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

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

    Quote Originally Posted by Fisher View Post
    Not really.
    Yes, really. Being in a different country makes a huge difference.

    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?
    Not by my measure, no, in fact quite the opposite. I stated that was an unreasonable proposition.

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

    Quote Originally Posted by sawyerloggingon View Post
    Well that settles that, you have the reading comprehension of a 5 year old AND you are willfully dishonest. That is a combination worthy of making my ignore list. Goodbye


    Ignoring opposing viewpoints leads to willful ignorance.

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

    Quote Originally Posted by sawyerloggingon View Post
    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.
    Actually, their effective rates are the rates paid after deductions and other tax avoidance methods. So, regardless of how complex their code may be, the effective rates are still higher than in the US, so......yea.

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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
    Its bull****.

    The "millionaires" did not leave, they used loopholes to avoid taxes. You see, you can be registered in places like Gibraltar, Gurnsey and still live full time in the UK and pay no taxes. Add to that, the ton of pro-millionaire tax loop holes there are, then well.
    PeteEU

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

    Quote Originally Posted by Fisher View Post
    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?
    The corporation pays taxes in each area where the company does business.

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

    Quote Originally Posted by JRog View Post
    The corporation pays taxes in each area where the company does business.
    I am aware of that. The issue as I understand it was whether the CEO should have to pay personal income taxes everywhere the company does business as well, which is insane IMHO.

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

    Quote Originally Posted by Fisher View Post
    I am aware of that. The issue as I understand it was whether the CEO should have to pay personal income taxes everywhere the company does business as well, which is insane IMHO.
    That would be difficult to even determine, to say the least.

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

    [QUOTE=Dittohead not!;1061191816]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.[/
    QUOTE]

    Apparently Australia is doing just that and it explains why UK millionaires are going there.


    "In a controversial move the Australian government has announced plans to introduce a new visa category offering a fast-track residency path for substantial investment in Australia. It is believed that the pathway to permanent residency will rest upon the investment of at least AU$5 million across a range of different investment assets."

    Australian government chases the millionaires

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

    [QUOTE=sawyerloggingon;1061192405]
    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 taxesQUOTE]

    Apparently Australia is doing just that and it explains why UK millionaires are going there.


    "In a controversial move the Australian government has announced plans to introduce a new visa category offering a fast-track residency path for substantial investment in Australia. It is believed that the pathway to permanent residency will rest upon the investment of at least AU$5 million across a range of different investment assets."

    Australian government chases the millionaires
    The Aussies beat us to it.
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    Re: Two-thirds of millionaires left Britain to avoid 50p tax rate

    Quote Originally Posted by Paul Austin View Post
    Well firstly many abandon the country completely, so your argument doesnt apply to them, but secondly we now live in a world of global companies so a lot of CEO's etc. live abroad & you cant demand they all live in all the countries they operate in, nor pay tax in them all, & they will pick the best one for them.
    So then why should they be allowed to take what they've gotten from the people of a country away from that country? If you do business in a country, you should be taxed by that country for the business you're doing. If you refuse to pay the taxes, then your business is now an illegal one.


    Quote Originally Posted by Paul Austin View Post
    & how does that work when the head of a multinational doesnt set foot in that country?
    Because they conduct business there. It has nothing to do with where the person lives. It has to do with where the money is.

    Quote Originally Posted by Mach View Post
    Because it's their property, why do you think? Where was it agreed upon that the government has that sort of authority over individual property?
    Well then we, the people who live in the countries that these people are pillaging and abandoning, want a new agreement.

    For someone supposedly studying to be a laywer, this idea that "loyalty" and your emotional perception of what people "should do", rather than the law being the deciding factor, is outrageous. Might as well be a doctor that plans on hurting patients intentionally with that sort of mindset.
    Wow... that's pretty rude right there. Also stupid, since my skill in profession has nothing to do with my opinions about the relationships between government and business. I know full well what the law says. I also know when and why I disagree with it. There is a big difference between saying what the law is, and saying what it should be.

    In the U.S. no matter where you get profits, it gets taxed. This helps prevent offshore tax havens. And you have to report it either way, so if it is offshore, they know you owe, and you pay, else face tax evasion. It doesn't require pillaging private citizens with terrifyingly inappropriate government authority as you suggested. Good grief.
    And this is a good thing, though apparently it's not as effectively carried out in the UK, which is what the OP is about. Good reading skills. Also, in this country, there are far too many means by which to avoid paying those taxes. But you already know that. Those are some of the loopholes that conservatives and liberals agree ought to be done away with. So where's the controversy here? I want to enforce the rules as they exist, and possibly alter the numbers if they're too low. And if a business does not comply with the laws of the country where it is doing business, then the business should be kicked out of the country, since it is operating a criminal enterprise and breaking the law.

    Quote Originally Posted by sawyerloggingon View Post
    And now we here from the socialist-fascist crowd. What you are advocating is pretty much what Nazi's did to the Jews and the Soviet Union did to East Germans. You would hold people in a country hostage and confiscate their wealth. In short you advocate turning a country into a prison.
    Name-calling... brilliant. Also contradictory, as fascism and socialism are very different philosophies, but I don't really expect you to know that. They're just buzzwords, right? And this is totally the same scenario as Nazi Germany, except for the part where these companies and their owners are violating the laws of the countries where they're doing business, and actually hurting people. But aside from that, demanding that profiteers actually compensate the nations where they build their wealth for all the benefits, services, and labor they obtain there is exactly like persecuting a religion.

    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.
    Did you break any tax laws in the US before you left? Did you continue to reap the benefits of doing business here while avoiding paying for those benefits? No? Then clearly this doesn't apply to you. And technically, I never said anything about confiscation. I see that a few people went there, but I didn't mention in. If a business wants to use tricks and loopholes to avoid paying its due, then the nation that's being cheated should refuse to extend the protections of their laws to that business. That might manifest, in some cases, as confiscating what is left behind, but again, this is only a reaction to gross violations of the law and what amounts to massive theft from the people of a country. If you refuse to participate in the social contract, don't be surprised when no one else wants to extend its protections to you.

    Quote Originally Posted by RabidAlpaca View Post
    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?
    And an excellent response by the nation that is being abandoned would be to disallow any future business from those who do not hold any loyalty to the country that protected and benefited them for so long. If they want to cut and run, why shouldn't the UK or any other nation do the same? This is literally just reciprocating to these people what they have done in the first place.

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