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If You Want Good Tax Policy, Choose Jersey- but not New Jersey!
Townhall.com ^ | November 11, 2012 | Daniel J. Mitchell

Posted on 11/11/2012 7:46:28 AM PST by Kaslin

I’m in Jersey, where I gave a speech last night.

But not New Jersey, the state where you shouldn’t die. That’s the state that many people have been fleeing because they don’t like paying confiscatory taxes to finance bureaucrats who make as much as $320,000 per year.

Instead, I’m in the Bailiwick of Jersey, which is a UK dependent territory off the coast of France. Jersey is a so-called tax haven, which I applaud because it helps encourage better tax policy in less enlightened parts of the globe.

Because I’m such a cultured and sophisticated guy, today I used some of my free time to visit the Jersey Museum. I now know lots of useless trivia about how a tiny island 15 miles from France wound up as an English territory.

But I also found something very interesting in the section on the economic history of Jersey. The museum explicitly recognizes the role of low taxation in promoting a prosperous society.

My blackberry camera isn’t that good and I’m probably a crummy photographer, so this image is very hard to read, but the display openly boasts that Jersey’s tax rates are much less onerous than those found in the United Kingdom.

If you want a simple and fair flat tax, Jersey’s 20 percent rate is not bad. And it’s definitely a lot better than the (now) 45 percent top rate in the United Kingdom

If you don’t want double taxation, the capital gains tax rate in Jersey is zero. That’s a lot better than the United Kingdom (though the rate there is now “only” 28 percent.

If you don’t want the government grabbing a big chunk of your income with a value-added tax, then you’re much better off with Jersey’s 5 percent rate rather than the 20 percent rate in the United Kingdom (the museum’s info is out-of-date).

Anyhow, you get the idea. Here’s a close-up photo of that part of the display.

There’s no death tax in Jersey, which is a very important consideration when successful and productive people decide where to conduct economic activity. The United Kingdom, by contrast, has one of the most onerous death tax regimes in the world.

In other words, the people of Jersey have made a very intelligent decision to avoid class-warfare tax policy.

Are you surprised to learn, therefore, that they are richer, on average, than folks in the USA?


TOPICS: Business/Economy; Editorial
KEYWORDS:

1 posted on 11/11/2012 7:46:30 AM PST by Kaslin
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To: Kaslin

I need to check into my possible citizenship status, having been born in the UK to an English Mom, an an American serviceman, out of wedlock, until after birth, I would think I qualify for British citizenship. If O turns the USA into a cesspool, Jersey might be an escape hatch.


2 posted on 11/11/2012 8:13:53 AM PST by Joe Miner
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To: Kaslin

Wonder how many U.S. “millionaires and billionaires” will be giving up their citizenship and going elsewhere with their money? If they are smart, they’ll start the process tomorrow.


3 posted on 11/11/2012 8:43:16 AM PST by txrefugee
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To: txrefugee
Wonder how many U.S. “millionaires and billionaires” will be giving up their citizenship and going elsewhere with their money?

You mean like Denise Rich?

4 posted on 11/11/2012 8:44:16 AM PST by dfwgator
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To: Kaslin
Are you surprised to learn, therefore, that they are richer, on average, than folks in the USA?

After reading what you wrote, NO, I'm not surprised.

5 posted on 11/11/2012 9:45:41 AM PST by ExCTCitizen (More Republicans stayed home then the margin of victory of O's Win...)
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To: Joe Miner

Speaking of Jersey, a favorite series of mine I found on Sunday late night public TV a long time back.

http://www.youtube.com/watch?v=1y5E63jGT2I


6 posted on 11/11/2012 9:48:02 AM PST by wally_bert (There are no winners in a game of losers. I'm Tommy Joyce, welcome to the Oriental Lounge.)
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