Good Article on Tax!

[The Halk]

Sometimes I get frustrated with the general lack of understanding of people here with economic issues. It isn't just with people here either, it's all over the UK. There seems to be an attitude that taxing the rich more is a good thing.

Here's an article which shows the effects of this. Here is what happens if you make government policy about the politcal message you want to send, rather than what is the best thing to do.

http://www.telegraph.co.uk/finance/...ake-for-Britains-economy-and-its-society.html

Long story short - Labour Government (Conservative proposed policy) increases taxes on the rich. The rich leave, total tax take is down by billions.

 

[ThePirateHulk]

A right wing newspaper saying it's a bad idea to tax the rich more? Well, I never thought I'd see the day.

 

[The Halk]

Not saying, proving.

 

[dante6491]

A right wing newspaper saying it's a bad idea to tax the rich more? Well, I never thought I'd see the day.

Well if you looked at the figures they provided (via a FOI request) then you can see they are justified to believe that.

 

[muon]

5,400 non doms paid. But how many didn't pay and hence have to pay tax on earnings abroad? (i.e. £30,000 > tax on earning abroad)

How did they get their 16,000 figure? Is it a net flow or simply the outflow? How do we know this was due to the £30,000 tax and not a massive deterioration in the financial sector?

Pointless article without proper analysis.

*My intention isn't to say whether the levy is good or bad.

edit:

A very good point made in the comments I've noticed. How many non-doms decided to become domiciled and hence appear as a negative on flow statistics?

edit2:

I suspect this thread will turn into another Laffer Curve thread. So I'll leave it at that.

 

[ThePirateHulk]

5,400 non doms paid. But how many didn't pay and hence have to pay tax on earnings abroad?

How did they get their 16,000 figure? Is it a net flow or simply the outflow? How do we know this was due to the £30,000 tax and not a massive deterioration in the financial sector?

Pointless article without proper analysis.

*My intention isn't to say whether the levy is good or bad.

edit:

A very good point made in the comments I've noticed. How many non-doms decided to become domiciled?

Exactly. 16,000 left the UK but that figure does not show how many would have been affected by the levy or even how many left because of the levy. I imagine the vast majority of those were bog standard emigrants.

The author has just plucked figures out of documents and made wild assumptions based on them.