About that 50% tax rate...

http://www.futureofcapitalism.com/2009/11/about-that-50-tax-rate-1

That 50% tax rate touted by David Brooks and some of our most loyal commenters isn't working out too well over in Britain. Via the Club for Growth blog comes news of a survey of 300 British entrepreneurs that found 20% of them are planning to leave the country before the tax rate is implemented:

Popular locations for redomiciling include Monte Carlo, Guernsey, Liechtenstein, and the Cayman Islands.

Andy Raynor, Chief Executive of Tenon Group, noted that entrepreneurs are showing their disapproval of the tax measures by "letting their feet do the talking."

The article also has 10 suggestions from accounting firm KPMG on ways to try to "mitigate the effects," suggesting that such high tax rates are a bonanza for accountants. The higher the rates, the more worthwhile it becomes for those who can afford it to pay accountants and lawyers to devise ways to try to avoid the taxes.

by Editor  |  Nov 17, 2009 at 10:58 am Related Topics:  Europe, Press, Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list