“If we must have an enemy at the head of Government, let it be one whom we can oppose, and for whom we are not responsible, who will not involve our party in the disgrace of his foolish and bad measures.”
- Alexander Hamilton. Spiritual father of #NeverTrump
There's no evidence offered of any one moving. The only evidence offered is how much income people listed on their tax returns. Taxes went up and fewer people let themselves be subject to the tax.
They could have claimed money ahead of the tax increase so that the money wouldn't be subject to the higher rate. They could have moved their money into different vehicle which are subject to different taxes. They could have done quite a number of things with their money to reduce their tax burden.
It's supremely silly imho to take the data offered as evidence that people emigrated and became ex-pats.
But, then again, I have no vested interest in believing such tripe, so I am not likely to get pulled in by that one.
Find some articles talking about how cool I am and what a great dad I am, and I'll be unlikely to see how flawed the articles are. ; )
It's just human nature that we have trouble thinking clearly about data which conform to our prejudices.
I may be wrong.
Simon is onto something.
What the right wing ranters forget is fewer people filing in a certain bracket is a myriad of reasons besides the one that fits their rant.
One big reason fewer filed in the higher tax bracket is their income fell due to weak economic conditions. If you make less money you don't qualify for the higher rates. If your stock income takes a drastic hit, your business is in a slump due to lower consumer spending, you start a trust fund, make a sizable charitable donation because you were just a few grand over the 1 million mark....
No the only 'reason' right wing ranters see is an increase in tax rate and the only 'result' was the millionaires MUST be fleeing.
Now on using Nazi Germany, Hitler, and the Jewish exodus from pre WWII Germany...
It is beyond reasoned discourse to drag all of that into this.
Now if England made every millionaire wear a distinctive badge, highly restricted their businesses, took their vote away, ban marriage outside their group, highly restricted their travel...
well you might could use Nazis, Hitler, and Jews in this...
The Myth of the Millionaires' Exodus
A gaping hole in this argument is that by the HMRC's own admission, a great deal of this drop was accounted for by (the non-PAYE paying) super-rich bringing bringing forward their income ('forestalling') and declaring it in 2009/2010 tax year instead, ahead of the pre-announced 50p tax rise. The key point is, by its nature forestalling can only happen once - those who did so could not have kept doing it in the years after; they would have had to have paid up. The 2010/2011 yield was thus artificially deflated; totally anomalous, and unreliable as a baseline. There may have been other more permanent forms of evasion in the mix, but the only way of knowing this - and the true effectiveness of the 50p tax - for sure would have been to wait for 2011/2012 returns. Which is presumably by Osborne avoided doing just that (given there was good evidence it raised a significant sum of money).
"The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations." `Thomas Jefferson
Liberté. Égalité. Fraternité.