Don’t you just love it when mega-rich people start demanding higher taxes? They just can’t help themselves. They have to rub everyone’s noses in the fact that they are so wealthy that they really REALLY should be taxed more because they can afford it. Ignoring the vagaries of different tax jurisdictions, they constantly bleat about how it is not fair that they are not being taxed enough. The latest in a very long line of millionaires who claim to really care about the little guy is no other than Stephen Tindall, of The Warehouse.
The Warehouse founder has joined a group of the world’s richest people calling on governments to raise taxes on the rich – in a bid to help with the recovery from the ongoing Covid-19 crisis.
Sir Stephen Tindall is the only New Zealander on a list of millionaires from different countries who have penned a letter titled “Millionaires for Humanity.”
In the letter, it points out the “critical role” the very rich can play in healing the world.
Would someone please explain to me why the mega-rich need to write a letter such as this? If they want to do something, nobody is in a better position than they are. But no. They primp and postulate, telling everyone how wonderful and generous they are, without, as far as I can tell, actually doing anything.
“We are not driving the ambulances that will bring the ill to hospitals. We are not restocking grocery store shelves or delivering food door-to-door.
There is nothing stopping you from making a very generous donation to St John’s Ambulance, Sir Stephen. They are desperate for cash and are partly funded by donations. Just a thought.
“But we do have money – lots of it,” the letter says.
“Money that is desperately needed now and will continue to be needed in the years ahead, as our world recovered from this crisis.”
Yes, so… exactly why do you need to demand that the government forces your hand? Why can’t you just take the responsibility of being generous and responsible with your own money yourself?
Hint: he and his rich mates get no kudos that way.
Many of those on the list are not only known for their net worth numbers, but also for their philanthropic works throughout the years.
Sir Stephen’s own work includes the setting up of The Tindall Foundation, which gives donations and support to charitable organisations around New Zealand.
The letter goes on to put out a call to governments to raise taxes on “people like us”.
What an absolute joke. Who exactly do you think feathers the nests of tax lawyers and accountants whose sole purpose it is to find ways to ensure that wealthy people pay as little tax as possible? That would be wealthy people, in case you didn’t know. People like, but not necessarily including, Sir Stephen himself.
The call goes on to stress that it needs to be done immediately, substantially and permanently.
“The impact of this crisis will last for decades,” they write.
“It could push half a billion more people into poverty. Hundreds of millions of people will lose their jobs as businesses close, some permanently.
It goes on to stress that the pandemic crisis cannot be solved with charity alone – no maTter how generous people around the world were.
Really. He has about as much faith in charities these days as I do. The last time I donated to anything was to the Australian bush fires… only to find that the charity itself still took its full 10% administration fee, which at the time was about $10 million, give or take a million or two. Noughts simply roll off the end of the pen where charities are involved, it seems.
“We can ensure we adequately fund our health systems, schools and security through a permanent tax increase on the wealthiest people on the planet – people like us.
“Please. Tax us. Tax us. Tax us. It is the right choice. It is the only choice.
“Humanity is more important than our money.”
This, of course, is rubbish. I know only a limited amount about the US tax system, but their top tax rate of 35% kicks in at an income of over $204,000, rising to 37% when incomes reach over $500,000. Their top rates are higher than ours, but as I have pointed out before, the reason top tax rates are set at such low thresholds in this country is because Sir Stephen is in a very exclusive band of New Zealanders who have really high incomes. Sir Stephen and his merry men and women would not raise enough additional tax revenue by themselves to make any difference to social or health services. We just don’t have enough millionaires; or at least we have plenty of those, but they all live in very ordinary houses in Auckland where property prices have run out of control.
The Greens’ proposed wealth tax starts with assets of $1 million, which again demonstrates my point. I don’t consider the Greens to be the smartest tax experts in the country, but presumably, someone actually did the numbers to find out the thresholds they needed to earn enough from their wealth tax to pay for their social policies. And there you have it; the threshold starts at the average price of a house in Auckland. There are just not enough really wealthy people in the country for the thresholds to be any higher if better social policy is the endgame.
It is unlikely that a successful businessman like Sir Stephen, who made his obviously considerable wealth from selling us all rubbish from China and destroying many worthy retailers in the process, does not realise the truth here. He knows that, if a higher top tax rate is brought in, it will not only affect him and his mega-rich friends. It will be levied on people with relatively modest incomes as well. That must be the reason why he is writing to media outlets, or anyone else who will listen, rather than just donating some money like most people would do.
For every wealthy person like Sir Stephen, there will be 10 or 20 millionaires who will spend a fortune in finding ways around any new taxes that are introduced, which is something else that, no doubt, he is well aware of.
I have a suggestion for Sir Stephen. There is no reason why he cannot simply make a voluntary payment to Inland Revenue. He can make as many as he likes. He can make voluntary payments through any or all of his entities or family members, and simply instruct IRD not to refund the overpaid amounts.
But no. Instead of doing something that would have to be anonymous, he wants the whole country to know what a hero he is. I’m sure that he and his mega-rich friends all feel so much better about themselves for signing this letter. There. No need to do anything more now, is there?
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