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Here are a couple of your thoughts so far on wealth:
are you rich if you earn at least £70,000 a year?
All relative, innit? You live alone in London and rent in the private sector you certainly won’t feel it
Imagine, if you will, that we decide to tax people on a global scale – a standard rate across the world.
In the UK, you would be in the top 5% of earners, on a salary of about £14k. So you are taxed an additional rate due to being ‘rich’. But this isn’t fair, is it, because the cost of living in Mozambique is a lot cheaper than here – you aren’t rich, but it is agreed that globally that is where ‘rich’ starts, and you are taxed accordingly.
This question was thrown into sharp focus this week when Labour MP John McDonnell told the BBC Labour would be “looking to the corporations and to the rich to pay their share”.
When pressed to define the rich, McDonnell said it would include those earning “above £70,000 to £80,000 a year”.