From the Telegraph…..
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.
This is magical! How do you make millionaires disappear? Raise their taxes. It turns out rich people don’t happily give their hard earned money to the government for certain waste. Weird, isn’t it? These people will do one of two things. They will move away from the tax or simply move the money away from the tax.
How to you make the rich reappear? Lower the taxes………
George Osborne, the Chancellor, announced in the Budget earlier this year that the 50p top rate will be reduced to 45p from next April.
Since the announcement, the number of people declaring annual incomes of more than £1 million has risen to 10,000.
However, the number of million-pound earners is still far below the level recorded even at the height of the recession and financial crisis.
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.
“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.”
So, raising taxes actually cost money? Wooda thunk it?
Maybe this sort of magic only works in the UK and not the US. Using my abilities to see in the future, I predict this news will be entirely ignored by Barry Zero and his leftist minions, just like they ignore all of the historical facts on taxation and it’s impact on economic conditions.