logo
A Wealth Tax Won't Solve Britain's Fiscal Problems

A Wealth Tax Won't Solve Britain's Fiscal Problems

Bloomberg4 days ago
The finding by British lawmakers that His Majesty's Revenue and Customs doesn't know how much tax the country's billionaires pay has done little to enhance the UK collection agency's prestige. A side effect of the report by Parliament's Public Accounts Committee may be to stoke support for a more radical method of ensuring that society's richest pay their fair share – namely, a wealth tax.
Wealth taxes have a patchy record of success and have been abandoned by most countries that tried them. France is the most recent example, dropping its levy in favor of a real estate tax in 2018. Only four of the 38 countries in the OECD still impose one – Norway, Spain, Switzerland and Colombia. Yet the idea is gaining renewed global momentum, helped by the work of French economist Gabriel Zucman, whose blueprint for a 2% global minimum tax on billionaires was endorsed by the G-20 under Brazil's presidency last year.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

It's great to be here, I love standing on the soil of Scotland, Trump says
It's great to be here, I love standing on the soil of Scotland, Trump says

Yahoo

time26 minutes ago

  • Yahoo

It's great to be here, I love standing on the soil of Scotland, Trump says

Donald Trump has said he 'loves standing on the soil of Scotland' after landing in the country on Friday evening, according to the Scottish Secretary. Ian Murray told the PA news agency what the US President's first words were after disembarking from Air Force One in Prestwick. The UK Government minister was the first person to greet the president in Scotland as he begins his visit to the country. Speaking after meeting the American leader, Mr Murray told PA: 'The president came off the flight, and I said, 'Mr president, welcome to Scotland – the home country of your dear mother', and he said, 'It's great to be here, I always love standing on the soil of Scotland'. 'I said, 'I hope you're looking forward to a bit of downtime with some golf this weekend', and he said, 'Yes'. And I said, 'Well, we've whipped up a bit of a wind for you to make it a bit more competitive', and he went, 'I'm looking forward to it'.' Mr Murray said Mr Trump was given a warm reception as he got off his presidential plane. Hundreds gathered on the Mound overlooking Prestwick Airport for the president's arrival. A Trump flag was flown while a few spectators wore 'Make America Great Again' hats, although many of those attending were locals and aviation enthusiasts, including some who had travelled from England. Mr Murray said: 'Spotters hills, as it's called, where all the plane spotters come to Prestwick, was absolutely full. 'You could see that from the tarmac and as Air Force One came in, people were snapping away on their photographs. 'To see all that happening is quite a spectacle in itself. 'It's really good to have that kind of focus on Scotland.' Mr Trump will meet Prime Minister Sir Keir Starmer during his trip to discuss the UK-US trade deal as Britain hopes to be spared from the president's tariff regime. The Scottish Secretary said: 'Really, the purpose of this weekend, the purpose of greeting the president off the plane, the purpose of the Prime Minister's relationship with the president is to build that close relationship, to make sure that that old alliance is nurtured, and to do that for the benefit of the national interest, which is about jobs and growth here in the UK, and particularly Scotland.' Mr Trump will meet Scottish First Minister John Swinney during his trip as he opens a new golf course in Aberdeenshire. Before flying to Prestwick, Mr Trump said in Washington that he was 'looking forward' to meeting Mr Swinney, describing him as a 'good man' – the same phrase he used for the Prime Minister after landing in Scotland. Asked about the president's relationship with the UK, Mr Murray said: 'The Prime Minister has taken a very pragmatic approach to the relationship with the president of the United States, because it's in our national interest to do so, whether it be on defence, security, trade, cultural, historic ties. 'It's a historic alliance, and that alliance has to be nurtured and continue through to the future, because it's quite clear that our relationship with United States is good for jobs and growth here in Scotland and across the UK. 'The Prime Minister knows that, and knows that working very closely with the US is in our national interest.' Asked about protests, which are expected across the country, Mr Murray said people had a right to demonstrate, adding: 'Freedom of speech, freedom of assembly and freedom to protest is a key cornerstone of both countries, America and the UK, and the right to be able to protest if they so wish to so.'

Wheat Closes Lower on Friday to Push Week's Losses
Wheat Closes Lower on Friday to Push Week's Losses

Yahoo

time26 minutes ago

  • Yahoo

Wheat Closes Lower on Friday to Push Week's Losses

The wheat complex held onto the weakness on Friday, with all three exchanges in the red. Chicago SRW futures were 2 to 3 1/4 cents lower on the day but pulled off the lows, as September was 8 cents lower this week. KC contracts were down 2 to 3 cents on Friday, with the weekly losses limited to 2 ½ cents for September. MPLS spring wheat posted just fractional losses, but managed a 10 ¾ cent loss since last Friday. Friday afternoon's Commitment of Traders report showed a total of 8,446 contracts trimmed from the spec fund net short position in CBT wheat futures and options as of July 22 to 52,041 contracts. In KC wheat, managed money was net short 43,959 contracts, a reduction of 4,043 contracts on the week. More News from Barchart Coffee Prices Settle Higher on Brazil Weather Risks Grain Market Update: Where are Soybean, Corn, and Wheat Prices Headed? Cocoa Prices Finish Sharply Lower as Chocolate Demand Wanes Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. USDA's Export Sales data tallied 8.984 MMT of wheat sold so far for this marketing year. That is 39% of the USDA estimate and above the average sales pace of 37%. A South Korean importer purchased a total of 85,200 MT of wheat from the US on Friday morning. FranceAgriMer estimates the soft wheat harvest at 86% complete, up from 71% last week. Sep 25 CBOT Wheat closed at $5.38 1/4, down 3 1/4 cents, Dec 25 CBOT Wheat closed at $5.58 1/4, down 3 cents, Sep 25 KCBT Wheat closed at $5.26 1/2, down 2 cents, Dec 25 KCBT Wheat closed at $5.47 3/4, down 2 cents, Sep 25 MGEX Wheat closed at $5.85 3/4, down 3/4 cent, Dec 25 MGEX Wheat closed at $6.06, down 3/4 cent, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on

These Stylish Bluetooth Headphones With Unbelievable Battery Life Are Cheaper Than Ever
These Stylish Bluetooth Headphones With Unbelievable Battery Life Are Cheaper Than Ever

CNET

time27 minutes ago

  • CNET

These Stylish Bluetooth Headphones With Unbelievable Battery Life Are Cheaper Than Ever

Discount available: Marshall's Major V headphones are worth it even at full price but right now they're down to $100 -- or around 38% off -- on Amazon, their all-time lowest price on the site. This covers the black, brown and cream colored versions, but not the midnight blue version for whatever reason. I might not be a true battle-tested headphone expert like CNET's David Carnoy but I still love headphones and I'm confident in what I like about them. My most recent pickup, the Marshall Major V on-ear Bluetooth headphones, quickly became a pair that I adore. What is Marshall? Marshall is a British audio hardware company that got its start in the early '60s and became renowned for producing amps and speakers for live music performances. More recently, it's made a mark in consumer audio, producing home speakers with a distinctly rock 'n' roll aesthetic -- think rough-patterned black leather materials, gold trim and prominent physical buttons. Hey, did you know? CNET Deals texts are free, easy and save you money. The brand also has brought its signature sound and style to headphones. Recently, I picked up the Major V, Marshall's latest iteration of its on-ear Bluetooth model (that's V as in 5), and I could hardly love them more. Marshall boasts that these headphones can last up to 100 hours on one charge, an almost ludicrous number that has largely held up as I've used them. The audio quality, while not a patch on the heavier hitters in the Bluetooth market, is excellent for its price, with strong bass and clean high notes. Vocals can sometimes come off a little shabby at first blush, but I find you get used to it real quick. The connectivity performance has also really impressed me. For such a cheap pair of headphones, the Major V easily maintain connections to at least two devices at a time and can switch between them almost seamlessly. That's not something I've found to be the case for a lot of the affordable Bluetooth headphones I've tried in the past. It's a strong contender overall in the budget Bluetooth headphones space. Why does this deal matter? I was able to scoop up the Marshall Major V for $100, the lowest their price has gone since they debuted last year. For that price, it's basically a steal. For the amount of blissful use I've gotten out of them so far -- listening to music, watching movies or getting through my audiobooks -- it's been more than worth the price of admission. They usually retail for about $160, making their current price a 38% discount.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store