sailingaway
01-30-2013, 05:05 PM
Shortly after the United Kingdom’s latest big tax hike, Great Britain’s millionaires started voting with their feet. And the result hasn’t been pretty for the British treasury.
Raising the country’s top income tax rate to 50 percent has cost the UK 7 billion pounds — about $11.2 billion — since 2010, according to London’s Daily Telegraph newspaper, as wealthy taxpayers have intentionally worked less, deferred income to future years, moved their earnings overseas or left the country entirely.
Whatever the reason, the British treasury has been the big loser.
Read more: http://dailycaller.com/2012/11/28/as-uk-millionaires-flee-country-over-tax-hikes-british-treasury-loses-billions/#ixzz2JUxxMwEA
“Tax paid by the top earners fell from 13.4 billion pounds before the top tax rate came in to 6.5 billion pounds in 2010/11,” The Daily Mail reported on Tuesday.
Prime Minister Gordon Brown pushed the tax increase through Parliament before the 2010 elections swept his liberal Labour Party from power. During the 2009-2010 tax year, more than 16,000 Britons claimed annual incomes of more than 1 million pounds.
After the tax increase, that number plunged to just 6,000.
But in 2012, Chancellor of the Exchequer George Osborne — part of the new Conservative Party majority — announced that the 50 percent rate will drop to 45 percent by April 2013, for people who earn more than 150,000 pounds.
Since that announcement, reports the Telegraph, the number of tax-filing British millionaires has climbed back to 10,000.
Read more: http://dailycaller.com/2012/11/28/as-uk-millionaires-flee-country-over-tax-hikes-british-treasury-loses-billions/#ixzz2JUy7E15F
//
Raising the country’s top income tax rate to 50 percent has cost the UK 7 billion pounds — about $11.2 billion — since 2010, according to London’s Daily Telegraph newspaper, as wealthy taxpayers have intentionally worked less, deferred income to future years, moved their earnings overseas or left the country entirely.
Whatever the reason, the British treasury has been the big loser.
Read more: http://dailycaller.com/2012/11/28/as-uk-millionaires-flee-country-over-tax-hikes-british-treasury-loses-billions/#ixzz2JUxxMwEA
“Tax paid by the top earners fell from 13.4 billion pounds before the top tax rate came in to 6.5 billion pounds in 2010/11,” The Daily Mail reported on Tuesday.
Prime Minister Gordon Brown pushed the tax increase through Parliament before the 2010 elections swept his liberal Labour Party from power. During the 2009-2010 tax year, more than 16,000 Britons claimed annual incomes of more than 1 million pounds.
After the tax increase, that number plunged to just 6,000.
But in 2012, Chancellor of the Exchequer George Osborne — part of the new Conservative Party majority — announced that the 50 percent rate will drop to 45 percent by April 2013, for people who earn more than 150,000 pounds.
Since that announcement, reports the Telegraph, the number of tax-filing British millionaires has climbed back to 10,000.
Read more: http://dailycaller.com/2012/11/28/as-uk-millionaires-flee-country-over-tax-hikes-british-treasury-loses-billions/#ixzz2JUy7E15F
//