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In 2021/2022 there were 60 people in the UK who probably fall into that last group. Together their taxes accounted for about 1.4% of the UK tax bill despite bei

In 2021/2022 there were 60 people in the UK who probably fall into that last group. Together their taxes accounted for about 1.4% of the UK tax bill despite being something like 0.002% of the population.

vlovich123 2y ago
What percentage of the wealth did they control?
- schiem 2y ago
  By summing up the top 60 entries for UK billionares from The Times Rich List for 2024 (which is data from 2023), I get almost exactly 500 billion pounds in net worth (£499.55bn). According to Wikipedia, the UK had a total net worth of $15,972bn USD, which comes out to £12,298bn at the current exchange rate of 0.77 pounds / dollar. That comes out to around 4.1% of the total wealth. However, the number from Wikipedia is from 2022, so this figure isn't going to be entirely accurate.
arcticbull 2y ago
Are you familiar with the concept of noblesse oblige? Further does this include all taxes or just income taxes which are only a portion of revenues used to make less well off people look like moochers. For instance, in the US, there’s social security and Medicare taxes -- and payroll tax, the social security and Medicare tax contributed on behalf of employees by employers. Renters also pay their landlords property taxes. Sales taxes, tariffs, etc are all born by end users.
- fallingknife 2y ago
  Renters do not pay property tax in the US. That liability is entirely on the owner.
  - rahimnathwani 2y ago
    Your statement is technically correct. It's also technically correct to say that diners, not restaurant owners, pay sales taxes. The reality is more nuanced. Introducing a sales tax on restaurant meals affects both diners and restaurant owners: restaurant owners can't pass on the whole increase to diners, and diners cannot afford to go out as much. Similarly, property tax levels influence landlords' decisions to enter or exit the rental market, impacting housing supply and, consequently, tenant rents. 'Paying' a tax has two distinct meanings: - Who bears the economic burden after the tax is introduced - Who is legally responsible for paying the tax These two concepts are not always aligned.
    - fallingknife 2y ago
      This is a silly distinction because by that standard you could equally say that my employer pays my rent because they are the source of income which I use to pay it. Property tax in the US is a liability of the owner. This is in contrast to other systems like the UK where it is a liability of the occupant.
      - rahimnathwani 2y ago
        The incidence of taxation is a well-studied concept in economics, with a solid theoretical foundation and empirical evidence backing it. You dismiss its application as a 'silly distinction' and repeat the fallacy that the incidence of taxation falls on the party who is legally liable. If you don't believe me, and don't want to read up on 'tax incidence', consider what would happen if sales tax were paid by retailers instead of customers. Would the flow of money change at all? Would any party be worse off or better off?
        lazide 2y ago
        This is an entirely ridiculous argument. Who actually ‘writes the check’ is actually important in a discussion about who writes the check, despite the fungibility of money. Renters don’t pay the owners property taxes in the US, even if they pay rent. Full stop. Why this matters is because in some cases, owners can end up ‘under water’ with even rent not covering property taxes in the US. In other places, that may not be possible.
rootusrootus 2y ago
The implied assertion with that metric is that every individual taxpayer should pay the same amount. That seems like a hard sell.
wiseowise 2y ago
> In 2021/2022 there were 60 people in the UK who probably fall into that last group. Together their taxes accounted for about 1.4% of the UK tax bill despite being something like 0.002% of the population. How much wealth do they have compared to other population?

vlovich123 2y ago

What percentage of the wealth did they control?

schiem 2y ago
By summing up the top 60 entries for UK billionares from The Times Rich List for 2024 (which is data from 2023), I get almost exactly 500 billion pounds in net worth (£499.55bn). According to Wikipedia, the UK had a total net worth of $15,972bn USD, which comes out to £12,298bn at the current exchange rate of 0.77 pounds / dollar. That comes out to around 4.1% of the total wealth. However, the number from Wikipedia is from 2022, so this figure isn't going to be entirely accurate.

arcticbull 2y ago

Are you familiar with the concept of noblesse oblige? Further does this include all taxes or just income taxes which are only a portion of revenues used to make less well off people look like moochers. For instance, in the US, there’s social security and Medicare taxes -- and payroll tax, the social security and Medicare tax contributed on behalf of employees by employers. Renters also pay their landlords property taxes. Sales taxes, tariffs, etc are all born by end users.

fallingknife 2y ago
Renters do not pay property tax in the US. That liability is entirely on the owner.
- rahimnathwani 2y ago
  Your statement is technically correct. It's also technically correct to say that diners, not restaurant owners, pay sales taxes. The reality is more nuanced. Introducing a sales tax on restaurant meals affects both diners and restaurant owners: restaurant owners can't pass on the whole increase to diners, and diners cannot afford to go out as much. Similarly, property tax levels influence landlords' decisions to enter or exit the rental market, impacting housing supply and, consequently, tenant rents. 'Paying' a tax has two distinct meanings: - Who bears the economic burden after the tax is introduced - Who is legally responsible for paying the tax These two concepts are not always aligned.
  - fallingknife 2y ago
    This is a silly distinction because by that standard you could equally say that my employer pays my rent because they are the source of income which I use to pay it. Property tax in the US is a liability of the owner. This is in contrast to other systems like the UK where it is a liability of the occupant.
    - rahimnathwani 2y ago
      The incidence of taxation is a well-studied concept in economics, with a solid theoretical foundation and empirical evidence backing it. You dismiss its application as a 'silly distinction' and repeat the fallacy that the incidence of taxation falls on the party who is legally liable. If you don't believe me, and don't want to read up on 'tax incidence', consider what would happen if sales tax were paid by retailers instead of customers. Would the flow of money change at all? Would any party be worse off or better off?
      - lazide 2y ago
        This is an entirely ridiculous argument. Who actually ‘writes the check’ is actually important in a discussion about who writes the check, despite the fungibility of money. Renters don’t pay the owners property taxes in the US, even if they pay rent. Full stop. Why this matters is because in some cases, owners can end up ‘under water’ with even rent not covering property taxes in the US. In other places, that may not be possible.

rootusrootus 2y ago

The implied assertion with that metric is that every individual taxpayer should pay the same amount. That seems like a hard sell.

wiseowise 2y ago

> In 2021/2022 there were 60 people in the UK who probably fall into that last group. Together their taxes accounted for about 1.4% of the UK tax bill despite being something like 0.002% of the population. How much wealth do they have compared to other population?