How to Build a Wealth Tax
This blog is a recap of Gary Stevenson’s video How to Build a Wealth Tax.
Correct implementation on tax policy is a job of experts and government and civil service. It is not the job of fucking YouTubers. — Gary Stevenson
Why do we need a wealth tax?
Because the rich aren’t just getting richer and richer — they’re draining the rest of us dry. As Gary Stevenson explains, wealth is being sucked upward: workers squeezed out, the middle class crushed, governments stripped of assets. Unless we act now, living standards will keep collapsing while a tiny elite hoards everything.
The solution isn’t another tweak to income tax. It’s taxing wealth itself — directly, aggressively, and globally.
👉 New here? Start with The Squeeze Out — why the rich are squeezing the rest of us.
Should Wealth Tax Policy Be Designed by YouTubers?
There’s a strange kind of naivety out there. People hear Gary Stevenson’s and others claim “we need a wealth tax” and immediately reply: “Okay then — show me the policy! Draw it up right now”.
But let’s be serious. Do you think tax policy usually comes from YouTubers?
Because here’s the truth: even if Gary Stevenson were the smartest guy alive, you still wouldn’t want one man designing an entire tax system. It has to be watertight. And that means doing it properly. When Trump slapped together his tariffs, it had the same amateur vibe — like some intern scribbled “Oh, Cambodia? Sure, screw Cambodia”. That’s not policy. That’s chaos.
If we want a real wealth tax, it can’t be drafted on the back of an envelope. You need professional tax lawyers, economists, civil servants — people who know the loopholes the rich will exploit — locked in a room, properly paid, given the time to get it right.
It’s Going to Be Hard — Very Hard
Let’s not kid ourselves: actually raising taxes on the rich is going to be brutally difficult. The ultra-rich control huge parts of the media. They set the narrative. They pump out scare stories — “If you tax us, we’ll leave!” — and they’ll go after individuals who challenge them. The smear campaigns are part of the game.
That’s why implementation matters. The design of a wealth tax has to be watertight. If it’s sloppy, the rich will rip it to shreds with loopholes and accountants. It has to be good — really, really good. And the urgency couldn’t be greater. The rich are piling up wealth at record speed. It’s squeezing out workers, hollowing out the middle class, bankrupting governments, and crushing living standards. This isn’t a future problem — it’s happening right now.
So what’s the answer? Put in the work. Do the hard grind of designing a tax system that actually works. Look at China: they don’t let billionaires hoard Chinese wealth while living overseas. That’s the kind of watertight thinking we need.
Designing a wealth tax isn’t something you slap together overnight. You obviously spend years building it — testing it, closing loopholes, making sure it can’t be gamed. Anything less is idiotic. The rich will rip apart a half-baked policy in days.
If we want it to work, we have to take the time and do it properly. And because wealth crosses borders instantly, even the best-designed tax will collapse without international cooperation.
Why It Has to Be International
This can’t just be a national project. The hard truth is that no single country has the firepower to make a wealth tax stick on its own. International cooperation is essential.
Of course, some countries have more leverage than others. A giant like the United States, home to many of the world’s biggest companies and billionaires, could implement a wealth tax on its own and make it bite. Smaller economies like the UK might be able to take partial steps, but the smarter move is obvious: act together.
Right now, we have a rare chance to build something international — a coordinated effort to finally tax wealth and stop the squeeze before it destroys society entirely.
What Gary and Others Proposed — Just a Start
Let’s be clear: a 2% tax on wealth over £10 million — the kind Gary Stevenson campaigned for alongside Patriotic Millionaires — would be a huge step forward. It would raise real money and begin to slow the runaway concentration of wealth at the top.
But let’s also be honest: this isn’t some perfect, final policy carved in stone. It’s a starting point. Critics say, “That’s not the right design, we need a different wealth tax.” Fine. Let’s have that debate. Let’s build the best possible system. The point is not to defend one model forever — the point is to finally tax wealth itself, and stop pretending that endless tinkering with income taxes will fix the problem.
Consult the Experts
When we finally build a real wealth tax, we need to lean hard on the people who know this best. Economists like Gabriel Zucman, Thomas Piketty, Arun Advani. Campaigners like Rebecca Gowland and the Patriotic Millionaires. These are the people who’ve spent years mapping inequality and exposing loopholes.
If governments are serious, they should get these experts in a room, fund them properly, and give them the time to design policies that are watertight. Because without that, any wealth tax will be riddled with escape hatches for billionaires — and it will fail before it even begins.
Tax wealth, not work. Do it now — but do it properly.