Originally posted by Eladar
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?
LMAO! 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:
Just 8,274 taxpayers reported income of $10 million or more in 2009, down 55 percent from 18,394 in 2007.
Another right wing fairy tale.