Ultra-left-wing economist and YouTuber Gary Stevenson advocates for a return to 1960s tax rates, proposing a 95 percent top income tax and a 2 percent annual wealth tax on individuals with over £10 million. Stevenson, who himself became a millionaire at 25 through interest rate trading, argues against wealth inequality, drawing a contrast between his own financial success and the struggles of those in his hometown of Ilford, where people cannot afford to turn on their heating.
During a segment in the Channel 4 documentary "How To Get Filthy Rich," Stevenson visited entrepreneur Bassim Haidar in his Knightsbridge apartment, which features an ozone-infused swimming pool and a private tunnel to a Michelin-starred restaurant. Haidar, who stated he came from a poor family and built his wealth through a telecoms startup, currently employs tens of thousands of people. Stevenson's own wealth, however, was accumulated through aggressive bets against economic recovery during the 2008 financial crisis, a method described as luck rather than insight, and one that did not create jobs or build communities.
Critics, including Francis Fulford, whose family has owned an estate in Devon for 26 generations, have labeled Stevenson's economic proposals as "Noddyland economics." Fulford argues that implementing a wealth tax would force the sale of land and the breakup of businesses, leading to price collapses, industry decline, and national bankruptcy. This, he contends, would result in a scenario where everyone becomes impoverished, negating the intended equality.
Stevenson's proposal extends to taxing wealth invested in land, property, or businesses, with the government claiming two percent annually regardless of investment status. This approach is contrasted with the idea that some wealthy individuals earn their fortunes through entrepreneurship and job creation, unlike speculative financial gains. The critique suggests that while taxing "City wideboys" at a higher rate might be acceptable, Stevenson's broad wealth tax plan could ultimately lead to widespread economic hardship.