Steven

Let's say you move to Cayman Islands and the US says, we're going to tax your revenue at point of sale. what can you do?

Let's say you move to Cayman Islands and the US says, we're going to tax your revenue at point of sale. what can you do?

Oh, but you just said the rich-owned companies. You said that's what they own.

Oh, but you just said the rich-owned companies. You said that's what they own.

Oh, it's not a consumption tax. It's the tax on the ownership.

Oh, it's not a consumption tax. It's the tax on the ownership.

So you're saying if you start to tax...

So you're saying if you start to tax...

What do billionaires own? Companies. And where do companies get their money from? Revenues. And where do the revenues come from? Purchasing.

What do billionaires own? Companies. And where do companies get their money from? Revenues. And where do the revenues come from? Purchasing.

And where do those people live? All over the world. We can tax them at that point.

And where do those people live? All over the world. We can tax them at that point.

I know how profit shifting works.

I know how profit shifting works.

Companies selling to the UK, the US, enormous amount of profit in the US. And they turn around and say, actually, our profit's not in the US. You think the US is incapable of going and looking if that's seeing really where the profit is?

Companies selling to the UK, the US, enormous amount of profit in the US. And they turn around and say, actually, our profit's not in the US. You think the US is incapable of going and looking if that's seeing really where the profit is?

Are we seeing that now with this, they call it the millionaire exodus, which is, for people that don't know, the UK is set to lose the greatest proportion of millionaires in the world this parliament. I'll put a graph on the screen, which is this one here, this one here. And that little red line here is us losing all of our millionaires at the moment.

Are we seeing that now with this, they call it the millionaire exodus, which is, for people that don't know, the UK is set to lose the greatest proportion of millionaires in the world this parliament. I'll put a graph on the screen, which is this one here, this one here. And that little red line here is us losing all of our millionaires at the moment.

And in 2024, it's estimated that 10,800 high net worth individuals left the UK, which is a 157% increase from the previous year, which means that one millionaire is departing every 45 minutes. The UK millionaire exodus is equal to losing 530,000 average taxpayers annually. And another stat, the top 10% of earners in the US account for nearly half of all consumer spending.

And in 2024, it's estimated that 10,800 high net worth individuals left the UK, which is a 157% increase from the previous year, which means that one millionaire is departing every 45 minutes. The UK millionaire exodus is equal to losing 530,000 average taxpayers annually. And another stat, the top 10% of earners in the US account for nearly half of all consumer spending.