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Do you think this will happen in the USA?

As UK millionaires flee country over tax hikes, British treasury loses billions 

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Asked by Anonymous at 12:13 PM on Dec. 18, 2012 in Politics & Current Events

Answers (9)
  • 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.

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    Comment by Anonymous (original poster) at 12:14 PM on Dec. 18, 2012

  • I think if we continue in the direction that we are it is very likely to happen and then where will we be?


    Comment by Anonymous (original poster) at 12:14 PM on Dec. 18, 2012

  • I don't do partisan blogs masquerading as news articles, but yes, some people will shelter their money elsewhere, just like they always have. Or perhaps the best answer is, they will CONTINUE to shelter their money elsewhere, like they already do.

    Answer by NotPanicking at 12:16 PM on Dec. 18, 2012

  • We let's face it, those with the bucks to flee will be the first because they have the means. And yes I think that if the "rich" are singled out there is a good possibility that some and maybe many will find financially happier places to move thier money and possibly themselves.

    Answer by Dardenella at 12:17 PM on Dec. 18, 2012

  • It's possible.

    Answer by 3libras at 1:00 PM on Dec. 18, 2012

  • I know this will happen (more than already). I personally know some very wealthy folk who are intentionally planning to work less as a result of being singled out (why should they if they don't get to keep their returns and they don't NEED to keep producing at the current pace) and will invest and grow more conservatively (again with an eye on deferring income to future years). But I also think the impact will be different. Britain is smaller country with a different culture. Fewer people might flee the US. But I think the rich will reduce both production and spending. And "rich" doesn't just mean the Gates and Buffets, but also your family doctor or lawyer or the neighbor who owns a couple sucessful stores... depending on how they define "rich". This will hurt the country.

    Answer by Sebbiemama at 1:13 PM on Dec. 18, 2012

  • To some degree, yes. I do think it will happen here.

    Answer by QuinnMae at 1:59 PM on Dec. 18, 2012

  • Well, we can be sure that Buffet and Gates won't leave, they don't believe they pay enough as it is, so they will be thrilled to pay more. And I bet most of the Hollywood libs will stay, they think that the rich don't pay enough, either.

    Seriously, those who can leave, will leave. Those who can't leave will work/earn less somehow, someway, even if they have to give their assets away.

    Answer by 29again at 2:19 PM on Dec. 18, 2012

  • i thought they already kept the vast majority of their money out of the country? too bad we need them...if they chose their money over their home country it would be nice to be able to say "dont let the door hit you on the way out"...cause money IS the most important thing in the world after all...

    Answer by okmanders at 12:35 AM on Dec. 19, 2012

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