The problem with living in a rich man’s world | Letters
David Redshaw and Fernando Quintana respond to reports of a billionaire exodus from Britain The idea that the departure of the super-rich is a problem ignores a historical fact (Apparent exodus of super-rich suggests UK is no longer billionaires’ playground, 7 October). Capitalism works better without them. The most successful countries today are states where redistributive taxation has empowered the working masses and provided a better and more stable market for business people. How do today’s
How do today’s complaining uber-rich explain the postwar decades, when the top rate of income tax was commonly 80% or 90%, and yet the period is known as a golden age of capitalism? Then Margaret Thatcher lowered the top rate to 60% and the country tilted into a massive recession. The rich get to a point where they simply become wealth extractors, using their money to buy assets and raising the cost of them for the rest of us – housing being a good example today.
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