Wednesday, November 28, 2012

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

I do not know about you, but I am SHOCKED that millionaires are not just sitting there and taking it. I mean, it is as if these people do not want to pay higher taxes and are actually taking steps to avoid them. Who could have possibly foreseen such a thing... you know, except for all of the people warning the politicization in this country that raising taxes will be counter productive.

"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.

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