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

  1. #31
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    Re: Two-thirds of millionaires left Britain to avoid 50p tax rate

    Quote Originally Posted by Fisher View Post
    How should it? Most of the CEO's get the bulk of their pay in stocks so why should theirs be treated differently than anybody else's in terms of taxes?
    The difference is "anybody else" is in the country.

    Makes a big old difference.

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

    Quote Originally Posted by RabidAlpaca View Post
    So when I moved to Germany permanently from the US, I should've had all of my savings confiscated? I know you're referring specifically to the super rich, but I don't see how it would be different based on income.
    If you left the US to avoid paying your taxes, yes. As long as you paid your taxes then no harm no foul.

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

    Quote Originally Posted by sawyerloggingon View Post
    The question is will obama and the Democrats learn anything from this.


    "Almost two-thirds of the country’s million-pound earners disappeared from Britain after the introduction of the 50p top rate of tax, figures have disclosed."


    "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"

    : “Labour’s ideological tax hike led to a tax cull of millionaires.
    Far from raising funds, it actually cost the UK 7 billions in lost tax revenue.


    Two-thirds of millionaires left Britain to avoid 50p tax rate - Telegraph
    There were only 16,000 millionaires in the Uk?!

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

    Quote Originally Posted by blaxshep View Post
    Because hoarding wealth is gluttony and they do so by corrupting the people's government to legislate their own greed.

    Successful people do not hoard wealth, rich people do.
    So in your opinion once somebody makes a huge amount of money they should either give it away or they should have it confiscated?

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

    Quote Originally Posted by blaxshep View Post
    If you left the US to avoid paying your taxes, yes. As long as you paid your taxes then no harm no foul.
    I believe the people in question paid their taxes owed then left to avoid paying future taxes. How does your reason for leaving change the situation, and how would the government ascertain their reasons for leaving in a court of law?
    Quote Originally Posted by LowDown View Post
    I've got to say that it is shadenfreudalicious to see the rich and famous fucquewads on the coast suffering from the fires.

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

    Quote Originally Posted by sawyerloggingon View Post
    Australia
    Really?

    Australian tax codes:

    $180,001 and over


    $54,550 plus 45c for each $1 over $180,000

    The above rates do not include the Medicare levy of 1.5% (see Guide to Medicare levy for more information).
    Let's see.. that works out to 45% + 1.5% for Medicare, or 46.5% as a top marginal tax rate. That would mean that the wealthy Brits moved halfway around the world, presumably that far away from family and friends, to save 3.5% on their taxes.

    Could that really be?

    If so, then it should be safe for the USA to raise its top marginal rate to 39%, as would happen if we went over the "fiscal cliff", and expect wealthy Brits and Kiwis to want to immigrate to the USA to avoid paying as much in taxes. Add their millionaires to ours, and we could increase our tax base substantially, it seems to me. All we need to do is amend our immigration laws to allow anyone with an income of over a million pounds to come here just for the asking.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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

    Quote Originally Posted by Paul Austin View Post
    The difference is "anybody else" is in the country.

    Makes a big old difference.
    Not really. Unless I am misreading/missing something, the owners of GM stock, for instance, might be spread all over the world, so should they all have to pay taxes on their dividends/cap gains everywhere in the world GM does business by your measure?

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

    Quote Originally Posted by blaxshep View Post
    Because hoarding wealth is gluttony and they do so by corrupting the people's government to legislate their own greed.

    Successful people do not hoard wealth, rich people do.
    Are you sure you're a libertarian?
    Quote Originally Posted by LowDown View Post
    I've got to say that it is shadenfreudalicious to see the rich and famous fucquewads on the coast suffering from the fires.

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

    Quote Originally Posted by sawyerloggingon View Post
    Australia
    Effective top tax rates in Australia are 30 to 45%, again higher than the US.

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

    Quote Originally Posted by Dittohead not! View Post
    Really?

    Australian tax codes:

    $180,001 and over




    Let's see.. that works out to 45% + 1.5% for Medicare, or 46.5% as a top marginal tax rate. That would mean that the wealthy Brits moved halfway around the world, presumably that far away from family and friends, to save 3.5% on their taxes.

    Could that really be?

    If so, then it should be safe for the USA to raise its top marginal rate to 39%, as would happen if we went over the "fiscal cliff", and expect wealthy Brits and Kiwis to want to immigrate to the USA to avoid paying as much in taxes. Add their millionaires to ours, and we could increase our tax base substantially, it seems to me. All we need to do is amend our immigration laws to allow anyone with an income of over a million pounds to come here just for the asking.
    The article said they are going to Australia and I'm sure there tax code is complex and the millionaires must see going there is to their benefit.Their must be some reason they are going there instead of coming here since on the surface our tax seems lower. One thing for sure they are leaving the UK in droves and draining its coffers by billions, their is a lesson to be learned here. Yes you really can kill the goose that lays the golden egg and you can do so without firing a shot.

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