Daniel Priestley

Inheritance tax is 40% across the course of your life. If a person who owns a trust for 70 years, then 6% times 7 would be 42. So they actually pay more.

No, no, no. 100 times the tax rate. You're not comparing apples with apples.

No, no, no. 100 times the tax rate. You're not comparing apples with apples.

That's inheritance tax.

That's inheritance tax.

You're talking income tax. Every year I paid it. You're paying income tax. So why do I pay more than him? The Duke of Westminster pays income tax. He probably makes your bill blush. Yeah, I think he pays income tax. Yeah, well, if he's going to live, he has to withdraw money to have his income. Let me give you a list of all the taxes he would pay. He'd pay income tax, corporate tax.

You're talking income tax. Every year I paid it. You're paying income tax. So why do I pay more than him? The Duke of Westminster pays income tax. He probably makes your bill blush. Yeah, I think he pays income tax. Yeah, well, if he's going to live, he has to withdraw money to have his income. Let me give you a list of all the taxes he would pay. He'd pay income tax, corporate tax.

He'd pay stamp duty when he buys a building. He pays any of the other taxes, VAT when he spends money. All the same taxes apply to a duke as they apply to anybody else.

He'd pay stamp duty when he buys a building. He pays any of the other taxes, VAT when he spends money. All the same taxes apply to a duke as they apply to anybody else.

Any income he draws.

Any income he draws.

I mean, how could he not? He's in a trust. But the only difference with a trust versus income is that the trust pays periodic tax versus inheritance tax. At 0.6%. But we're only talking inheritance. That's just one type of tax.

I mean, how could he not? He's in a trust. But the only difference with a trust versus income is that the trust pays periodic tax versus inheritance tax. At 0.6%. But we're only talking inheritance. That's just one type of tax.

He's one of the highest taxpayers in the UK. I'm not like his big fan club, but the truth is he's one of the highest taxpayers in the UK. He's one of the biggest employers in the UK. He's one of the, like... One of the biggest landowners in the UK. Landowners in the UK, right? So the issue is, is does he pay tax? All the same taxes that apply to you apply to him.

He's one of the highest taxpayers in the UK. I'm not like his big fan club, but the truth is he's one of the highest taxpayers in the UK. He's one of the biggest employers in the UK. He's one of the, like... One of the biggest landowners in the UK. Landowners in the UK, right? So the issue is, is does he pay tax? All the same taxes that apply to you apply to him.

And if you want to set up a trust, you can also pay periodic taxes as well, which would be on top of all the other taxes. So what would you say... But it's just not true that he doesn't pay tax.

And if you want to set up a trust, you can also pay periodic taxes as well, which would be on top of all the other taxes. So what would you say... But it's just not true that he doesn't pay tax.

Well, I know that just the smallest... If I make £10 billion, I'll pay 60%. Just one sec. You're talking about income versus the transfer of an estate. So why is it that the Duke of Westminster can be worth £10 billion? You're comparing your income versus the amount he inherited, which is not a fair thing. Because that's his income. Inheritance is not income.

Well, I know that just the smallest... If I make £10 billion, I'll pay 60%. Just one sec. You're talking about income versus the transfer of an estate. So why is it that the Duke of Westminster can be worth £10 billion? You're comparing your income versus the amount he inherited, which is not a fair thing. Because that's his income. Inheritance is not income.

Let's explore the other alternative, right? So let's say tax the rich, right? So let's play the game of tax the rich. Tax the owners, not the workers. The owners. So the issue that we have with the rich is is the number one most valuable assets in the economy now are intangible assets. So there's this chart called the S&P 500 of the 500 richest countries in the world, in the US, sorry.