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.
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.
“Coming to America”
they didn’t leave. They adjusted what they do to fall under the threshold.
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.
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.
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.
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.
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.
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.