This is what happens when you raise the top income tax rates. It happens over and over, wherever and whenever a liberal progressive gov't decides to soak the rich. They leave, or their money does, or their put their money to other uses that aren't taxable.
And it ain't just about the people who are already rich either. It's also about foreign investors who decide not to come here to make a fortune, it's about people who are not quite so rich but are now not going to take the plunge because the rewards do not outweigh the risks. It's about having fewer angel investors who will put up the money necessary to get somebody's idea off the ground.
The year after former Labour Prime Minister Gordon Brown introduced a 50 percent top income tax rate, the number of people filing as millionaires dropped 63 percent, from 16,000 to 6,000. Tax revenue also declined by nearly £7 billion.
No single reason explains the drop. Some millionaires probably earned less money due to the slow-growing European economy, or they may have simply worked less. Others may have shifted the timing of their income or moved it to less-taxed forms. Still others might have physically left the country.
Here’s the bottom line: All these reasons are economically important and show that incentives matter.
plasmaball: Yes a woman's Orgasm is like trying to spot the wild snow leopard. You must wait weeks upon maybe months and if you are lucky you might spot a small puddle from this cunning creature called the orgasm. its more like sometimes you have to fake it because
Feb 7, 2013 12:05:17 GMT -5
plasmaball: we find you boring.
Feb 7, 2013 12:05:22 GMT -5
LadyGunSlinger: Your psychobabble is just that and shows you don't know shit about a woman's body.
Feb 7, 2013 12:27:10 GMT -5
plasmaball: sigh sarcasm is lost on the stupid. dear the womans body is not a rubix cube.
Feb 7, 2013 12:37:53 GMT -5
LadyGunSlinger: As if I am suppose to be able to discern your attitude over the interwebz??
Feb 7, 2013 12:44:55 GMT -5