We’re going to do it here.
25:01 – It’s going to happen in your country. It
25:03 – is happening now in the United States.
25:05 – This increase in tariffs is a tax on
25:08 – consumption. Consumption taxes are
25:10 – regressive taxes which are paid
25:12 – disproportionately by the middle class.
25:16 – We are already in this situation. The
25:18 – billionaires in an attempt to protect
25:20 – themselves from taxes are going to raise
25:22 – your taxes. We are the group that is
25:25 – saying cut taxes on working people. The
25:28 – billionaires are constantly trying to
25:29 – tell you that we are trying to raise
25:31 – your taxes. We’re not. They’re the guys
25:33 – doing it. Tax wealth not work. Reduce
25:35 – tax on working people. Okay. Okay, the
25:37 – next and I think the last common
25:38 – criticism that we’ll get and I will say
25:40 – if there are other criticisms you often
25:41 – get, stick them in the comments and uh
25:43 – we will address them in another
25:44 – follow-up video, I guess. Um the last
25:46 – one I get is like don’t don’t give money
25:48 – to the government. If you give money to
25:50 – the government, they’ll waste it. Um
25:51 – governments have be basically rapidly
25:53 – shut down in every country in the world,
25:54 – including this country. Um but I never
25:57 – said giving money to the government.
25:58 – What I’m doing is not about increasing
26:00 – government. It is not about increasing
26:01 – the tax. What I’m trying to do is
26:03 – protect you from aggressively growing
26:05 – billionaire wealth. I’m trying to change
26:07 – who pays taxes. At the moment, we have a
26:10 – situation where the super rich pay
26:12 – nothing. They grow their wealth
26:13 – massively. They squeeze out you and your
26:15 – family while you and your family pay 40,
26:17 – 50, 60%. It’s absurd. I’m not trying to
26:19 – give more money to the government. I’m
26:21 – trying to give more money to you and
26:22 – your family. I’m trying to protect your
26:24 – wealth. This is not about increasing
26:26 – government. I’m not a communist. I am
26:28 – the only person here who is going to
26:31 – give your kids a chance to own a home.
26:33 – Okay. So to conclude, the situation that
26:37 – we’re in is big and it’s scary. The
26:39 – economic situation is going to worsen
26:41 – really, really quickly. People are
26:43 – scared, man. People are scared and
26:45 – people are right to be scared. It’s
26:47 – important to understand that when people
26:49 – are scared and they see their family
26:51 – situation deteriorating and they don’t
26:53 – understand why, there’s a very
26:55 – understandable instinctive reflexive
26:58 – response which is I want to find the
27:00 – most powerful person I can and I want to
27:02 – try to get them to protect me. And if
27:04 – you look throughout history, you will
27:05 – see time and time and again at a times
27:08 – of serious economic deterioration,
27:10 – people vote for uh strongman dictators.
27:12 – Um that’s going to happen now. that is
27:14 – going to happen now because people are
27:16 – scared. In my opinion, the way to deal
27:20 – with fear is understanding. If people
27:23 – understand the situation and how to
27:26 – respond to the situation, then they can
27:28 – act in a meaningful way to protect their
27:30 – interests. While people are scared,
27:32 – they’re going to rush to kind of beg the
27:33 – protection of the billionaires and
27:35 – they’re going to end up trying to be
27:36 – protected by the exact people who are
27:38 – going to eat their kids. So, let’s
27:40 – educate. Let’s make things clear. Let’s
27:42 – make things clear to the public. What is
27:45 – happening is wealth inequality is
27:47 – increasing. That means the share that
27:49 – used to be held by you, by ordinary
27:51 – families, by ordinary governments is
27:53 – disappearing and is being held by the
27:55 – super rich. If you take that back, you
27:58 – can own wealth and you can have a good
28:00 – standard of living. If you don’t take
28:02 – that back, the situation will worsen. It
28:04 – will grow. It will accelerate like a
28:06 – cancer and your kids will live in
28:08 – poverty. The way to protect yourself is
28:11 – to raise taxes on the super rich so that
28:14 – wealth can start flowing back to
28:16 – ordinary families like yours. I know
28:19 – it’s a lot to take in. When I first
28:20 – started understanding that the economy
28:22 – was going to collapse back in 2011, I
28:24 – kind of had a mental breakdown. So, I
28:26 – know like it’s a big deal, but you don’t
28:27 – have time to have a mental breakdown
28:29 – right now. You need to protect your
28:30 – kids. You need to protect your
28:31 – grandkids. And the way to do that is to
28:33 – understand the problem and to educate
28:36 – your friends and your family. Listen,
28:38 – there is a massive space in politics. We
28:40 – can fill it. If we don’t fill it, it’s
28:43 – going to get filled by some pretty bad
28:44 – guys. So, support us, support the
28:46 – channel, understand, educate your
28:48 – friends, educate your family. Tax Wealth
28:51 – Network. Thank you very much.