Britain – the Productive are already “going Galt”

by Skip

From TaxProf Blog:

The Guardian: Two-Thirds of Millionaires Left Britain to Avoid 50% Tax Rate:

 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 50% top rate will be reduced to 45% from next April

I had this conversation writ small last night with an officer in the NH GOP concerning this post (if you “tax” people to vote, you will get less people voting, especially at $25 / vote).  People innately wish to keep what they have earned – when will those that purport to know how to govern realize this?).  Horrible idea if you actually want MORE participation.

We already are starting to see what has happened in Britain happening here in the US – just look at California.  As the Democrat supermajority in Sacramento ratchets up the already high state income taxes, people of means are leaving.  Those chuckleheads are convinced that they have first claim on what people earn – and are perplexed when those that have earned their money via hard work decide not to play along and be financial victims.  Obama is ACHING (along with the real Democrat Socialists in Congress) to do the same – believing that people will not adjust their behaviors.  Why is it that Dems are so unwilling to learn from this lesson when it whacks them in the Treasury?

And when the diaspora of private financial capital begins to leave, expect to see that word most associated with the financial results of the Obama Administration’s policies:

Unexpectedly!

 And the Democrats keep thinking that Atlas Shrugged is just a teenage level piece of fiction….

 

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  • nhsteve

    I bring this up all the time; Democrats raise taxes on tobacco and insist it will reduce smoking. They say they want to tax fat, fuel, salt, soda, or carbon emissions, to reduce the activity–whatever it is. They tax it because they want less of it.

    But they then say that they can raise taxes on everything else as well, insisting that this will not result in less of that activity–less activity resulting eventually in less revenue, requiring them to then rasie the tax some more to replace that, resulting in even less activitiy and less revenue, and so on until it is dead and we are broke, and anyone dumb enough to be dependent on that revenue is screwed.

    So who is more the idiot. The Democrats who do it or the ones who vote for them to do and essentially screw themselves?

  • Sam Adams

    Sometimes I wonder if their insanity isn,t Agenda 21. Taxing people and regulating activities so much that they control where they live and do business. CA for instance, they are restricting the national parks visitors, road closures, Merced river [ deemed "Wild an Scenic", Connecticut River[UN Heritage River], UN designation] removing bridges, dams, hydro electric power, shutting down campgrounds, resorts, lodges. Restricting the water flow to CA and Nevada farmers and ranches, Removal of 450 dams through-out US within 10 years. I could go on, The Rewilding of America, buys massive pieces of land through trust [which feds match funding] and connects them through corridors. Their stated objective is to herd or convince residents to live in cluster designated cities that are sustainable, with no land ownership of course. I don,t think they care if most rich people move, they don,t care about the revenues, they think theres too many humans. CA has been under attack for a generation, Sierra Club and the like, special fuel, cars, drinking water, imported electric, regulations on everything. They don,t want anyone living there. The Granite State Fund I thinks its called is agenda21, trying to rapidly control and change town planners and all zoning rules to be sustainable. KaptainO,s Rural Council and Rural Committee wants to change the farm belt and rural America to be sustainable, less human activity. Ridley Report has been trying to stop GraniteState Funds activities.

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