Wednesday, November 28, 2012

Going Ghost Galt: Two-thirds of millionaires left Britain to avoid 50% tax rate

From the Telegraph:
In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs. 
This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election. 
The figures have been seized upon by the Conservatives to claim that increasing the highest rate of tax actually led to a loss in revenues for the Government. 
It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes.
If a guy moved in next door to you, and every day he held a gun to your head, and demanded half your money, and the cops and courts were behind him, wouldn't you move to another neighborhood?

Of course you would.

Now, what's the difference between that guy and the government?

No comments: