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Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?

 
Philligan
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11/29/2012 08:09 AM

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Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
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]

Last Edited by Philligan on 11/29/2012 08:51 AM
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Philligan (OP)
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11/29/2012 08:09 AM

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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
Maybe Obama and the Dems should learn something from this??
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Philligan (OP)
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11/29/2012 08:13 AM

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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
In a 2008 debate, Charlie Gibson asked Barack Obama about his support for raising capital gains taxes, given the historical record of government losing net revenue as a result. Obama persevered: “Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.”

A most revealing window into our president’s political core: To impose a tax that actually impoverishes our communal bank account (the U.S. Treasury) is ridiculous. It is nothing but punitive. It benefits no one — not the rich, not the poor, not the government. For Obama, however, it brings fairness, which is priceless.


[link to www.washingtonpost.com]
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Philligan (OP)
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11/29/2012 08:22 AM

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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
bump
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FFS
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11/29/2012 08:37 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
The problem is though, they will put the tax up on everything else. Cigarettes, alcohol fuel. They wonder why revenue goes down, let me explain.

You can take a car on the train or ferry and head over to the continent, fill your car up with the above have a day out in France with a trip on a ferry and a visit to said 'warehouses' and it will still be cheaper than buying the equivalent in the UK
Philligan (OP)
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11/29/2012 08:40 AM

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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
The rich will do what they want to do, they have money, you cant take it from them

We have more people on food stamps than ever before, and this asshole POTUS is attacking the only people that will help this economy succeed, the job creators.

We are so far gone its ridiculous
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Lady Jane SmithModerator
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11/29/2012 08:45 AM

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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
They are exiting France as well.

Honduras is thinking long term. They have established Free Cities and are encouraging the affluent from Europe & the US to move there to get away from the horrendous taxes. Honduras is looking to attract smart, well funded entrepreneurs to help move them forward.

Not the best link, but this will give you an idea:

[link to www.foxnews.com]
Life is karma and karma always reflects both past and present circumstance. Our time here is short, so choose carefully and behave well, for all of your tomorrows are presently being decided.

"Don't die on a small cross..." Saddletramp's Mom

"A fool thinks himself to be wise, but a wise man knows himself to be a fool."
-- William Shakespeare, born April 23, 1564.

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11/29/2012 08:48 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
I wonder how many of the remaining third moved their accounts off-shore so they don't pay either hmm
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Philligan (OP)
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11/29/2012 08:48 AM

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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
They are exiting France as well.

Honduras is thinking long term. They have established Free Cities and are encouraging the affluent from Europe & the US to move there to get away from the horrendous taxes. Honduras is looking to attract smart, well funded entrepreneurs to help move them forward.

Not the best link, but this will give you an idea:

[link to www.foxnews.com]
 Quoting: Lady Jane Smith


Thank you Lady Jane, its common sense isnt it?
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Lady Jane SmithModerator
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11/29/2012 08:50 AM

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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
They are exiting France as well.

Honduras is thinking long term. They have established Free Cities and are encouraging the affluent from Europe & the US to move there to get away from the horrendous taxes. Honduras is looking to attract smart, well funded entrepreneurs to help move them forward.

Not the best link, but this will give you an idea:

[link to www.foxnews.com]
 Quoting: Lady Jane Smith


Thank you Lady Jane, its common sense isnt it?
 Quoting: Philligan


Absolutely. Europe & the US loss will be Honduras gain. At least they are thinking strategically.
Life is karma and karma always reflects both past and present circumstance. Our time here is short, so choose carefully and behave well, for all of your tomorrows are presently being decided.

"Don't die on a small cross..." Saddletramp's Mom

"A fool thinks himself to be wise, but a wise man knows himself to be a fool."
-- William Shakespeare, born April 23, 1564.

Killer Bunny mockingjay
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11/29/2012 08:56 AM

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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
The only way to be fair....flat tax, same for everyone.

Not a huge fan of Ayn Rand but Atlas Shrugged is valid in many points. Those that create jobs no longer have the motivation to do so.
hf
"You can bend it and twist it... You can misuse and abuse it... But even God cannot change the Truth.”
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11/29/2012 08:57 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
well, the queen is buying up land in colorado because england wont survive the earth changes, maybe all these millionaires are just using the taxation as an excuse. european aristocracy must be saved en masse to beome the rulers of the new world
Fun-Da-Mental

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11/29/2012 08:59 AM

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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
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.
Anonymous Coward
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11/29/2012 08:59 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
well, the queen is buying up land in colorado because england wont survive the earth changes, maybe all these millionaires are just using the taxation as an excuse. european aristocracy must be saved en masse to beome the rulers of the new world
 Quoting: Anonymous Coward 28708976


link?
Anonymous Coward
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11/29/2012 09:01 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
The Democrats have that all figured out already. They are introducing a bill right now that will impose a 30-50% tax on all assets of anyone trying to leave the USA to keep them here.
Anonymous Coward
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11/29/2012 09:07 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
REPEAL PAYROLL TAX OR THE POOR WILL LEAVE!

What happen when the poor leave or just start working under the table?

What are you going to do then?

They will just go back to Mexico!!

We must cut taxes on the poor!
Philligan (OP)
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11/29/2012 09:15 AM

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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
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.
 Quoting: Fun-Da-Mental


really?
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-GooGooFlexy-

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11/29/2012 09:16 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
I'm not sure what the fuck economists are doing in the US and UK. In the first year of my Econ program, I learned the graphs and curves that CLEARLY show if you raise taxes too much, it actually LOWERS revenue. There are equations to show where the sweet spot is.

I could fucking figure this shit out...
-GooGooFlexy-
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11/29/2012 09:17 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
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]
 Quoting: Philligan


So, in effect, the greedy leave if you raise their taxes a bit. Sounds like a good side-effect to me. I suspect the other third didn't have a problem paying just a bit more such that they couldn't buy that one extra car.
Anonymous Coward
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11/29/2012 09:18 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
All the USA has to do to stop the exodus of the rich is simply make a law that takes 95% of their assets before they are permitted to leave.
Anonymous Coward
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11/29/2012 09:20 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
The rich will do what they want to do, they have money, you cant take it from them

We have more people on food stamps than ever before, and this asshole POTUS is attacking the only people that will help this economy succeed, the job creators.

We are so far gone its ridiculous
 Quoting: Philligan


Watch this vid, TED banned it.

[link to www.youtube.com (secure)]
Anonymous Coward
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11/29/2012 09:21 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
They are exiting France as well.

Honduras is thinking long term. They have established Free Cities and are encouraging the affluent from Europe & the US to move there to get away from the horrendous taxes. Honduras is looking to attract smart, well funded entrepreneurs to help move them forward.

Not the best link, but this will give you an idea:

[link to www.foxnews.com]
 Quoting: Lady Jane Smith



Have you been there? You if so you can see what low tax rates will buy you. Everyone wants to use everything of someone else and not pay a dime.

If they dont want to help out the country and people that made them rich, FINE. Let them go. As the free market states someone else will fill their role in the market place right.

I will. I'll make a million and pay 50% tax rate. Cause i KNOW they dont work harder than me. I work from dawn til dust. Ill show them what REAL work is.

They need to quit crying. They can hire more workers or pay more taxes because investing over seas or sitting on it just hurts America. Sorry but the truth hurts
Anonymous Coward
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11/29/2012 09:22 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
America's 'top 2%' are already tax avoiding

hiding
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11/29/2012 09:25 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
One good outcome of the rich leaving the UK was that Phil Collins fucked off to Switzerland.
Fun-Da-Mental

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11/29/2012 09:25 AM

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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
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.
 Quoting: Fun-Da-Mental


really?
 Quoting: Philligan


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.
Anonymous Coward
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11/29/2012 09:30 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
The mass exodus is not just the rich it's anyone thousands of poor and middle class Brits escape this hell every year.
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11/29/2012 09:30 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
All the USA has to do to stop the exodus of the rich is simply make a law that takes 95% of their assets before they are permitted to leave.
 Quoting: Anonymous Coward 12838878


american elite have made americans unwelcome just about everywhere , they will simply be raped robbed and murdered by the locals .
Saddletramp
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11/29/2012 09:33 AM

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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
Here's a little known fact, but a very important one in light of other things going on in this country. Effective Jan 1, 2013 capital controls go into effect for Americans moving money to countries favored by American Expatriates. Any funds moved to these countries, which include Belize, the Caymen Islands, the Bahamas and others, will be subject to an immediate 30% tax!!!

So if you move $100,000.00 to a bank in Belize, that bank is obligated to send $30,000 of your money back to the IRS...

They're already planning for an exodus of money from this country...the question is, why???

Last Edited by Saddletramp on 11/29/2012 09:35 AM
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

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11/29/2012 09:34 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
Shrug.

atlas
Tell me what this tastes like...
Carshy McCarsh

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11/29/2012 09:35 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
Here's a little known fact, but a very important one in light of other things going on in this country. Effective Jan 1, 2013 capital controls go into effect in countries favored by American Expatriates. Any funds moved to these countries, which include Belize, the Caymen Islands, the Bahamas and others, will be subject to an immediate 30% tax!!!

So if you move $100,000.00 to a bank in Belize, that bank is obligated to send $30,000 of your money back to the IRS...

They're already planning for an exodus of money from this country...the question is, why???
 Quoting: Saddletramp


You know the answer.
hiding
Tell me what this tastes like...
Goodmen
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11/29/2012 09:35 AM
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Re: Two-thirds of millionaires left Britain to avoid 50p tax rate, Will the US learn from this trend?
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.
 Quoting: Fun-Da-Mental


really?
 Quoting: Philligan


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.
 Quoting: Fun-Da-Mental

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.

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