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Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
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In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Goodmen 16778386:MV8yMDY1ODMzXzM0NzU4MzcxX0ZDNURFNjc5] [quote:Anonymous Coward 16720032:MV8yMDY1ODMzXzM0NzU4Mjg1XzdENkE1NDk4] [quote:Goodmen 16778386:MV8yMDY1ODMzXzM0NzU4MTUxX0NERUY1MDk1] [quote:Fun-Da-Mental:MV8yMDY1ODMzXzM0NzU3OTc1X0FFQzRCN0Uw] [quote:Philligan:MV8yMDY1ODMzXzM0NzU3ODQzXzZENDgyQjIx] [quote:Fun-Da-Mental:MV8yMDY1ODMzXzM0NzU3NjUzXzdFQ0QzNzZB] So the rich decide how it's going down, right? And that's ok? They are 'strategically thinking'? IMO, anybody with over 10 million ought to be shot on sight, and that's just my opinion, not a threat. [/quote] really? [/quote] yes, really. How do you think a billionaire gets his money? BY STEALING IT, as do they all, and the world applauds it, it's sick, really. The only thing that seems to matter in this whirld, is MONEY. It's not about life. money-money-money, I hate what the whirld has become and what constitutes 'good' these days.. Do you really feel for people who got rich in a country and then leave cos taxes are raised? I say FUCK 'EM. [/quote] Fine point. Considering that we are under one of lowest tax rates FOR THE RICH in the last 100 years- It really makes me go Hmmmmmmmm. We had Rich ()Millionares even) during the Roaring 20s, and in the 1950s (with about a 50% tax rate)but today these SUPER RICH (Obscenely Rich) want to flee after making their Money (usually in a corrupt way) on the backs of our respective nations. Well, seriously. Thee are more of 8us than there are of them...ALOT MORE. And I hope that once they all concentrate themselves somewhere they will make for an easy target. They head off to these corrupt little Countries with small armies. LOL. Shits going to get interesting once all all hell DOES break out and they want to come home and back to relative safety. Personally, fuck em. We need to close our borders to them and their companies. [/quote] Lowest tax rates for the rich in the last 100 years? That is complete bullshit. You leftists pull crap out of your ass all the time. [/quote] The Long Run History of Taxes on the Rich We know that taxes on the very rich are at a historic low right now, which will go even lower if Mitt Romney wins. But how low, exactly? All the detailed studies I know of go back only to 1960. I’ve written about Piketty-Saez; the 2010 Economic Report of the President (pdf) also provided estimates, not taking into account corporate taxes: All these estimates show that taxes on the rich are the lowest they have been in half a century. But what about before 1960? Well, we know that the top marginal tax rate was even higher in the 40s and 50s than in the 60s; and it was very high by modern standards through much of the 30s too. So I think it’s safe to say that taxes on the rich are currently lower than they have been for not 50 but 80 years. And if Mitt Romney gets his way, we’ll bring those taxes down to levels not seen since Calvin Coolidge. http://krugman.blogs.nytimes.com/2012/07/12/the-long-run-history-of-taxes-on-the-rich/ 1,470 households reported income of more than $1 million in 2009 but paid zero federal income tax on it. The average federal income tax rate of the richest 400 people in the country in 2008 was 18.11 percent. In 2007 it was 16.62 percent. That is only a little more than just the payroll tax on wages—normally 15.3 percent on a worker’s first $106,800 in wages, counting both the share that workers pay directly and the share their employers pay, which comes out of their wages—let alone the federal income tax on those wages. The tax rates paid by the “Fortunate 400” have plummeted since the mid-1990s, when their average effective rates were about 30 percent. According to the Congressional Budget Office, the richest 0.01 percent (those with incomes of $8.6 million and above) paid a combined 17.5 percent in individual income and payroll taxes in 2005, the last year for which such data are available. The group of households with incomes ranging from $45,200–$92,400 paid only a little less on average, at 15.7 percent. The group of households with incomes ranging from $30,500–$45,200 paid 12.5 percent. Of course, there are wide variations within those income ranges, meaning that many middle-class families paid much more than the 17.5 percent average paid by the very rich, while many in the top 0.01 percent paid less than that. Due to the so-called carried interest loophole, managers of hedge funds and private equity funds pay 15 percent capital gains rates, and no payroll taxes, on their profits from managing other people’s money. That’s less than what middle-class families pay just in payroll taxes on their wages—let alone what they pay in income taxes. An important part of President Obama’s deficit reduction plan unveiled yesterday is closing the carried interest loophole. http://www.americanprogress.org/issues/economy/news/2011/09/20/10271/many-millionaires-do-enjoy-lower-tax-rates/ Easily found info- I actually learned much about this in a book about Hollywood where it talked about the tax rates in the 1930s- 1970s on these Millionaire movie Stars (over 50%) and they still lived QUITE well and were quite happy. And just because I do not fall easily for the propaganda of the Rich, does not make me a Liberal.But idiots only see things in black and White. [/quote]
Original Message
Almost two-thirds of the country’s million-pound earners disappeared from Britain after the introduction of the 50p top rate of tax, figures have disclosed.
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.
[
link to www.telegraph.co.uk
]
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