Wealthy Britons Flee 50% Tax Rate

Discussion in 'Politics' started by LogikAndReazon, Nov 28, 2012.

  1. LogikAndReazon
    Offline

    LogikAndReazon Gold Member

    Joined:
    Feb 21, 2012
    Messages:
    4,849
    Thanks Received:
    614
    Trophy Points:
    190
    Ratings:
    +1,285
    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.

    George Osborne, the Chancellor, announced in the Budget earlier this year that the 50p top rate will be reduced to 45p from next April.

    Since the announcement, the number of people declaring annual incomes of more than £1 million has risen to 10,000.

    However, the number of million-pound earners is still far below the level recorded even at the height of the recession and financial crisis.

    Last night, Harriet Baldwin, the Conservative MP who uncovered the latest figures, said: “Labour’s ideological tax hike led to a tax cull of millionaires.

    Far from raising funds, it actually cost the UK £7 billion in lost tax revenue.

    “Labour now needs to admit that their policies resulted in millionaires paying less tax and come clean about whether they would reintroduce this failed policy if they were in power.”

    Two-thirds of millionaires left Britain to avoid 50p tax rate - Telegraph

    Laughably Predictable
     
  2. OKTexas
    Offline

    OKTexas New Life Member of the NRA 12/15 Supporting Member

    Joined:
    Sep 13, 2012
    Messages:
    23,924
    Thanks Received:
    3,727
    Trophy Points:
    290
    Location:
    Near Magnolia, TX
    Ratings:
    +11,118
    Just proves the theory that the weathy have more options, who would have thunk?
     
  3. Matthew
    Online

    Matthew Blue dog all the way!

    Joined:
    Mar 16, 2010
    Messages:
    49,593
    Thanks Received:
    4,583
    Trophy Points:
    1,885
    Location:
    Portland Oregon
    Ratings:
    +15,081
    Same happened in France. The rich isn't going to be the ones being fucked.
     

Share This Page