Watch the moment Michelle Dewberry clashed with Jeremy Corbyn’s former adviser on GB News as a row erupted over how much Britain’s wealthiest should pay in tax.
James Schneider argued for a form of socialism and said billionaires “should not exist”, branding them a “moral abomination”.
“At what point do you get to a point of jealousy?”, Michelle asked, a point furiously refuted by Schneider who insisted he does not envy those with limitless funds.
“At what point does your jealousy kick in? Is it when their first million kicks in?”, he said.
“I’m not jealous. If I was, I would go out and earn a lot of money. I want to take from the rich to give to us all.”
Michelle responded: “It’s a good job I am not a billionaire because I would tell you to sling your hook. If you were in charge, I would get my stuff and move to a place like Dubai where there is less tax.”
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Schneider said such a move would be “unpatriotic” and taking more from the rich would assist with things like childcare and transport, which would make the country greater as a whole.
“I do not think the Bank of England giving out hundreds of billions of pounds in quantitive easing to inflate asset prices, that means people that hold assets get their assets inflated”, he said.
“Have they done anything? No. The Bank of England has acted in such a way to put more money on their asset value.
“This is unfair and it’s also bad for a dynamic economy. We should tax productive investment less. Unproductive asset hoarding should be taxed much more.”
It comes as new figures revealed Labour’s inheritance taxes will affect 150,000 families by 2030.
The policy will force 31,200 families to pay inheritance tax for the first time, while a further 121,500 who already pay the levy will see their bills increase.
From April 2027, unused pension funds will be included in estate valuations for inheritance tax purposes.
A property worth £300,000 with a £100,000 pension would face a £30,000 tax bill, rising to £110,000 if the pension was valued at £300,000, according to Interactive Investor analysis.
The changes create a "double hit" for beneficiaries, with some facing combined inheritance and income tax rates as high as 90 per cent on inherited pensions.
Basic-rate taxpayers could face an effective rate of 52 per cent, rising to 64 per cent for higher-rate taxpayers.
Richard Wilson, chief executive of Interactive Investor, condemned the proposals as "an affront to people who have done the right thing".
He warned the changes would "undermine the already fragile confidence in the pensions system" and could drive decisions harming long-term financial security.
Inheritance tax receipts have already hit £6.3bn between April and December 2024, up £600m from 2023.
The Office for Budget Responsibility expects receipts to rise to £8.3bn in 2024-25, with estates subject to the tax nearly doubling to 9.5 per cent by 2029-30.
from GB News https://ift.tt/tY4XHKT
