Dox47 wrote:
More like "who's going to pay for that?", as the reality is you couldn't do everything just by taxing the wealthy, you'd need to significantly tax the middle class as well, and support for welfare programs of all kinds goes way down when you tell people they'll actually have to pay for them.
I wonder if it couldn't be done without hurting the ones in the middle though. I found a few numbers about wealth ownership in the UK, and did a few sums:
According to UK government figures, in 2018 to 2020:
https://www.ons.gov.uk/peoplepopulation ... omarch2020"The wealthiest 10% of households held 43% of all the wealth in Great Britain in the latest period; in comparison the bottom 50% held only 9%."
So by subtraction, the middle 40% held 48%.
The median wealth of households is said to be £302,500 (see above link), and
https://www.ons.gov.uk/peoplepopulation ... holds/2020"There were an estimated 27.8 million households in the UK in 2020"
Then the total wealth owned by households in the UK must be about 27.8 million x £302,500 - i.e. £8.4 trillion
So we've got
Top 10%:
2.78m households hold a total of £3.616trillion, £1.3m each
Middle 40%:
11.12m households hold a total of £4.036trillion, £363,000 each
Bottom 50%
13.9m households hold a total of £756.8billion, £54,450 each
Levelling that would give every household £302,500:
The top 10% would lose 76.7% each on average
The middle 40% would lose 16.7% each on average
The bottom 50% would gain 455.5% each on average
That's not a huge loss to the middle ones, and the formula could be tweaked so that those towards the top end of the middle sector paid a little more while the lower end paid nothing or gained a little. So according to that, there's no need to take from the middle people at all, there's enough concentrated into the hands of the ones above median wealth.