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

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

    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

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

    It would appear that John Galt is still alive and well...
    "The fact that we are here today to debate raising America's debt limit is a sign of leadership failure" - 2006 Senator Obama...leadership failure indeed!

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

    There is a great story out there, two of them actually, about Greece and their soaking of the rich.

    The first one is about the luxury cars and the consignment shops busting at the seems with far too
    many BMW's, Mercedes, Lexus and other high end cars to move. It would seem that people just
    say "get what you can" for it as they leave the country because shipping is too big a burden
    to where ever they are moving too.

    The other was a story about the Australian embassy and an immigration "class" they put on
    each year. The writer said about 5 years ago they held the class in a conference room inside
    the embassy, three years ago they had to rent a larger room at a hotel, two years ago a
    small hall was rented and last year a convention room was rented. Due to the number of
    people wanting to flee Greece for Australia.

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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
    Yes, & Brown was warned of this before he did it, based on experiences from 75-79 when exactly the same thing happened (top taxes went up, revenue went down).

    But then Brown made a lot of mistakes (he also lost a lot selling the UK's gold when the market was at the bottom).

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

    So then why are these people still allowed to benefit from their earnings in the UK? If they leave to avoid taxes in their home country, then they should not be allowed to profit from any holdings they have there. It's that simple. If you want to benefit, you have to put back in. If you abandon your nation, then your nation takes back everything it gave you, and people retain everything they built to help you get rich. Nations and the people in them are not for plundering by a few powerful vultures.

    This is part of the trend for the upper upper class to remove themselves from the community of the rest of the world, employing hush hush banks in one nation, holding companies in another, and hiring workers in yet another. These people have no loyalty to anyone but themselves, and clearly have no loyalty to any of the people they're interacting with along the way. No nation should house or protect them, and their holdings should be sacrificed. If they won't show loyalty to anyone else, then no one should show loyalty to them.
    Liberté. Égalité. Fraternité.

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

    Quote Originally Posted by Paschendale View Post
    So then why are these people still allowed to benefit from their earnings in the UK? If they leave to avoid taxes in their home country, then they should not be allowed to profit from any holdings they have there. It's that simple. If you want to benefit, you have to put back in. If you abandon your nation, then your nation takes back everything it gave you, and people retain everything they built to help you get rich. Nations and the people in them are not for plundering by a few powerful vultures.

    This is part of the trend for the upper upper class to remove themselves from the community of the rest of the world, employing hush hush banks in one nation, holding companies in another, and hiring workers in yet another. These people have no loyalty to anyone but themselves, and clearly have no loyalty to any of the people they're interacting with along the way. No nation should house or protect them, and their holdings should be sacrificed. If they won't show loyalty to anyone else, then no one should show loyalty to them.
    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.

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

    OMG the evil of it - FREEDOM


    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.

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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.
    You already know the answer

    No

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

    Quote Originally Posted by Paschendale View Post
    So then why are these people still allowed to benefit from their earnings in the UK? If they leave to avoid taxes in their home country, then they should not be allowed to profit from any holdings they have there. It's that simple. If you want to benefit, you have to put back in. If you abandon your nation, then your nation takes back everything it gave you, and people retain everything they built to help you get rich. Nations and the people in them are not for plundering by a few powerful vultures.
    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?

    If they won't show loyalty to anyone else, then no one should show loyalty to them.
    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.

    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.

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

    [QUOTE=CalGun;1061191479]There is a great story out there, two of them actually, about Greece and their soaking of the rich.



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