Skip to comments.Two-thirds of millionaires left Britain to avoid 50p tax rate
Posted on 11/28/2012 5:08:32 PM PST by PilotDave
Almost two-thirds of the countrys million-pound earners disappeared from Britain after the introduction of the 50p top rate of tax, figures have disclosed.
(Excerpt) Read more at telegraph.co.uk ...
I hope they can all get the hell out of here too. Hopefully, they will be able to take most of their hard earned money with them. It’s theirs.
Why introduce common sense, or reality?
I bet revenue dropped big time
That’s what killed the Beatles. Taxes. Why bother when the gov’t takes 90% of what you earn.
if anyone can curb taxable expenses, and even quit working and thus stop a source of taxable income, it is “the rich”.
This won’t happen to California, luckily. Gov Jerry Brown says people and companies won’t leave the state due to his new higher tax rates because there is beautiful weather and lots of fun outdoor activities here.
My advice to those who die, declare the pennies on your eyes...
This desn’t include how many millionaires dropped their income below the threshhold, transfered cash into other benefits or assets and whatever else to avoid this tax.
Far larger is the impact of the reduction in efforts to increase income.
In effect the impact of the tax is to pay people not to work harder.
We are planning to leave California as well as the country. Looking around now. Any Freepers in Guatemala or Thailand or Panama?
Check out the Philippines . Contact AlexW , a freeper for info . I’m in Japan , but have been here for 27 years .
Let me tell you how it will be
There’s one for you, nineteen for me
‘Cause I’m the taxman, yeah, I’m the taxman
Should five per cent appear too small
Be thankful I don’t take it all
‘Cause I’m the taxman, yeah I’m the taxman
If you drive a car, I’ll tax the street,
If you try to sit, I’ll tax your seat.
If you get too cold I’ll tax the heat,
If you take a walk, I’ll tax your feet.
Don’t ask me what I want it for
If you don’t want to pay some more
‘Cause I’m the taxman, yeah, I’m the taxman
Now my advice for those who die
Declare the pennies on your eyes
‘Cause I’m the taxman, yeah, I’m the taxman
And you’re working for no one but me.
Aparently 99% of Reuter’s readers need to have that fact carved into their foreheads backwards, so that they can read it every time they look in the mirror.
Great point Jonose, I should have thought of that. Much much bigger than that is the loss of all the folks employed by the very rich who lose out when the rich go gault. Again, the Luxury tax. This is all old learning. They’re premise of raising 100 billion is false. It will probably net out costing the US 300 billion.
“Coming to America”
Taxman written by George Harrison
Revolver album by The Beatles
Great song and an even better album !!!
Is the Gov. Jerry Brown that you refer to the infamous “Moonbeam” Brown?
they didn’t leave. They adjusted what they do to fall under the threshold.
Yes - Moonbeam Brown, Destroyer of States.
The so-called British Invasion of musicians was really just an Exodus of those who didn’t want to pay Labour’s confiscatory tax rates.
Who would have guessed that the Beatles were closet Tea Party conservatives, clinging to God and guns?
Easy problem to solve.
A wealthy native citizen who escapes taxation by becoming a citizen of another country, should have most of his wealth confiscated by the native country he is leaving as an exit fee.
It is called killing the Golden Goose.
Some destinations may get booming economies, if they are nice and if they offer tax avoidance and tax deferral methods.
The Caribbean Islands used to, the Channel Islands used to.
Why should the taxpayer -- who earned his wealth -- be held responsible and penalized for his government's greed?
This isn't a financial issue; it's a moral issue. A question of individual freedom vs statist greed.
Belize, Panama, and Channel Islands.
you assume the rich aren’t smart enough to move their money out gradually over time undetected.
Raising taxes on the rich isn’t about more revenue, it about PUNISHING them for their success.
I favor one of two options, to resolve this mess.
Option 1: A tiny tax on every money movement, that expands the tax base to the widest participation possible, everybody pays, something on the order of .03 per transaction (any money movement), eliminating every other federal tax, including the income tax. So yes, 100 K of income, you pay maybe 3000 dollars per year. Without the need to file a return or worry about records and such, or having the IRS on your back.
Option 2: No federal taxes at all, and the government just prints the 3.7 Trillion they need to pay for the operation of the Federal Government, encompassed within the trillions needed for a liquid economy. With that our economy becomes tax free, and we have inflation, but the hit from inflation might not be as bad as the debt crisis we now have, if we can control spending and entitlements.
Our GDP is about 14.5 trillion dollars per year, if there are no federal taxes that might send our economy to say 20 trillion or more, which minimizes the inflationary element of the 3.7 million government FLOAT. The key factor is holding government down and cutting spending. If the economy does well, unemployment is 1%, then people will learn to live without government benefits.
With a no tax economy, the government essentially is taking a skim off the top of the economic activity of the country, sort of like the Godfather skimming off his Casino.
No taxes, brings in money from overseas, we become a giant Switzerland or Cayman Islands.
Added to that, we develop oil on government land to the max and this could also take our gas prices down to 1 dollar per gallon. That alone could offset the inflationary element of printing 3.7 trillion for the Federal Government operations.
Most excellent sarcasm!
>>Any Freepers in Guatemala or Thailand or Panama?
Thailand. Check out thaivisa.com. I suggest just lurk and research there for a while first until you figure out who is worth listening to. Mostly it’s a bunch of old farts with too much time on their hands, but there’s a handful of guys who are extremely knowledgeable and you can take their statements on visas, buying cars, etc., to the bank. One is Lopburi3. I don’t visit there anymore so don’t remember the others (also may have changed).
Any specific questions - fire away. I’ll respond as best I can.
it seems these idiots never get it. the wealthiest people are the ones who have the money to pack up and go somewhere else in the world.
Millionaires flee to avoid an additional 50 pence in taxes? Wow, those Brit millionaires are REALLY sensitive to their taxes.
We are interested in Chiang Mai and plan to visit again soon.We were thinking of renting first and have found out that most owners will not allow pets ( 2 small dogs coming with us).
I have been researching many sites-will look at the one you gave.
Where in Thailand are you?
At the risk of seeming pedantic (well, being pedantic) perhaps it ought to pointed out that two-thirds of those earning a million or more a year is not the same, as claimed in the headline, as ‘two-thirds of millionaires’. There are plenty of millionaires with incomes lower than this, and there’s no evidence here of what proportion of these have left. My guess is far fewer: since in many cases wealth is in property, and this discourages mobility. Also that the 50% rate has not been payable on the first £150,000 of income.
As carpeting is rare here, generally dogs are not a problem, but if you want to rent a furnished place then naturally some owners will be concerned about them chewing on furniture or whatever. However, there are lots of houses for rent that allow them.
I won’t post my location except to say it is a small town broadly in the Pattaya area. I chose this place because I have ties here.
I should have clarified that Thaivisa.com is a forum - the biggest in Thailand. It is a great source of information for expat residents in particular, once you filter out the chaff.
You sound like you might consider buying property in the future. Personally, I wouldn’t. The law forbids foreigners from owning land (not a dwelling so condos are ok) so you have to work around that. It can be done but has risks. It is a renter’s market right now and I expect it to stay that way for some time.
If you haven’t done it before, I would do some intense research on bringing in the dogs especially for just a vacation. I’ve heard some unpleasant reports of, well, call them what they are, bribes, being required at the last minute to clear them in.
Lots of people do move here with their dogs, but check it out first.
Yes we have heard of that as well.We would not bring them for vacation though. We will call a pet mover company and see what they say re moving them once we make our decision. We show dogs and do carry them on as they are small and fit them under our seats. They may not allow this for some international airlines.
We like the general area you are in as well. That’s also a possibility.
The forum is really good-lots of info there. Thanks.
Not to worry. The wealthy Brits leaving to escape a 50% rate are actually being replaced by wealthy Froggies leaving France to escape the 75% rate.
I read it all here on Free Republic.
Thanks. They never learn, do they?