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Don't Be Seduced by Zero-Sum Thinking About the Economy
Don't Be Seduced by Zero-Sum Thinking About the Economy

Bloomberg

time4 days ago

  • Business
  • Bloomberg

Don't Be Seduced by Zero-Sum Thinking About the Economy

One idea unites the left and right lately: a zero-sum view of the world. Unfortunately, nice as it would be to hail a rare instance of ideological harmony, both sides are very much mistaken. The zero-sum view manifests itself in both rhetoric and policy, with the left aiming to redistribute from the rich to the poor, and the right from foreigners to natives. This is a strange preoccupation, since today's world economy is not zero sum. It is not without its problems — there are pockets of scarcity and widespread uncertainty — but real wages and wealth are increasing, as is our standard of living.

Why would I want a wealth tax, Rachel Reeves, when I want to be rich?
Why would I want a wealth tax, Rachel Reeves, when I want to be rich?

Times

time23-07-2025

  • Business
  • Times

Why would I want a wealth tax, Rachel Reeves, when I want to be rich?

The chancellor, Rachel Reeves, has refused to rule out the prospect of a 'wealth tax', which, as I understand it, would affect those with more than £10 million in assets. That's loopy, to my mind. Or, to put it another way, if having more than £10 million is so spectacularly evil, why do I want £10 million (and rising) more than anything else on earth? It looks splendid. Indeed, as I would shout from my yacht, or house with circular drive: 'This is splendid! Highly recommend!' Obviously I wouldn't go on about no longer having to park on the straight drive otherwise known as 'the street'. I wouldn't wish to rub people's faces in it. I'm not a monster. And I've had many happy years parking on 'the street' where my car has either been nicked or gone over. • Rachel Reeves refuses to rule out wealth tax despite fresh warnings The last time it was gone over the perpetrator took a pair of Wellington boots but left a crack pipe behind on the back seat, so I think that made us even-stevens. But the bottom line is that those socialist types who argue that accruing vast wealth is somehow wrong are missing one important fact: I would really love it. 'I really love this!' I would also shout. 'Park wherever!' I may host a ball. I may host a party in Venice and annoy everyone who lives there. Why not? I'm rich. Although, essentially, I would stay the same. I would keep humble. My friends today, some of whom go way back, would stay my friends, until I dumped them. One would have to be choosy. My yacht, Princess Bora, won't be able to accommodate all and sundry. You can't have anyone and everyone turning up expecting to park on your circular drive. They're circular, circular drives, but not endless. And I would have to make space for Orlando Bloom and Tom Cruise and the Kardashians, who seem to turn up wherever any rich person is to be found, even though they don't go far back and barely know them. 'Orlando, Tom, Kim, park wherever!' It'll be epic. It will be terrific. Katy Perry, she'll be along, just you wait and see. I may even purchase a private island, bus other millionaires and billionaires out there, and fill it with sexual playthings. Why not? I'm rich. As for my family? Honestly, I don't know if they'd be up to it. It pains me to say it but it's true. We've not had a single 'rift' to date so are they even capable of a rift? I sometimes want to shake them while saying: 'What does one have to do to get a rift up and running around here?' Imagine how embarrassing it'll be mingling with the Beckhams, say, without a single rift to your name. I'd probably even decline David and Victoria's invitations because I wouldn't wish to turn up with no rift to give them. The shame that none of my kids has had the good sense to marry someone I don't like. So my family are an issue. I don't even know if they have it in them to tear each other's throats out over a will when I'm gone. How sad, to leave behind a family with nothing to tear each other'sthroats out for. Just an old car with an inherited crack pipe on the back seat. I can't bear the thought of it. Meanwhile, I may buy X and shout abuse day and night. Why not? I'm rich. People will want to hear the horrible things I have to say. This is why I don't have any truck with anyone who says wealth should be more evenly spread, because what they are not factoring in is how brilliant it would be if I had a decent chunk of it. And, having come from nothing, I do truly believe I'd stay grounded. I certainly wouldn't call upon my staff in the middle of the night unless it was an emergency and I felt like a small bowl of ice cream or a tickle. I would still come into the office once in a blue moon or possibly never. And it goes without saying I will inevitably pop up in that box at Wimbledon while those who can less afford it have to buy their tickets. Why not? I'm rich. Highly recommend. As it is my birthday next week I thought I'd release a video like the one released for Prince George's 12th birthday. He's a cutie, that little fella, but I am a cutie too, let's not forget. I think it's even why, the other day, a young woman offered me her seat on the bus. • Photo and video released for Prince George's 12th birthday This level of cuteness can't be left to stand, she was probably thinking. That video is lovely and mine will, I hope, be lovely too. I've yet to approach my siblings about walking across a sunny field in Norfolk hand-in-hand but I can't see why they'd demur. True, my brother, when we were little, would not hold any of his sisters' hands. Or, if he was forced to, would pull his jumper sleeve down so he wouldn't 'catch something'. I don't know how I'm going to talk him into a friendship bracelet. He'll just have to go with it. 'We need to look happy and natural,' I will tell him, while pulling up his jumper sleeve. I think he'll be into leaning on a rustic gate, though. My sister and I will, probably, be wearing very sweet cardigans that will instantly sell out. I do love the royal birthday video. It's an adorable way to give back to the public and, as you know, I'm all about giving back. I would give back the crack pipe if I knew whence it came. And we are all as cute as Prince Louis, that's for sure. It's the missing teeth.

The SNP's novel path to national wealth is to redefine ‘rich'
The SNP's novel path to national wealth is to redefine ‘rich'

Times

time13-07-2025

  • Business
  • Times

The SNP's novel path to national wealth is to redefine ‘rich'

J ust as changing the timetables is by far the simplest way of ensuring the trains run on time, so the Scottish government has hit upon a novel means by which it may demonstrate that Scotland is a wealthier place than ever. It turns out that we are very good at making more rich people in Scotland, but we do so chiefly by changing the definition of 'rich'. Nine per cent of adults in Scotland in 2021-22 paid tax on at least some of their income at the higher and top rates. This year, about 15 per cent will be hit by the higher (42 per cent), additional (45 per cent) and top (48 per cent) rates of tax. About 728,000 people now qualify as the broad-shouldered rich. As recently as four years ago, only 405,000 did.

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