29 Nov 12
http://www.telegraph.co.uk/news/politics/9707029/Two-thirds-of-millionaires-left-Britain-to-avoid-50p-tax-rate.html
If the story is correct and nearly 7 out of 10 rich people gave up their citizenship to escape higher taxes, how does raising taxes on the rich help generate revenues?
29 Nov 12
1 edit
Originally posted by EladarYou don't understand. These people are just not worthy. They should want to pay all that.
http://www.telegraph.co.uk/news/politics/9707029/Two-thirds-of-millionaires-left-Britain-to-avoid-50p-tax-rate.html
If the story is correct and nearly 7 out of 10 rich people gave up their citizenship to escape higher taxes, how does raising taxes on the rich help generate revenues?
EDIT: I particularly like the bit where it says that the higher tax rate resulted in a net loss of £7 billion. I don't think Britons even need to renounce their citizenship. If they work abroad, I believe they don't pay income tax in Britain.
What I fail to understand is how Collectivists (a friend was right; they don't deserve the honor of being called Liberals) don't associate the policies they would implement here with the near-collapse of Europe.
29 Nov 12
1 edit
Originally posted by EladarLMAO! The figures say no such thing. They do say that in 2009 there was a drop in the number of people with $1 million pounds of annual income. What a shock; the British economy as a result of the worldwide financial crisis contracted by almost 5% that year. The same thing happened in the US in 2009 even though there was no change in tax rates:
http://www.telegraph.co.uk/news/politics/9707029/Two-thirds-of-millionaires-left-Britain-to-avoid-50p-tax-rate.html
If the story is correct and nearly 7 out of 10 rich people gave up their citizenship to escape higher taxes, how does raising taxes on the rich help generate revenues?
Just 8,274 taxpayers reported income of $10 million or more in 2009, down 55 percent from 18,394 in 2007.
http://www.reuters.com/article/2011/08/04/us-usa-economy-incomes-idUSTRE77302W20110804
Another right wing fairy tale.