Britain's Disappearing Millionaires

http://www.futureofcapitalism.com/2012/11/britain-disappearing-millionaires

Via The Grumpy Economist, John Cochrane of the University of Chicago, comes this from the Telegraph newspaper in London:

Almost two-thirds of the country's million-pound earners disappeared from Britain after the introduction of the 50p (percent) top rate of tax, figures have disclosed.

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....

It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes.

Something to think about as President Obama and Warren Buffett claim that the way to solve the deficit and debt problems is to increase marginal tax rates on upper-income earners.

by Editor  |  Nov 29, 2012 at 10:12 am Related Topics:  Europe, President Obama, Taxes, Warren Buffett receive the latest by email: subscribe to the free futureofcapitalism.com mailing list