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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 Penderyn View Post
    Good excuse to have the very rich put down, I think, since they are happy in no human community.
    I think that the OP makes a strong argument that the rich are traitors and have no allegiance to anything or anybody but themselves.

    Maybe the conservatives need to rethink this silly meme.

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

    Quote Originally Posted by head of joaquin View Post
    So you think the UK and the US are dictatorships.

    See, that's why nobody takes conservatives seriously anymore. You're intellectually bankrupt.

    By the way, hate to get all logical on you and all, but how many millionaires DIDN'T leave the UK? Kind of need to know that, don't we, to evaluate whether the OP has any meaning besides more ridiculous tea party talking points.
    You sure do use the term "tea party" a lot. Do you assume everyone that disagrees with you is a member of the tea party? Or do you recognize that there are more political and moral views than two?
    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
    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.
    So if that goose wants all the grain and your virgin daughters you better just let that goose have it.
    Anyone wondering what I'm talking about start here:
    The Psychology of Persuasion

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

    Clear evidence that globalization has changed the "game" of capitalism to the extent that an overhaul is in order.
    Anyone wondering what I'm talking about start here:
    The Psychology of Persuasion

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

    Quote Originally Posted by PeteEU View Post
    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.
    I read a story not too long ago about how there is a very large number of expensive houses on the market in the UK. Millionaires are leaving and selling their houses. So, is your contention then that they are carrying this charade far enough where they give up their nice house to go live in a tenement?

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

    Quote Originally Posted by buck View Post
    I read a story not too long ago about how there is a very large number of expensive houses on the market in the UK. Millionaires are leaving and selling their houses. So, is your contention then that they are carrying this charade far enough where they give up their nice house to go live in a tenement?
    As usual Pete was missing out half the story.

    Many do still spend a lot of time in the country, as youd expect, theyre British & often have family here & also bussineses here, but they are registered as living abroad for tax reasons & the bit he appears to have missed in his loophole is that to qualify there is a maximum number of days you can stay in this country, so yes, some stay here but live abroad.

    My nephew is one (though not a millionaire). He lives and works abroad, contract work, that gives him lots of off time that he likes to spend back in the UK, but he has to watch his dates to avoid qualifying for tax in the UK as well.

    So to answer your question, thats why many big houses are up for sale, because many of those who left do return for visits, but are downsizing because their stays here are temporary, & require less needs, & the profit from downsizing can be reinvested in property in their new country, or elsewhere.

    I mean if youre only comming back for a few meetings, & couple of lunches, & the wife & kids arnt with you then you only need an apartment in a nice part of the city, or something.

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

    Quote Originally Posted by head of joaquin View Post
    I think that the OP makes a strong argument that the rich are traitors...
    I think the OP makes a strong argument that the old saying that says, fool me once, shame on shame on you. Fool me you can't get fooled again is a complete bunch of crap. There are people who will fall for the same dumb trick over and over and over again. Totally useless sources such as The Telegraph run stories such as this one like clockwork. Their numbers went down, so millionaires must be moving out of Oregon or New York City or Maryland or the UK on account of high taxes. No, they aren't. They are all still right where they were just a few years ago. They simply don't all make a million dollars or pounds anymore because of the Great Bush Recession. Poor people can and do pull up stakes when things are going particularly poorly, but wealthy people have roots. Like corporations, they do not go bouncing around the globe on the basis of a few extra cents worth of taxes. Rich people are wealthy enough not to have to care about that. Rich people care about the business, social, financial, familial, cultural and charitable networks that they have built up in an area over the years and are loathe to give those up. That's how the real world works. People who fell for the OP at face value seriously need to consider installing more RAM.

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

    So where did all the now ex-British millionaires go?

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

    Nowhere, Their incomes went down. Income is like a pyramid. At any level, most of the people above that level are only a little above it. A major economic downturn (particularly one defined by collapsing asset markets) will move lots of people from an income of a little above a million dollars or pounds to an income a little below a million dollars or pounds. This creates a standing invitation for some dishonest propaganda mill to come along and claim that millionaires are headed like lemmings out of the country because of its high taxes. It's total bunk, the moronic anecdotes that a few people are apt now to tell notwithstanding.

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

    Quote Originally Posted by Cardinal Fang View Post
    Nowhere, Their incomes went down. Income is like a pyramid. At any level, most of the people above that level are only a little above it. A major economic downturn (particularly one defined by collapsing asset markets) will move lots of people from an income of a little above a million dollars or pounds to an income a little below a million dollars or pounds. This creates a standing invitation for some dishonest propaganda mill to come along and claim that millionaires are headed like lemmings out of the country because of its high taxes. It's total bunk, the moronic anecdotes that a few people are apt now to tell notwithstanding.
    Thats twice you said that, & twice you made it up.

    Youre missing important facts like the increase in foreign registeted directors of companies, who used to be registered British & a whole bundle of other facts & statistics that are endlessly rolled out in papers, on news bulletins & political shows etc.

    They didnt all vanish to just below 1,000,000

    Actually long term trend is that although many have left the country, between 2008 & 2012 the total number of millionaires has risen to a new high.

    That was in the news the other week as well.

    Pesky thing facts...

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