No real surprise here. The same thing happened in the UK in the 1960s and 1970s.
The Treasury received £10.35 billion in income tax payments from those paying by self-assessment last month, a drop of £509 million compared with January 2011. Most other taxes produced higher revenues over the same period. Senior sources said that the first official figures indicated that there had been "manoeuvring" by well-off Britons to avoid the new higher rate. The figures will add to pressure on the Coalition to drop the levy amid fears it is forcing entrepreneurs to relocate abroad.
Continued on Page 47
#1
Just like the millionaire surcharge taxes in a couple states have reduced revenue as people elected to be residents elsewhere. It's not about paying attention to normal human behavior its about feeding the unceasing appetite to 'legally' steal to feed the power and ego of government.
#3
That's why Leftists want to outlaw any and all off-shoring of wealth, even though it's legal. They think that that way, citizens will be forced to pay their highest domestic tax rate.
Posted by: American Delight ||
02/22/2012 12:31 Comments ||
Top||
#4
Vodkapundit:
The Wall Street Journal has uncovered yet more madness in the Presidents tardy budget plan:
Mr. Obama is proposing to raise the dividend tax rate to the higher personal income tax rate of 39.6% that will kick in next year. Add in the planned phase-out of deductions and exemptions, and the rate hits 41%. Then add the 3.8% investment tax surcharge in ObamaCare, and the new dividend tax rate in 2013 would be 44.8%nearly three times todays 15% rate.
Keep in mind that dividends are paid to shareholders only after the corporation pays taxes on its profits. So assuming a maximum 35% corporate tax rate and a 44.8% dividend tax, the total tax on corporate earnings passed through as dividends would be 64.1%.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
