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Published On: Fri, Nov 30th, 2012

Massive tax hikes in Britain drove away two-thirds of millionaires

Almost two-thirds of the Britain’s million-pound earners disappeared from the country after the introduction of the 50p top rate of tax, figures have disclosed.

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In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.

This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election.

The tax hike far from raised funds, it actually cost the UK £7 billion in lost tax revenue, says Tory MP Harriet Baldwin.

“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. We have taken tough action to clamp down on tax avoidance and make sure those with the broadest shoulders bear the biggest burden. That’s why in every single year of this Government the rich will pay a greater share of our nation’s tax revenues than in any one of the 13 years that Labour were in office.”

Critics are now seizing the data as support for the claim that increasing the highest rate of tax actually leads to a decrease in funds to the government.

The Telegraph reports that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes.

“Labour now needs to admit that their policies resulted in millionaires paying less tax and come clean about whether they would reintroduce this failed policy if they were in power.”

Others argued earlier this year that the 50p rate was deterring entrepreneurs from coming to Britain.

 

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About the Author

- Writer and Co-Founder of The Global Dispatch, Brandon has been covering news, offering commentary for years, beginning professionally in 2003 on Crazed Fanboy before expanding into other blogs and sites. Appearing on several radio shows, Brandon has hosted Dispatch Radio, written his first novel (The Rise of the Templar) and completed the three years Global University program in Ministerial Studies to be a pastor. To Contact Brandon email [email protected] ATTN: BRANDON

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