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Britain
UK - Increased tax rate reduces tax revenues
2012-02-22
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.
Posted by:Phil_B

#5  >They think that that way, citizens will be forced to pay their highest domestic tax rate.

North Korea is closed and their economy still sucks. People just will not be state slaves, even if liberals think it's for their own good.
Posted by: Bright Pebbles   2012-02-22 16:57  

#4  Vodkapundit:


The Wall Street Journal has uncovered yet more madness in the PresidentÂ’s 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 today’s 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%.

Posted by: Solomon Sninetch2990   2012-02-22 12:59  

#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   2012-02-22 12:31  

#2  Well that's a laff(er).
Posted by: Whiper Huperese9925   2012-02-22 09:28  

#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.
Posted by: Procopius2k   2012-02-22 08:46  

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