I think he’s talking about how rich people are valuable on paper but they’re typically not very liquid at any given time. Like how Musk or Bezos don’t actually have bank accounts with hundreds of billions of dollars in them; they just take out loans against their asset portfolio when they need something.
Unless this hits them hard in capital gains, you aren’t doing anything but taxing workers; and even then I don’t think these loans count as income.
Top earners get 75k, because people earning more than that are rarely paid in a fixed wage.
They get stock options, stuff gets moved to an off-shore company, you start a company that pays you out a dividend under the threshold, any income paid out gets spread between partners, etc.
Until the Scottish government tackles large land owners, capital, and loopholes this is partly(!!!) performative. Something’s better than nothing though.
I think he’s talking about how rich people are valuable on paper but they’re typically not very liquid at any given time. Like how Musk or Bezos don’t actually have bank accounts with hundreds of billions of dollars in them; they just take out loans against their asset portfolio when they need something.
Unless this hits them hard in capital gains, you aren’t doing anything but taxing workers; and even then I don’t think these loans count as income.
EDIT: top earners get £75k? wut?
Top earners get 75k, because people earning more than that are rarely paid in a fixed wage.
They get stock options, stuff gets moved to an off-shore company, you start a company that pays you out a dividend under the threshold, any income paid out gets spread between partners, etc.
Until the Scottish government tackles large land owners, capital, and loopholes this is partly(!!!) performative. Something’s better than nothing though.