Tax the rich more - or was that less?

The video discusses the increase in tax contributions from the wealthy between 1978 and 2001, highlighting a significant rise from 11% to 22%. It examines Polly Toynbee's proposal to tax high earners more, estimating a potential revenue of 7 billion pounds. However, the Institute for Fiscal Studies suggests that behavioral changes, such as tax avoidance, evasion, reduced work effort, and emigration, could significantly impact the expected revenue. The video also addresses tax inequality, emphasizing the obligations of the wealthy to contribute fairly to society.

What was the increase in tax contributions from the wealthy between 1978 and 2001?

• From 11% to 22%

• From 20% to 30%

• From 8% to 18%

• From 5% to 15%

According to the Institute for Fiscal Studies, how much revenue would a 1p tax increase on high earners generate?

• 7 billion

• 10 billion

• 500 million

• 800 million

What is one potential behavioral response to increased taxes?

• Tax evasion

• Increased spending

• Higher savings

• More investments

Which of the following is NOT a way people might respond to higher taxes?

• Starting fewer businesses

• Emigrating

• Working harder

• Avoiding taxes

What societal expectation is discussed in relation to wealth?

• Wealth should be hidden

• Wealth should contribute to societal costs

• Wealth carries no obligations

• Wealth should be exempt from taxes