Gabriel Zucman

deficit problems if we don't do that because it's going to be impossible to ask other parts of the population to make sacrifices to pay more tax as long as the billionaires pay so little.

So if you are serious about fixing the deficit, you have to start by asking those who are the wealthiest people in societies and pay the least in tax.

to pay more.

Has anyone seen any of that?

They always, you know, threaten to leave.

But they don't actually go.

Some of them might be tempted to move, but you have to change the law to say, if you move, that's your right.

Freedom of movement.

Go ahead.

But

it's not going to make a difference to your tax bill.

We will keep collecting the minimum tax.

But if they get out before the law... The US already does it, so it shows that technically it's possible.

And you might need to change the law a little bit to implement this in the UK, but that's okay.

You just need to change the law.

And I think for a long time, people had a feeling that it would not be possible to enforce this type of tax because there was a great deal of...

bank secrecy in Switzerland and tax havens.

And so the feeling I think that policymakers had was that, OK, once the billionaires have moved, it's going to be impossible for us to keep track of their income, to keep track of their wealth.

But since 2018, there's an automatic exchange of bank information, which

really a game changer, really moving from bank secrecy to bank transparency.