Rick Procter-Lane

[Gary Stevenson @garyseconomics]

We need to tax wealth not work.

Why? Because usually no matter how hard you work, the compound interest on huge wealth grows much faster than your wages + the rich use this passive income to buy all the assets.

Someone made a game to show this:

https://t.co/zkTIyO61vs

[Rick Procter-Lane @RickProcterLane]

@WilliamXnote @DanielPriestley I’d go so far as to say, maybe what we need is better described as ownership reform, more so than wealth tax 🤔 I am very much in favour of scrapping council tax in lieu of a land value tax too though @garyseconomics @PatMillsUK @PatrioticMills @TaxJusticeUK @CoopParty 🍀 5/ends.

[Rick Procter-Lane @RickProcterLane]

@WilliamXnote @DanielPriestley I don’t object to successful entrepreneurs having a much larger ownership share by the way. I understand how risk taking & entrepreneurial spirit need to be rewarded more than just being an employee. My issue with the status quo is the extent of the imbalance of the two sides. 4/

[Rick Procter-Lane @RickProcterLane]

@WilliamXnote @DanielPriestley Aha, so you’re a supporter of land value tax? Now that’s the stuff 👍🏻

[Rick Procter-Lane @RickProcterLane]

@DanielPriestley I don’t have any experience of that sort of thing, I’m just a lowly non-entrepreneur 😉

[Rick Procter-Lane @RickProcterLane]

@DanielPriestley Anyone whose net worth surpasses £10m and doesn’t feel a sense of humility should check their privilege. Taxing their wealth isn’t a slight on their entrepreneurial efforts or a deterrent to others wishing to emulate. It serves to protect the labour of all the non-entrepreneurs.

[Rick Procter-Lane @RickProcterLane]

@DanielPriestley The majority of people who are not destined to be entrepreneurs have to have some of their own hope Daniel. I take your point about entrepreneurial ecosystems but I can’t believe that anyone starting with no money but strong entrepreneurial spirit would be put off by a £10m cap.

[Rick Procter-Lane @RickProcterLane]

@WillsCharityLaw @stokesbaytrader @paullewismoney Ah, on the face of that then, no such farmers have anything to worry about, surely? The one aspect that I’d still be inclined to query is, how is what you’ve described assessed by HMRC? Is that what farmers are currently worried about? The flaws of HMRC assessment of such things?

[Rick Procter-Lane @RickProcterLane]

@WillsCharityLaw @stokesbaytrader @paullewismoney Apologies, I don’t follow, sometimes Twitter forces too much brevity. Can you elaborate?

[Rick Procter-Lane @RickProcterLane]

Am I making you proud @garyseconomics? I really hope so 💚✊🏻

[Rick Procter-Lane @RickProcterLane]

@stokesbaytrader @paullewismoney I’m genuinely unsure about the debt element of this, however you do refer clearly here to UNREALISED CAPITAL GAINS and that is so crucial in my view. Stockpiled and hoarded unsold wealth is somehow outside the system and this is surely so brutally unfair. Tax excessive ownership!

[Rick Procter-Lane @RickProcterLane]

@stokesbaytrader @paullewismoney I’m genuinely unsure about the debt element of this, however you do refer clearly here to UNREALISED CAPITAL GAINS and that is so crucial in my view. Stockpiled and hoarded unsold wealth is somehow outside the system and this is surely so brutally unfair. Tax excessive ownership!

[Rick Procter-Lane @RickProcterLane]

@stokesbaytrader @paullewismoney In this case, it’s lack of both knowledge and power, or at least the perceived lack of power. The true extent of wealth inequality is genuinely extremely hard to get your head around, but once you have, you realise it’s by far the biggest scandal of our age, possibly of all time.

[Rick Procter-Lane @RickProcterLane]

@stokesbaytrader Maybe by the late 23rd century, just like Gene Roddenberry predicted (for any Trekkies out there), money itself will have ceased to exist entirely. One can but hope 🍀

[Rick Procter-Lane @RickProcterLane]

It might look like there’s a lot to unpack here, but just imagine the unboxing video, what a Christmas present! (Now watch all the accusatory replies come in, assuming I’m either hard left or hard right, unless no one out there is that bothered about making an ass of you and me).

[Beat the Bots app @stokesbaytrader]

Socialists get the central bank to print money so the govt can spend. Capitalists convince everyone else to borrow, then default, then the govt borrows printed money to buy the private bank debt. Same result, it all just happens quicker under socialism.

[Rick Procter-Lane @RickProcterLane]

@stokesbaytrader Hehe, well now we’re into the real radical stuff, but I like it! 😀

[Rick Procter-Lane @RickProcterLane]

@stokesbaytrader @paullewismoney I remember interacting with you previously about a debt tax. Sounded promising at first but actually I think it would just get passed on down to the consumer (so often happens). What really needs taxing is excessive asset ownership. Surely that is possible, ask @garyseconomics ✊🏻

[Rick Procter-Lane @RickProcterLane]

@stokesbaytrader @paullewismoney If I understand correctly, there is IHT on death if NOT transferred - but there is also IHT on death if it WAS transferred in 7 years prior to death. Most IHT is avoided by wealthier people (family offices) using trusts. Again, middle squeezed while superrich get off scot free 🤬

[Rick Procter-Lane @RickProcterLane]

@stokesbaytrader @paullewismoney Assuming my figuring is correct there, I would propose instead the complete abolition of IHT (and CGT for that matter) in favour of a functioning wealth tax. I refuse to believe that it’s impossible to design an annual #WealthTax that actually works.

[Rick Procter-Lane @RickProcterLane]

@stokesbaytrader @paullewismoney I do broadly agree with this. The catch is, let’s say there’s a farmer who does this and is unlucky enough to die relatively young and almost straight away with their spouse doing the same. Then the 7-year rule brutally punishes the family specifically for just being unlucky, no?