kullky_2020

@emmakennytv Turkey desperately needs the forex. that said, you're 100% right about britain. it has become a society blinded by envy. the majority of the population wants everyone to be equally poor. crabs in a bucket.

Türkiye is offering a major tax incentive package under Law No. 7582 featuring a 20-year tax exemption on foreign-source income for new residents, a flat 1% inheritance tax, and a wealth asset repatriation program! This country knows that attracting the super rich will make their country super rich! Meanwhile in the UK we want to drive investment away. Brilliant!

@BenBens1977 @piersmorgan at the very basic level he doesn't understand the difference between stock and flow. in one interview he didn't understand the difference between inheritance and income. he doesn't understand how trusts are taxed. he doesnt understand 2nd order effects. I could go on...

@Kullky2 @piersmorgan What concepts does he not understand?

*Noted economy bullsh*tter. Fixed it for you, Louis.

@PasReport I grew up in india where the government ran shops like these. they were called ration shops. they are still used by the poor. but most products are vermin infested and of extremely poor quality. the entire supply chain is corrupt.

By this logic, I can sell Ferraris for $10 as long as taxpayers pay the other $399,990. Problem solved. That’s the economics behind “30% below retail.” The price doesn’t disappear. It just gets transferred to taxpayers, who also get the privilege of paying for Mamdani’s grocery stores, the staff, the electricity, the maintenance, and everything else. Meanwhile, local grocery stores and bodegas get to compete with a government store that never has to earn a profit.

so I'm about to abandon claude for codex because of fable's safeguards preventing work that it is not designed to safeguard, fable's expense and opus5's unusability. sad to see @AnthropicAI go this route. I was really happy with claude for months

@kelvmackenzie you are correct. and he wanted to tax everyone other than himself with no regard to 2nd order effects. the responses to this thread also show how britain has failed on educating people on economics while succeeding in implanting suicidal empathy in everyone

I couldn’t give a toss that anti wealth campaigner Gary Stevenson has said he’s quitting his YouTube show due to burnout issues. The reality he was found out in his 90-minute C4 doco where he was no longer considered a genius but a vacuous gobshite. When not a messiah it was time to leave the stage. Good. .

@PalmerLuckey @EO_Halloran this is hilarious mate. I've lived in the us and in London. nowhere in London feels even remotely as unsafe as tenderloin. the data supports this. not sure what you've been reading

@EO_Halloran Or I just know how to read.

Palmer Luckey is one of the most intelligent and groundbreaking entrepreneurs in America right now Unless he is being malicious here, his media environment has shaped a narrative in his head that is completely untrue Nobody is safe from social media distorting their reality

@garyseconomics buh-bye. will not miss you. maybe wish for everyone's success rather than trying to take the fruits of their hard work

It's time to say goodbye

@tomhfh it seems futile to argue. this country has become more oriented towards redistribution than growth. pretty soon we'll be organising into collective farms and singing praises of the soviets

The wealth tax debate is monumentally insane. Those who promote it admit 80% of claimed receipts come from just 5,000 people. And 15% (£4bn) comes from just ten people. Vanishingly few ultra-mobile people have to change their tax residency for the whole thing to fall apart.

@DanielPriestley thank you for saying what I was thinking. this is all a big joke.

I’m calling BS on these 120 millionaires calling to be taxed more. Look closely at who signed. A retired footballer whose been paid millions by taxpayers. A retired trader who’s net worth is well under $5M. Retired musicians, film directors and some heirs. People who finished building years ago - half of them aren’t worth the $10M threshold they think needs the wealth tax. Their wealth sits in liquid portfolios. The tax they propose either doesn’t apply to them or they have liquidity to pay it. Now picture a founder with a £50m biotech firm. Her wealth isn't in a bank account. It's based on a speculative VC round. To pay 2% she has to rip £800k a year out of her business or sell it down piece by piece until someone else owns it. Or imagine the restauranteur whose chain is finally having a profitable year after a decade of losses. A PE deal to expand gives him a paper worth of £60M and he now has to find £1M a year, every year personally if he wants to grow. 

Imagine the property developer couple who made a lifetime of delayed gratification and good decisions. Their portfolio makes £4M profit which is barely enough to cover the £2M in wealth taxes per year after they draw it from their company and pay the corporation tax - 100% essentially goes to tax. The signatories aren't offering to pay a tax. They're volunteering someone else to. Someone who is still building, investing, growing, hiring. HMRC already accepts voluntary payments. Any of these self-aggrandising millionaires could send extra money tomorrow. ALL of them benefited from lower tax rates and should pay the difference if they want to make a start. None of them will. They don't want to give more. They want a law that forces others to. The wealth tax they propose won't work. It will backfire. We don't need to guess. In 1990, twelve OECD countries had a wealth tax. Today it's three. Sweden scrapped theirs. Germany suspended theirs. France tried it for decades, watched tens of thousands of wealthy families leave, collected a fraction of what was promised, and Macron repealed it because the country was losing more than it raised. The £24bn projection assumes nobody changes their behaviour. Nobody has ever designed a tax where nobody changes their behaviour. Liquid wealth leaves. Illiquid wealth, the businesses and farms and employers, stays behind and gets squeezed. The tax doesn't catch the guy with the yacht. It catches the guy with the factory. It will end up hitting normal people. Every tax "on the very richest" drifts downwards. Income tax started in 1799 as a temporary 3% levy on the richest 3% to fight Napoleon. Now workers are paying a 45% marginal rate. Inheritance tax was designed for stately homes and now catches three-bed semis in Surrey. VAT launched at 8%. It's now 20%. When the wealth tax raises a fraction of what was promised, and it will, no Chancellor repeals it. They lower the threshold. £10m becomes £5m becomes £2m becomes your parents' house. Here's what I'd say to the 120… If you want your capital serving Britain, I'm with you. The best way is to back founders. Fund the startups and scale-ups on great terms like they do in the USA. Help build companies that scale here instead of selling early to America. Growing businesses already pour money into the Treasury through corporation tax, employer's NI and PAYE on every job they create. Back success and productivity. Stop rewarding fiscal deficits with good money after bad. That's harder than signing a letter. You don’t get to look like a socialist super-hero. It's also the only version of "proud to pay" that's ever made a country richer. Don't pretend to ask the government to tax you… or people twice as rich as you. Invest in real growth and success.

@Dan4Barnet your lack of ambition for this country is staggering.

I said it was a move in the right direction, not a silver bullet as you decided to imply in order to get clicks. You'd criticise governments for increasing taxes on electricity, and here you are criticising a sensible policy shift to lower electricity costs too.

@Ash5645211 @LBC @AnjuSolankiMEA proper growth will result in pay checks going up 10-20k over the next 10 years

@LBC @AnjuSolankiMEA You can talk about promoting innovation and growth, but what does that actually look like for the working person. Unless you find a way to stop ordinarily people from shelling out the majority of their income to tax and household bills, everything else is irrelevant.

"We need to sort out the real problems in our country." Entrepreneur @AnjuSolankiMEA says a wealth tax won’t work and believes estimates it could raise £24 billion a year are 'completely wrong'.

@LBC @AnjuSolankiMEA thank you @AnjuSolankiMEA. this is a massive distraction taking us away from a growth agenda that allows everyone to be prosperous. you are 100% right!

@jambomaxxerno2 @tomhfh Ummm, Britain had had no growth since 2008. No surprise that no one benefited from the lack of growth

@tomhfh Well who benefits the most from this magical ‘growth’ because it hasn’t been the Everyman these last 15 years.

The Think Tank that has been catapulted to the heart of Burnham's government. Genuinely.

@Drapetomaniacle @antonliubich thank you

@Kullky2 @antonliubich Clever boi

Gary asks what is happening psychologically to people who defend billionaires and oppose a wealth tax. Then, instead of answering, he calls us dancers, comedians, court jesters. That isn't an answer. So I'll give him one. I am not defending billionaires. I am not a billionaire. I am defending my ability to run a business in the UK. I am defending my family and my friends — so that we keep our jobs, and so that someone solvent is still left to buy the goods and services we sell. I am defending them from inflation, from shrinking demand, from the quiet erosion of savings they spent a lifetime building. So what is happening to me psychologically? Psychologically, I cannot believe that in an age of universal literacy — where half of working-age Britons hold a degree-level qualification or above — three in four can seriously support a wealth tax. Do educated people really not understand that a fall in demand for yachts does not automatically raise the output of microwaves? That collapsing demand for country estates is not the same thing as a rising supply of townhouses for the middle class? Capital does not redistribute itself into the shape of your grievance. It moves, or it stops being formed at all. And do educated people really weigh "they're all court jesters" more heavily than the arguments of practitioners who have spent decades doing the actual work? Ad hominem is not economics. It's just the sound a man makes when the numbers stop agreeing with him.

@krishnanrohit if it's that simple why aren't a lot of others doing it? 15 days to replicate a 2.4t model? I dont buy it.

Could this be true re the scale? Fable was barely out for any time before it was shut down and Kimi came out.

@Drapetomaniacle @antonliubich hilarious. I've heard every one of his episodes and he is a total grifter. I too have a degree in economics though I dont claim his fake competence. I am competent enough to see through his grift.

@Kullky2 @antonliubich Listen to what he actually says, not what you're told by msm

@myasaee @DanielPriestley return on wealth is already taxed. and Gary wants a tax on wealth.

@DanielPriestley No one wants to tax your wealth. We want to tax the return on the wealth which is not taxed currently. We tax peoples work but not the return of asset values. How is that fair.

One of the reasons I am so against wealth taxes is that they cross a line of giving government the power to seize property. Wealth is something people build with after-tax money. They earn, pay tax and then take a risk and invest their savings. That is the mechanism for creating wealth whether it be starting a business or buying and improving assets. Once you finally succeed, wealth taxes allow the government to simply reach into your life, put a value on what you own and take it. They are literally seizing your property. Property you own because of money you first earned and paid tax on. This is different in an important way from income tax. Income tax happens as you earn and … importantly…. you can choose to stop earning at any point if you want to. If a Government chose to tax income at 50% and you didn’t want to pay it, you could simply withhold your labour and choose not work. Not the same with a wealth tax - once you own it, it’s not actually yours… at any point the government can simply adjust the rate of wealth tax and remove it from you. Wealth tax is fundamental a breach in the principle of your right to own property. It’s also a slippery slope. Every tax is brought in as “only for the rich” and pretty soon it’s on everyone. There will be a situation whereby 51% of the population can simply vote to take everything away from the 49% who have more to take. Very reliably once there is a breach in the right to own property it descends into mob rule. The wealthy aren’t silly, they know this is the case and respond by removing all investment and wealth out of any country that breaches the principle of ownership of property. So @garyseconomics asks what I’m thinking? I’m thinking that a wealth tax is breach in the fundamental principle of the right to own property and a pathway to mob rule. If we are lucky it will do more harm to an economy than good. If it really takes off it will crash the economy.

@1doddy83 @DanielPriestley he is a total defeatist consumed by envy. funnily enough he wants the tax to apply only to people wealthier than him

What I can’t stand about Gary is his message that you cannot be wealthy and succeed without rich parents. We are born into the same system in the uk. You can absolutely make a success of yourself if you give it a go. Yes you need an idea and maybe some luck but you can do it He’d rather tell you that you can’t but if you do he wants to hammer you on taxes anyway. What a joke! He should be ashamed of himself. And that’s before the argument of do you really expect a gov to spend that money raised where it should!

@dandodata @DanielPriestley yeah? there are 11.5 people of working age in britain who are choosing not to work or be in education. they earn more by being on benefits than by working so they make that choice. dont assume that "ordinary" people wont withhold work when that choice is available.

You are using a pool of roughly 10,000 highly paid professionals to make a sweeping claim about a country of nearly 70 million people. That is exactly that makes "ordinary people" angry: you are treating the financial flexibility of a tiny group as though it were available to everyone. Most workers cannot simply decide to stop earning when taxes become inconvenient. They need their full income to cover housing, food, transport, childcare and bills. Presenting the choices of wealthy professionals as proof that workers generally can “decide not to work” shows a disconnect from how ordinary people live. As for wealth tax, it may not be the best solution, but something needs to be done to address the extreme concentration of wealth, and there are other options. Maybe require large profitable companies to the communities and societies that made it possible. The 10 most profitable companies made 876.8 billion in profit in the last fiscal year. Distributing 10% would provide 87 billion for housing, healthcare, education, infrastructure, etc, and the companies would still retain "only" 790 billion in profit.