About that 50% tax rate...

Remember that 50% British tax rate on "the rich" that the British Conservative Party and New York Times columnist David Brooks think is such a fine idea? The Wall Street Journal reports in passing in the midst of an article about a hedge fund manager who had been based in Britain and who recently bought a $120 million yacht: "She recently moved her fund to Cyprus, according to press reports, to avoid Britain's new tax increase and rules for nondomiciled residents." Capital is portable, a fact that Speaker Pelosi may want to keep in mind as she pushes to finance a health care overhaul with an income tax surcharge on millionaires.