Comments: Idiotic tax policy

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It is doubtful that 10,000 people actually left Britain. They most likely just reduced their workload (and therefore earnings) so as to dodge the new rate.

Posted by Jeff the Baptist at November 28, 2012 03:40 PM

I've certainly reached the point where I don't begrudge millionaires for putting their money in offshore tax havens, since the government wastes so much of our money on things that don't matter. Hell, if I was rich, that's something I'd consider doing because I think people are entitled to have more of their hard-earned money.

Posted by Carl at November 28, 2012 03:41 PM

I wonder when the government will decide to start taxing currently tax-free investments like munis and UITs

Posted by Arthur at November 28, 2012 04:32 PM

Pretty soon we'll be hearing about millionaires leaving America for offshore tax havens. What dolts like Obama fail to understand is that the rich can get up and leave whenever they want to; they can afford to so. They can go to countries that allow them to keep their money and have lenient tax laws.

Posted by Carl at November 28, 2012 05:26 PM

@Carl: More likely they changed their primary residence to an offshore site. The way that people who are very wealthy will have a house in Florida and make that their primary residence even though they live in NYC. It's very difficult for the IRS to prove you were not there for more than half the year.

Also, many shift their income to investment based income. If you own your own business you can easily change your salary down and declare the rest as business profit and thereby avoid the taxman.

Posted by Duffy at November 29, 2012 11:44 AM