Hmnnn, some very interesting points you raise.
I have also come across this guy Gary, and to be honest I find a lot of what he says pretty spot on.
He’s not a polished academic or a career politician; he’s a self-described “street kid” who made it big and now wants to lift the curtain on how the world really works.
I do think it is worth mentioning here that the guy has a BSC degree in economics and a masters in economics.
From a single-income background in Ilford, Stevenson won a scholarship to study for a BSc in economics and mathematics at the London School of Economics,[not verified in body] before becoming a financial trader at Citibank in 2008 at age 21. Stevenson became a millionaire in the wake of the great recession by betting on a large increase in economic inequality, and that growing poverty would cause interest rates to stay low.[3] By trading on this prediction, he claims to have been Citibank's most profitable trader globally in 2011,[4] a claim disputed by former colleagues.[5] In 2014, Stevenson retired from financial trading to study for an MPhil in Economics at the University of Oxford. In 2020, he started the YouTube-channel GarysEconomics, where he campaigns against economic inequality and explains economic concepts to a wider audience. -- Source Wiki
So his viewpoints on the nuances of the current economic climate are very much informed ones.
In my mind the whole question of taxing the wealthy as individuals shouldn't be the main focus though, as the real focus should be on effectively taxing corporations like amazon, google, tesla... the list goes on.
I had a discussion with someone the other day where I suggested that if E.g. the UK government effectively raised corporation tax on amazon.co.uk (so all UK amazon operations) by only 5% it would raise a good portion of the money needed to cover a lot of what our current government are cutting from public services. Tax all of the multi-national billion $$$ companies effectively and the government would have all that money they are now taking from the poorest in society, and more to improve infrastructure, which would benefit all, rich and poor alike.
The person I was talking to responded with "they'd just take their business elsewhere."
... which is a ridiculous statement.
Amazons profit in 2022 was 222 million million British pounds. yet they paid zero corporation tax.
So if my calculations are correct then a 5% tax would net the UK gov 11.1 million, leaving amazon uk division making £210.9... which is rather a lot of money to walk away from a country-wide market just because they are getting taxed fairly 😂 They never would 'take their business elsewhere'.
I just use amazon as an example here, this scenario could be applied to any one of the large multi-national companies that routinely don't pay tax... simply because they are allowed to get away with it, or in many cases because they have bought political parties through power brokering and funding etc.
Some cases of economic discrepancy are quite simple when you look at it under a microscope... it comes down to 'will to power' as nietzsche called it. But in these cases it is economic will to power.
All it takes is a government who have the integrity to face down the big bully in the playground rather than simpering up to that bully and helping them victimize the smaller kids.
Yeah, when i have gotten in discussions about his ideas, i get a hand full of similar responses, he is an idiot, a grifter hitting a hot button for views, he is dangerous and calling for class warfare, the rich will just move if you tax them, he is a Marxist lite... etc etc.
so much energy spent trying to tear him down is the real sign to me...dude is stirring something up.
ha ha, for sure I agree.
I've seen a few interviews with various other rich people trying to bash his ideas down... which kinda makes me think they're scared for some reason? 😂