Daniel Priestley

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.

In 1970s, 75% of the value of the S&P 500 was physical assets like property, and today it's less than 10%. It's closer to 5%. So you think that housing is not particularly important? Just let's stick with what I'm saying. Okay. The powerhouse, the engine room of the economy is digital assets and that's reflected in the S&P 500, for example, which is 95% intangible assets.

In 1970s, 75% of the value of the S&P 500 was physical assets like property, and today it's less than 10%. It's closer to 5%. So you think that housing is not particularly important? Just let's stick with what I'm saying. Okay. The powerhouse, the engine room of the economy is digital assets and that's reflected in the S&P 500, for example, which is 95% intangible assets.

One of the issues that we have is that the richest people are completely mobile now. So they can be absolutely anywhere in the world. So if you come up with this idea of let's tax richest people 1%, if a tiny proportion of them leave, we're all in trouble.

One of the issues that we have is that the richest people are completely mobile now. So they can be absolutely anywhere in the world. So if you come up with this idea of let's tax richest people 1%, if a tiny proportion of them leave, we're all in trouble.

Because investors say they are.

Because investors say they are.

Globally. Okay. The issue is that these companies operate globally now. So if I'm a billionaire… Take my company, for example. Yeah. My company has 8,000 customers in 150 countries.

Globally. Okay. The issue is that these companies operate globally now. So if I'm a billionaire… Take my company, for example. Yeah. My company has 8,000 customers in 150 countries.

We could be anywhere.

We could be anywhere.

Probably the US now.

Probably the US now.

Well, that's different, right? Because that's not taxing billionaires, that's taxing companies. See, when you say tax the rich on their wealth, that's different to saying tax companies a consumption tax.

Well, that's different, right? Because that's not taxing billionaires, that's taxing companies. See, when you say tax the rich on their wealth, that's different to saying tax companies a consumption tax.

Yeah, but you're saying how do you tax them, right? So do you tax their wealth, which is what they own, or do you tax the companies where they trade? Typically, consumption taxes get passed on to consumers.

Yeah, but you're saying how do you tax them, right? So do you tax their wealth, which is what they own, or do you tax the companies where they trade? Typically, consumption taxes get passed on to consumers.

Yeah, but if you simply say when you're doing revenues, then that's a consumption tax.

Yeah, but if you simply say when you're doing revenues, then that's a consumption tax.

By the way, I'm not exactly against you on companies. I think it's disgusting that a British company can take out a Facebook ad to sell to a British consumer a British product and Facebook pretends to be in Ireland on that transaction.