Should Billionaires Exist in the UK? Watch

Poll: Should billionaires exist in the UK?
Yes (68)
69.39%
No (30)
30.61%
jamesbarry17
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#61
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#61
If I am so successful and come up with a product and business so popular amongst the public and beneficial to society that I make £100 billion, is it fair that I should have 99% of my wealth taken away from me??? Of course taxes should exist, but billionaires are still people like the rest of us and should be treated as such.
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unexpecteduk
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#62
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#62
Why is it that billionaires are always compared with homelessness or the reason because of it.
It's not their duty to tackle homelessness, It's the government's job to do this. Just because they have money doesn't mean they should 'eliminate poverty'
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angelike1
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#63
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#63
Anyone who says no is basically justifying stealing.
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Vinny C
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#64
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#64
Well... the rich do pay 25% of all taxes. Be a bit lost without them... bit like Africa, really!
Last edited by Vinny C; 2 weeks ago
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Greywolftwo
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#65
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#65
(Original post by Rakas21)
In recent days Clive Lewis MP (backed by Momentum acolytes) has stated on shows like Politics Live and Newsnight that billionaires should not exist in the UK because it is in his view unfair and also that people don't 'need' billions.

https://twitter.com/i/status/1190039075706814464

I would like to know your thoughts.

- My own view is that Clive's comments are very wrong and indicative of the Politics of envy. Clive argues that we should not have billionaires in the UK because a small minority of people are homeless or struggling however in my view the two issues are not linked. While a minority of billionaires may employ folk abroad and just live here, many of them are providing jobs, investing in our firms for example and this decade have paid a higher proportion of our income tax total than ever before.

Far from condemning billionaires, i celebrate them. Bill Gates and Warren Buffet have done more for Africans than their own governments, Zukenburg has given a good £10bn to charity and Elon Musk has pushed the boundaries of innovation to the point that he may revolutionise entire sectors.

Finally i consider his Momentum backers to have the most dangerous view. A momentum woman (head of their electoral campaign for labour i think) argued that we should not have billionaires because 'nobody needs a billion'. I find this view dangerous because not everybody has the same level of aspiration. While some people only have ideas of what they would spend £5m on, i have plans right upto £10bn (not that i will ever have it) on the basis that it would allow me to enter fields like space mining and genetic engineering. To set an arbitary limit is to potentially impose restriction on the next Elon Musk.

Vote and provide your opinion.
I would agree with you on this, take Bill Gates for example, he sees his billions as a bi product of his success and his passions for technology, he never wanted to make lots of money and intends to give it all away when he dies, a lot of tech entrepreneurs don’t see money as the primary objective in life, they are all set in trying to expand the knowns of humanity
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RJDG14
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#66
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#66
I think they should be allowed to exist, provided that they pay a special higher rate of tax, perhaps 60%.
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LiberOfLondon
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#67
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#67
(Original post by RJDG14)
I think they should be allowed to exist, provided that they pay a special higher rate of tax, perhaps 60%.
We do already have the 45p additional rate.
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z-hog
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#68
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#68
Only the Leftist mindset comes up with such questions, should a certain type of people be allowed to 'exist'. It's populism/demagogy of the cheapest type by people with nothing else to offer but at the same time fully explanatory of why they should never be allowed near positions of influence. It's a daft question anyway, if billionaires aren't allowed to exist in the UK they'll go and exist somewhere else.
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the beer
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#69
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#69
Nah, thats far too much power.
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SHallowvale
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#70
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#70
I wouldn't know if billionaires shouldn't 'exist', but I think the highest rate of tax should be increased.

For example, income over £500k or £1m being taxed higher than income over £150k.
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PTMalewski
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#71
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#71
(Original post by Rakas21)
In recent days Clive Lewis MP (backed by Momentum acolytes) has stated on shows like Politics Live and Newsnight that billionaires should not exist in the UK because it is in his view unfair and also that people don't 'need' billions.

https://twitter.com/i/status/1190039075706814464

I would like to know your thoughts.

- My own view is that Clive's comments are very wrong and indicative of the Politics of envy. Clive argues that we should not have billionaires in the UK because a small minority of people are homeless or struggling however in my view the two issues are not linked. While a minority of billionaires may employ folk abroad and just live here, many of them are providing jobs, investing in our firms for example and this decade have paid a higher proportion of our income tax total than ever before.
As you noticed, the two issues actually are linked. If there were no billionaires, there would be even more homeless and unemployed.
Speaking of income taxes, it's a very reasonable total-war time tax, but in times of peace it's only harmful.
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st15051
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#72
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#72
If their love islanders, no
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PTMalewski
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#73
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#73
(Original post by SHallowvale)
I wouldn't know if billionaires shouldn't 'exist', but I think the highest rate of tax should be increased.

For example, income over £500k or £1m being taxed higher than income over £150k.
If you do that, it likely just to make these people hiding their money. Like pumping their abroad through a net of tax-optimisation companies.
Not to mention that income taxes are generally inefficient. They only make sense in war-economy, and this is when they were first introduced. WWs.

Otherwise, other taxes like taxes on luxury goods are much more efficient and difficult to dodge.
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SHallowvale
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#74
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#74
(Original post by PTMalewski)
If you do that, it likely just to make these people hiding their money. Like pumping their abroad through a net of tax-optimisation companies.
Not to mention that income taxes are generally inefficient. They only make sense in war-economy, and this is when they were first introduced. WWs.

Otherwise, other taxes like taxes on luxury goods are much more efficient and difficult to dodge.
Sure, but why would this happen for a 50% rate on, say, income exceeding £500k any more than a 45% rate on income exceeding £150k?
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PTMalewski
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#75
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#75
(Original post by SHallowvale)
Sure, but why would this happen for a 50% rate on, say, income exceeding £500k any more than a 45% rate on income exceeding £150k?
Because human needs are unlimited, and therefore, human greed is unlimited.
It is much easier to charge alcohol and luxuries with very high taxes, than just income.
You can even charge a person for just using a very expensive car, (say it is officially owned by a company). It's pretty easy to be done, while income itself is quite expensive to be taxed, and it's very easy to hide it.
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Napp
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#76
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#76
(Original post by SHallowvale)
I wouldn't know if billionaires shouldn't 'exist', but I think the highest rate of tax should be increased.

For example, income over £500k or £1m being taxed higher than income over £150k.
The problem there is that people earning that much can, and will, hire very smart people to find very novel ways for them not to pay that.
Not to mention the most easy method of them simply re-registering themselves as self employed and not paying that huge sum as a wage but dishing it out on things like "expenses", dividends etc. etc. etc. the list is pretty endless when it comes to dodging tax rates. Or of course they will simply leave, like was observed in France.
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ThomH97
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#77
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#77
It is certainly true that nobody 'needs' billions. However, as long as that isn't hurting anyone, I'd argue why not leave them be.

The problem is, there is harm in someone hoarding such vast amounts of money, taking lifeblood out of the economy that everyone else depends on. There's also the issue of tax avoision (and straight out evasion) which many of the richest in society take advantage of.
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Burton Bridge
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#78
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#78
Yes but try asking yourself a different question.

When we are the 5th largest economy in the world, with billionaires and millionaires, why do we allow persecution of the poor for the benefits of the billionaires and millionaires?
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LiberOfLondon
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#79
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#79
(Original post by Burton Bridge)
Yes but try asking yourself a different question.

When we are the 5th largest economy in the world, with billionaires and millionaires, why do we allow persecution of the poor for the benefits of the billionaires and millionaires?
Nobody is persecuting the poor, unlike Corbyn and his ”Jewish problem”.
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Burton Bridge
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#80
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#80
(Original post by LiberOfLondon)
Nobody is persecuting the poor, unlike Corbyn and his ”Jewish problem”.
I think that's a phantom problem, regarding Corbyns Jewish problem.

If nobody is perpersecuting the poor, can you explain to me why the gap between the riches and poorest is growing every year. And also why is a housing crisis which quite litterally kills poor people every year?
Last edited by Burton Bridge; 1 week ago
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