Two-thirds of millionaires left Britain to avoid 50p tax rate


#1

In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.

This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election.

The figures have been seized upon by the Conservatives to claim that increasing the highest rate of tax actually led to a loss in revenues for the Government.

It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes.

Two-thirds of millionaires left Britain to avoid 50p tax rate - Telegraph

We have seen some of that happening here with the rich moving from states with high taxation to other states or off shore. It was not that long ago one of our movie stars left France which had imposed higher taxes on the rich.

http://www.google.com/url?sa=t&rct=j&q=johny%20depp%20taxes%20france&source=web&cd=1&cad=rja&ved=0CDQQFjAA&url=http%3A%2F%2Ffinance.townhall.com%2Fcolumnists%2Fdanieljmitchell%2F2012%2F09%2F03%2Fjohnny_depp_flees_france_over_tax_hikes%2Fpage%2Ffull%2F&ei=NC22ULTxB6nk2wWQjoHACw&usg=AFQjCNEdvmYP2uSjbZCS3Xeec3MtRkerWQ

Does anyone think that the empty rhetoric about the willingness of the rich to pay more really means that? The liberals who support Obama show their true feelings versus the things they tell others.


#2

I see a move by the Left to introduce a resolution in the United Nations to have all taxes collected by the U.N. and redistributed to the Nations equally according to their populations.


#3

[quote=“natstew, post:2, topic:37294”]
I see a move by the Left to introduce a resolution in the United Nations to have all taxes collected by the U.N. and redistributed to the Nations equally according to their populations.
[/quote]I can see how that is going to work/sarcasm


#4

It’s coming, maybe a decade away but it’s coming.

When the tax on the over 250,000 crowd in the U.S. goes up to 50% and they flee to other Countries the Left will be scrambling to get their money any way they can. One World Government will be one way they try.


#5

Gee, it happened again. If only there were examples out there in history to show what happens when you do that. :eusa_think:


#6

When government makes tax avoidance - whether through tax-exempt investments, leaving the country/state or just not earning at all - safer and more profitable than investments that might produce products, services and jobs, “the rich” will do what is safer and more profitable. They may not literally move to “Colorado”, but that, effectively, will be what will happen.


#7

It is time for the “poor” to suffer the consequences of their own selfish greed, the wealthy should cease participating in the economy altogether beyond buying the bare essentials and cease earning from all sources.

The lazy must be held accountable if America is to ever have a chance at recovering, they cannot be shamed because they lack the human decency to care about such things as character so cementing the well that they drink out of for free is the only viable option left.


#8

It’d be a mistake to equate US tax rates with British tax rates, unless one does so by comparing effective tax rates. US tax rates for millionaires may seem high, and destined to go higher, but the effective tax rate they pay is much lower. Which is why you don’t see an exodus of US millionaires to more tax-relaxed climes. Britain, on the other hand, gets them coming and going, on consumption and income, with far fewer avoidance options.