The wealthy think they’re different

Yeah "the wealthy" pay a hell of a lot more tax than you.

If you'd avoided generalising farmers I'd agree with every word. But not all farmers are wealthy.... a farm can easily be worth £1 million plus whilst the people upon it, even where they own it, don't earn very much money thanks only to ridiculous increases in land and property values since the 1980s over which they had no control. And to suggest that trades shouldn't be passed on because someone can probably come in and do it better doesn't really make sense as it was historically the way it worked, surnames like Smith, Baker etc. are evidence. Anyway, a farmer who finds themselves with an asset worth say £1 million is no more able to take advantage of that asset than I am to take advantage of the value of my home - I need somewhere to live and I would sell and buy into the same market so it's pretty meaningless. The only difference is the farmer needs to somewhere to live AND work. Now are there some pretty large farms where some guy is getting rich employing other people to do the work while he's poncing around in a fancy jacket? Sure... and they're the noisy ones. Believe me, there are plenty of others who'll get hit with this tax hike that I think if you understood their situation you would sympathise.

Repugnant, indeed!

Professor Murphy knows what's up!

Tell us about farming subsidies Richard and how generous they are compared to welfare payments for the poor.

Your videos are very informative 👍

richard real talk you dope as hell brother :)

I suspect Labour want to fill agricultural land with soulless residential concrete.

A 40% tax on land assets will lead to the break up of farm assets which i find difficult to see would lead to good outcomes as it could well lead to ever larger farms and a small number of very very wealthy families. It is dilemma for govt. David mccabe dublin chartered accountant retired

The royals are exempt of course BUT there should be no inheritance tax at all, a triple tax system, it's a disgrace!

You should speak with @garyseconomics

"Adversity makes Men, and prosperity makes Monsters." Victor Hugo.

Well said, lovely to listen to someone who is well informed on the details and can explain the implications eg of privilege that arise with great clarity. David McCabe retired chartered accountant Dublin Ireland

Farmers and landlords have got to be the most entitled arseholes in society.

he complains a lot about farmers and rich but never worries about why government needs more tax money

Brilliant, yes, thank you!

85% of the world lives off less than $5000 a year. Most people in the UK are considered like billionaires for this 85%. So even the normal man in the UK is really not normal for 85% of the world population. Everyone in the UK is extremely rich and should start paying a wealth tax to the 85% living on less than $5000 a year. Yes I thought so. No too many of these Leftos will like this what I say.

Do you claim tax relief on all the books behind you and the fancy equipment you use to make these videos?

The sense of entitlement of farmers - I could not agree more - well said

inheritance of a private property has nothing to do with rich versus poor narrative. Just imagine, you get to acquire a piece of property, maybe a piece of land, paying all sorts of taxes on it all along the way, and after you die, your children inherit it. The direct descendants, the most immediate line of inheritance. And now they need to pay tax on what you have already been taxed every which way. If they are not fortunate enough to have means to pay that tax, sorry, they can't even have inheritance form their parents. If there is a private property, than off course the privilege is to be given to your children to inheriting your life's wealth, and in many countries, there is no tax on this. And if that privilege is not granted, than how are you even a free person, without any private property, but an illusion of it. You essentially become a life-long renter, and there's no way to create generational family wealth, unless you can afford to keep renting it and pay for passing the lease agreement from you to your children. How can this video miss the point so generously...

The problem is the way the inheritance tax evaluates the value of farmland and fails to take into account the massive overheads of farming. Farms that are just scraping by may be taxed like multi-million pound estates.

The price of land may fall, but it won't be young farmers getting their hands on it. The farms that are lost by individual families won't end up in the hands of other families or small farming business, they will end up in the hands of large corporates... so if you want to ensure all our farming ends up with large corporates, then this is the way to do it.

You can change things based on ideology, because you think something is unfair, but at the same time it can have a much wider effect that is overall harmful to more people. This change, and others being made by Labour might be falling in to this category.

You should do a collaboration with gary’seconomics

Thank you Richard for enlightening the general public on this issue. Very informative.

Yes I'm surrounded by jealous farmers, they never do any real work, tax them 50%

Off grid villages are the only places human's live now, what humans are doing in Babylonian population centers, you can't call living. Its a zombie apocalypse.

The more I hear from RM thr more I think he’s an agent on the books to help bring about a dystopian future.

I don't know England's way of farming, but over here in Canada, farmers have no control over: seed price (chemical companies have bought seed companies so that farmers - if they want the best yield - have to put these extra chemicals on their crops); have no control over how much they will get (United States controls those prices). What is going on is that individual farmers are buying up land and becoming industrial farmers. Industrial farmers have lobbied politicians to be under the same rules as family farming, even though industrial farming causes more problems for the environment. Farmers are now getting the price they are owed for putting a crop in the field. When this happened, the middlemen, seeing the farmer making more money, increased their prices (seed, fertilizer, chemicals), thinking they were owed the money. Please don't lump in industrial farming (rich farmers) with family farmers (poor farmers) who are trying to get by. Farming is not under the same rules as other businesses - farmers also have to rely on God to give their crops enough sun and rain to have the yields!

Richard said 'truthful' and AI showed 'trustful'

Mustard on the beat, ho'

It is very strange that farmers in the UK are rich.
In most other countries farmers are not wealthy and most cestainly not rich to the standards of the western, modern world...

Owning a barbour jacket makes you rich? Dont be so silly.

farming is a high capital low profit business which requires decades of knowledge and experience to get right, it contributes to food security and therefore national security

At first I thought that you were an honest guy, out to explain economics to the uninitiated, but it becomes clearer that you are a leftist propagandist. Not all farmers are extremely wealthy; many are not. What they are is skilled in what they do in an in industry that lacks new recruits. The Labour drive to disinherit young farmers will only drive the land into the hands of huge corporations - which people like much, much less than 'oi, get orf moi land,' farmers. Most of us non-rich people are deeply distrustful of huge corporations. Evidently , you are not of the same mind.

❤

You are right on point when the elite aren't taxed it is not equality here in America our farmers have had to be helped by farm aid beautiful musicians that raise money to help them keep their farms working right now it is so bad for small farmers they are having to sell they are lucky if they have state legislation being put into law in blue states to protect them from corporate oligarchs livestock factories are same way they are harmful to animals and create toxic runoff in our water the greenhouse effect to our environmental impact is so great it wouldn't help if everyone had an electric car ban corporate farming and corporate livestock factories oligarchs don't care about anyone or the environment

It is the same, with British people, who feel they are better than other nations. Typical british exceptionalism.

How about we get past all the money games and realize that we are all born soverieghn, wealthy, free, and happy. This crap needs to end; "and will one way or another".

Ŵealthy people sol e problems in "scale" those who are poor or less wealthy? Do not solve society problems to scale......

Maybe so.

They are like us, exactly like us just born into the right circumstances, we have just grown to docile to show them how fleeting their own ideas are.

Maybe it’s about time to turn the tide and show them how humans even made it this far in the first place.

… the 1% of the very rich are USELESS for society … it is time to think about it: .. we don’t care what they think we are :)

More like 250 quid for a barbour jacket. I have had mine for 30 years, saving my estate shed loads compared to the throwaway tat from primark and all.

There is no IHT in China, just an asset transfer fee of 80 Euro's, but when I get sick and die in England, they will prise the pennies from my eyes, both of which will be subject to IHT.

The wealthy will just make their family farm a corporate farm with no worry of inheritance tax. This loophole must be accounted for

I just experienced that book quote, symbolically, the other day at a wine bar in the Midwest. The rich were heavily protected, justified, validated, supported, etc…by the owner/proprietor, rather vehemently, after I made a few comments about how different the normal clientele there were. I’d been going there maybe once or twice every two months, give or take, for a little over 8 years, as a break from the rural area in which I live. And rich is the best way to describe the clientele. I am not rich. I am a professor (not at a university), and am in student loan debt (but no other debt). I rent a house. I have no stocks. I have a little in savings. I do not travel the globe (costs way too much, not just money, but time and security).

Just imagine people 2 classes below you.
Would you hangout with them?
For some, 2 classes below, mean homeless people.
By this simple logic middle class might be perceived as homeless...

All farmers are middle class toffs

Is it true mr Microsoft is buying up land in the U.S and putting it under a foundation to avoid paying tax.