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Two-thirds of millionaires left Britain to avoid 50p tax rate
The Telegraph ^ | 27 Nov 2012 | Robert Winnett

Posted on 11/28/2012 5:08:32 PM PST by PilotDave

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.

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Business/Economy; News/Current Events; United Kingdom
KEYWORDS: taxes
Raising taxes on the rich always results in less Gov revenue because the rich don't like to pay taxes and are not stupid. Study the Luxury Tax in America...
1 posted on 11/28/2012 5:08:37 PM PST by PilotDave
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To: PilotDave

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.


2 posted on 11/28/2012 5:11:12 PM PST by FlingWingFlyer (Don't tax me bro! Tax that guy over there!)
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To: PilotDave

Why introduce common sense, or reality?


3 posted on 11/28/2012 5:11:28 PM PST by Williams (No Obama)
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To: PilotDave
Are they talking about a 50 pence tax rate? That's like, pennies ...
4 posted on 11/28/2012 5:13:47 PM PST by Ken522
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To: PilotDave

BUMP

I bet revenue dropped big time


5 posted on 11/28/2012 5:14:32 PM PST by GeronL (http://asspos.blogspot.com)
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To: Ken522

50%


6 posted on 11/28/2012 5:15:59 PM PST by GeronL (http://asspos.blogspot.com)
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To: FReepers; Patriots
All contributions are for the
Current Quarter's Expenses.


Please Donate Tonight!
FReepathon Day 59!!


7 posted on 11/28/2012 5:16:06 PM PST by onyx (FREE REPUBLIC IS HERE TO STAY! DONATE MONTHLY! IF YOU WANT ON SARAH PALIN''S PING LIST, LET ME KNOW)
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To: PilotDave

That’s what killed the Beatles. Taxes. Why bother when the gov’t takes 90% of what you earn.


8 posted on 11/28/2012 5:18:03 PM PST by SkyDancer (Live your life in such a way that the Westboro church shows up at your funeral)
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To: PilotDave

if anyone can curb taxable expenses, and even quit working and thus stop a source of taxable income, it is “the rich”.


9 posted on 11/28/2012 5:21:12 PM PST by Secret Agent Man (I can neither confirm or deny that; even if I could, I couldn't - it's classified.)
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To: PilotDave

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.


10 posted on 11/28/2012 5:21:52 PM PST by skeeter
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To: SkyDancer

My advice to those who die, declare the pennies on your eyes...


11 posted on 11/28/2012 5:22:03 PM PST by fhayek
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To: SkyDancer

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.


12 posted on 11/28/2012 5:22:31 PM PST by GeronL (http://asspos.blogspot.com)
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To: GeronL

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.


13 posted on 11/28/2012 5:35:16 PM PST by jonose
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To: skeeter

We are planning to leave California as well as the country. Looking around now. Any Freepers in Guatemala or Thailand or Panama?


14 posted on 11/28/2012 5:40:00 PM PST by pugmama
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To: PilotDave
They can just replace them with French millionaires escaping at 75% tax.
15 posted on 11/28/2012 5:43:31 PM PST by KarlInOhio (Big Bird is a brood parasite: laid in our nest 43 years ago and we are still feeding him.)
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To: pugmama

Check out the Philippines . Contact AlexW , a freeper for info . I’m in Japan , but have been here for 27 years .


16 posted on 11/28/2012 5:46:59 PM PST by sushiman
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To: SkyDancer

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.


17 posted on 11/28/2012 5:47:39 PM PST by Pollster1 (Freedom is never more than one generation away from extinction. - Ronald Reagan)
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To: PilotDave

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.


18 posted on 11/28/2012 5:50:42 PM PST by Dogbert41 (What now?)
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To: jonose

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.


19 posted on 11/28/2012 5:50:50 PM PST by PilotDave (No, really, you just can't make this stuff up!!!)
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To: PilotDave

“Coming to America”


20 posted on 11/28/2012 5:59:24 PM PST by LibLieSlayer (WOLVERINES!)
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To: Pollster1

Taxman written by George Harrison

Revolver album by The Beatles

Great song and an even better album !!!


21 posted on 11/28/2012 6:20:29 PM PST by RightWingNut
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To: skeeter

Is the Gov. Jerry Brown that you refer to the infamous “Moonbeam” Brown?


22 posted on 11/28/2012 6:29:35 PM PST by RetiredTexasVet (The law of unintended consequences is an unforgiving and vindictive b!tch!)
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To: PilotDave

lol

they didn’t leave. They adjusted what they do to fall under the threshold.


23 posted on 11/28/2012 6:29:47 PM PST by TexasFreeper2009 (Obama lied .. the economy died.)
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To: RetiredTexasVet

Yes - Moonbeam Brown, Destroyer of States.


24 posted on 11/28/2012 6:35:11 PM PST by skeeter
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Support Free Republic
FReepathon Day 59

25 posted on 11/28/2012 6:37:01 PM PST by RedMDer (Please support Toys for Tots this CHRISTmas season.)
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To: PilotDave; Revolting cat!

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.


26 posted on 11/28/2012 6:44:39 PM PST by a fool in paradise (America 2013 - STUCK ON STUPID)
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To: RightWingNut

Who would have guessed that the Beatles were closet Tea Party conservatives, clinging to God and guns?


27 posted on 11/28/2012 6:46:28 PM PST by Pollster1 (Freedom is never more than one generation away from extinction. - Ronald Reagan)
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To: PilotDave

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.


28 posted on 11/28/2012 6:50:28 PM PST by Age of Reason
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To: PilotDave

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.


29 posted on 11/28/2012 6:58:25 PM PST by truth_seeker
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To: Age of Reason
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.

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.

30 posted on 11/28/2012 7:10:15 PM PST by okie01 (THE MAINSTREAM MEDIA; Ignorance on parade.)
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To: truth_seeker

Belize, Panama, and Channel Islands.


31 posted on 11/28/2012 7:11:08 PM PST by agincourt1415 (Tired of the current State, and Federal Tax System go here: APTTAX.com)
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To: pugmama; alieno nomine; angkor; Brian Allen; bsariwat; Central Scrutiniser; colorado tanker; ...

Thai Ping.


32 posted on 11/28/2012 7:13:45 PM PST by ASA Vet (Natural-born citizens, are those born in the country, of parents who are citizens. De Vattel)
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To: Age of Reason

lol

you assume the rich aren’t smart enough to move their money out gradually over time undetected.


33 posted on 11/28/2012 7:31:28 PM PST by TexasFreeper2009 (Obama lied .. the economy died.)
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To: PilotDave

Raising taxes on the rich isn’t about more revenue, it about PUNISHING them for their success.


34 posted on 11/28/2012 7:33:33 PM PST by Blood of Tyrants (Why is the government more concerned about protecting a microbe on Mars than an unborn baby here?)
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To: PilotDave
Raising Taxes reduces government revenue, I agree.

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.

35 posted on 11/28/2012 7:35:38 PM PST by agincourt1415 (Tired of the current State, and Federal Tax System go here: APTTAX.com)
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To: agincourt1415

Most excellent sarcasm!


36 posted on 11/28/2012 7:53:02 PM PST by quantim (Victory is not relative, it is absolute.)
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To: pugmama

>>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.


37 posted on 11/28/2012 8:37:33 PM PST by expat1000
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To: PilotDave

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.


38 posted on 11/28/2012 8:44:44 PM PST by fish hawk (no tyrant can remain in power without the consent and cooperation of his victims.)
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To: PilotDave

Millionaires flee to avoid an additional 50 pence in taxes? Wow, those Brit millionaires are REALLY sensitive to their taxes.


39 posted on 11/28/2012 9:10:11 PM PST by ProtectOurFreedom
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To: expat1000

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?


40 posted on 11/29/2012 6:43:46 AM PST by pugmama
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To: PilotDave

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.


41 posted on 11/29/2012 10:08:41 AM PST by Winniesboy
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To: pugmama

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.


42 posted on 11/29/2012 7:16:31 PM PST by expat1000
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To: pugmama

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.


43 posted on 11/29/2012 8:50:55 PM PST by expat1000
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To: expat1000

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.


44 posted on 11/30/2012 5:32:41 AM PST by pugmama
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To: PilotDave

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.


45 posted on 11/30/2012 5:37:17 AM PST by bert ((K.E. N.P. N.C. +12 .....The fairest Deduction to be reduced is the Standard Deduction)
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To: ASA Vet

Thanks. They never learn, do they?


46 posted on 12/26/2012 10:13:24 AM PST by Killborn (Where there is Christ, there's hope.)
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