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The Rest Is Money

Dan Neidle: forget wealth taxes, do this instead

6/14/202623 min

Will all the rich people leave if we slap a wealth tax on them? How have plans for a 5% billionaire tax in California gone down? Is tax the best way to redistribute wealth more fairly?

Former tax lawyer Dan Neidle is back to tell us why he thinks the theories of influential economists Gabriel Zucman and Thomas Piketty are all pie in the sky. So what would he do instead? Listen to Robert and Steph’s interview with him to find out.

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Clips

Musk Has Too Much Power
Wealth Tax ‘Delusional’ Rant
Piketty Plan ‘Potty’
The ‘Steph Tax’ Thought Experiment
Practical Path To Fairer Taxes

Transcript preview

First 90 seconds

  1. Dan Neidle· Guest0:01

    A wealth tax feels like a simplistic cop-out.

  2. Robert Peston· Host0:04

    The power that they confer, power to influence politics in the way that Musk does, creates dynasties a bit like the Pharaohs of Egypt. Well, they are interfering in British politics.

  3. Dan Neidle· Guest0:15

    They are, but the answer to that isn't tax. There's nothing our tax system could do to stop that. On the other hand, we could have had a rule that said people living outside the UK can't make political donations. You could have done that, didn't do that.

  4. Steph McGovern· Host0:26

    The wealth inequality can't be solved simply by tweaking capital gains. What is your view on this idea then, Dan? We're delighted to say that this year The Rest Is Money is powered by Octopus Energy, so we're joined by its founder and CEO, Greg Jackson. So Greg, I heard that the prices of solar and home battery storage are falling. So is it worth waiting before you invest in them?

  5. Greg Jackson0:50

    First of all, we never know what's gonna happen to the future price of energy. It could go up or go down. So, uh, I think when people try to do a really detailed payback calculation, uh, the problem is you don't really know what the alternative is. But I don't know many people who've regretted getting these technologies, 'cause the one thing, whenever you get them, is it helps insulate you against the volatility of the market prices. A-and so, as far as I can tell, the vast majority of people who've made that decision are happy with it.

  6. Steph McGovern· Host1:19

    Greg, thank you very much. Now on with today's episode.

  7. Speaker 51:23

    I sold my car on Carvana last night.

  8. Speaker 61:25

    Well, that's cool.

  9. Speaker 51:26

    No, y-you don't understand. It went perfectly. Real offer, down to the

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