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

sawyerloggingon

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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
 
It would appear that John Galt is still alive and well...
 
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.
 
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).
 
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.
 
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.
 
OMG the evil of it - FREEDOM :)


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



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Like



"Ready to live on food I grow and hunt, ready to live on water I pump,
and with power from no one but God. Yes I'm bragging for it took me 3
years of Obama's economy to make it happen - out of necessity"

Me too.:)
 
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.

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.
 
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

I've learned that the US top tax rate, even with the expiration of the Bush temporary tax cuts, is still lower than that of the UK.
 
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.

Theoretically, taxes should be paid in the country in which the income was earned.
 
I think what people are missing is that there is a difference between being successful and being rich.

One should be honored and the other despised.
 
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.

:lamo Taxing the rich 3% more is like what the Nazi's did to the Jews?!

I think it's important to reflect on this chart

http://en.wikipedia.org/wiki/File:Effective_tax_rates,_US_high-income.png
 
I think what people are missing is that there is a difference between being successful and being rich.

One should be honored and the other despised.

Not necissarily despised, but certainly not revered as "Job creators"
 
Theoretically, taxes should be paid in the country in which the income was earned.

& how does that work when the head of a multinational doesnt set foot in that country?
 
:lamo Taxing the rich 3% more is like what the Nazi's did to the Jews?!

I think it's important to reflect on this chart

File:Effective tax rates, US high-income.png - Wikipedia, the free encyclopedia

Yet another lib misquotes me in a vein attempt to distort my position. Confiscating the wealth of a rich person if they leave the country is like what the Nazis did to the Jews. You are either being willfully dishonest or your reading comprehension level is that of a 5 year old.
 
Not necissarily despised, but certainly not revered as "Job creators"

Think of it this way if we were a colony of ants one single ant would have an entire football stadium filled with food and the rest of the colony would labor to maintain this gluttony. I think despised is far more generous than they deserve.
 
Where did the wealthy Brits go?

Is there really a country with low taxes and an immigration policy that makes it so easy that thousands of people can just go there to avoid taxes in their native country?

What country?

From what I understand, the other European nations have just as high tax rates as Britain. The top marginal rate is lower in the USA, but people can't just decide to come here. Well, the illegals do, but they're still technically citizens of their home country, and the wealthy British aren't what we generally picture when the term "illegal alien" is used.

So, just where are these million pound plus earners, anyway?
 
Yet another lib misquotes me in a vein attempt to distort my position. Confiscating the wealth of a rich person if they leave the country is like what the Nazis did to the Jews. You are either being willfully dishonest or your reading comprehension level is that of a 5 year old.

I directly quoted you, so it's not really a misquote...unless you don't understand what a quote is. You apparently equate taxes reverting back to their pre-Bush II rates as being similar to the plight of the Jews. I think that any Jewish person would be offended by your distasteful comparison.
 
Think of it this way if we were a colony of ants one single ant would have an entire football stadium filled with food and the rest of the colony would labor to maintain this gluttony. I think despised is far more generous than they deserve.

I think that a healthy wealth distribution is one that includes some wealth inequality. I do, however, think that there needs to be a system through which people are prevented from becoming "too big to fail" so to speak, especially across generations of wealthy families. Extreme wealth inequality is damaging to an economy, but some inequality (along with upward mobility) promotes productivity and ambition.
 
Where did the wealthy Brits go?

Is there really a country with low taxes and an immigration policy that makes it so easy that thousands of people can just go there to avoid taxes in their native country?

What country?

From what I understand, the other European nations have just as high tax rates as Britain. The top marginal rate is lower in the USA, but people can't just decide to come here. Well, the illegals do, but they're still technically citizens of their home country, and the wealthy British aren't what we generally picture when the term "illegal alien" is used.

So, just where are these million pound plus earners, anyway?

Australia
 
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