In Case You Ever Wondered Why
Communists Built Walls Around Their
Countries & Shot People That Tried
Now You'll Know.
2/3rds Of Millionaires In Britain Have Left The Country
Well like that last line says, there go those stupid Conservatives again, drawing conclusions from this that no reasonable persons would make.
Oh and here's a Conservative MP making the the usual ABSURD argument that raising the tax rates actually cost England 7 billion pounds in lost revenue:
Last night, Harriet Baldwin, the Conservative MP who uncovered the latest figures, said: “Labour’s ideological tax hike led to a tax cull of millionaires.
Far from raising funds, it actually cost the UK £7 billion in lost tax revenue."Socialism: If You Build It, They WILL Leave......well, as long as there's no walls and nobody gets shot, that is.
UPDATE: Daniel Mitchell at the International Liberty blog asks if Obama's gonna learn anything from Britain's Laffer Curve Mistake:
A funny thing often happens on the way to soaking the rich: They don’t stick around for the bath. Take Britain, where Her Majesty’s Revenue and Customs service reports that the number of taxpayers declaring £1 million a year in income fell by more than 60% in fiscal 2010-2011 from the year before. That was the year that millionaires became liable for the 50% income-tax rate that Gordon Brown’s government introduced in its final days in 2010, up from the previous 40% rate.
Lo, the total number of millionaire tax filers plunged to 6,000 in 2010-2011, from 16,000 in 2009-2010. The new tax was meant to raise about £2.5 billion more revenue. So much for that. In 2009-2010 British millionaires contributed about £13.4 billion to the public coffers, or just under 9% of the total tax liability of all taxpayers that year. At the 50% rate, the shrunken pool yielded £6.5 billion, or about 4.4%.Like I said - and like the commentor below refused to address - they claimed they were raising the rate to 50% to raise 2.5 billion more pounds in tax revenue yet they ended up actually collecting SIX AND A HALF BILLION POUNDS LESS at the higher rate than they had the year before when it was 40%.
Not only did they NOT get the new revenue they said they wanted, they now ended up with a net loss over 6.5 billion pounds.
Now, will Obama learn anything from England's huge mistake? I'm gonna have to go with 'no', he won't learn anything. He'll just find someone else to blame when the tax revenue actually drops after the tax rates are hiked. But that's OK. Let's say it all together now: for the Left jacking up the tax rates ISN'T about getting more revenue for the Gov't to spend, it's about FAIRNESS & wealth redistribution.
So even though it's becoming increasingly clear in England that they've passed the revenue maximizing point on the Laffer Curve, expect to see the socialists over there claim the solution to declining tax revenue from the millionaires is to.......jack the rates up further.
Watch. That's exactly what they'll do. And then learning nothing from this, expect to see the socialists over here follow the same stupid policies.