Something all the paragons of the wealthy forget to say is that when these people evade taxes in a country, theh population is paying for it and no amount of spendings or investements would ever make up for the loss, otherwise they wouldn't stay.
These people are leeches, if they don't want to pay taxes then they can't get rich on our backs, it's as simple as that.
They want to go ? Good ridance !
> Good riddance! Does anybody like the super rich, apart from the super rich?
Presumably, Ann is not NOT liked:
Canadian Ann Kaplan Mulholland moved to the U.K. in 2022 after selling her medical-loan business and her youngest child started college. She bought a rundown 13th-century castle and spent £15 million, equivalent to $20 million, to make renovations and build restaurants and a wedding business on site.
Mulholland hired a staff of roughly 100, joined her local church and started doing her grocery shopping at the retailer Marks & Spencer. But she is now on her way out. She and her husband, a plastic surgeon, applied to move to Italy, which charges a flat fee of about $230,000 a year for expats in lieu of tax on foreign income.
She does pay on UK income (as does the businesses she started in the UK, not even mentioning the taxes from incremental sales from her suppliers or the income of the people who work for her).
But this change to the law would mean she also has to pay taxes on income she earns in other countries.
Your attitude isn’t invalid, but it does seem that it would lead to reduced economic activity and wealth creation, which is exactly what the article suggests the lawmakers are now worried about.
Taxing rich people who multi domicile is certainly very tricky and I don’t know enough about it to say what the exact solution is. But fundamentally I don’t really care about her having to move to another place to find more favorable tax treatment. She could’ve stayed in Canada but she gambled on the UK and now she’ll gamble on Italy and likely have to gamble on somewhere else in the future. We all know the rich aren’t paying their fair share so fundamentally I don’t really care about her “plight”. Rich people moving jurisdictions to avoid taxes is not something I sympathize with because they fundamentally crowd out locals. Look at all the 6 month and 1 dayers in the US. It causes issues that I don’t think their wealth creation makes up for because it raises prices and crowds out others with fewer resources who might otherwise be able to start local first businesses.
It is about selecting policies that yield a great economy and that create an environment where large swaths of people aren’t able to live (reasonably) well.
My question is - does it matter where they live? If they were paying little tax there is not much lost. They will set up business where it is most profitable for them, not outside their front gate.
Something all the paragons of the wealthy forget to say is that when these people evade taxes in a country, theh population is paying for it and no amount of spendings or investements would ever make up for the loss, otherwise they wouldn't stay. These people are leeches, if they don't want to pay taxes then they can't get rich on our backs, it's as simple as that. They want to go ? Good ridance !
Gift link: https://www.wsj.com/world/uk/the-u-k-closed-a-tax-loophole-f...
“There comes a time when you don’t feel welcome anymore”
Good riddance! Does anybody like the super rich, apart from the super rich?
> Good riddance! Does anybody like the super rich, apart from the super rich?
Presumably, Ann is not NOT liked:
Canadian Ann Kaplan Mulholland moved to the U.K. in 2022 after selling her medical-loan business and her youngest child started college. She bought a rundown 13th-century castle and spent £15 million, equivalent to $20 million, to make renovations and build restaurants and a wedding business on site.
Mulholland hired a staff of roughly 100, joined her local church and started doing her grocery shopping at the retailer Marks & Spencer. But she is now on her way out. She and her husband, a plastic surgeon, applied to move to Italy, which charges a flat fee of about $230,000 a year for expats in lieu of tax on foreign income.
Sounds like a nice lady but with 500M net worth she can pay taxes?
Doesn’t she?
Well she’s moving so…?
She does pay on UK income (as does the businesses she started in the UK, not even mentioning the taxes from incremental sales from her suppliers or the income of the people who work for her).
But this change to the law would mean she also has to pay taxes on income she earns in other countries.
Your attitude isn’t invalid, but it does seem that it would lead to reduced economic activity and wealth creation, which is exactly what the article suggests the lawmakers are now worried about.
What do you think?
Taxing rich people who multi domicile is certainly very tricky and I don’t know enough about it to say what the exact solution is. But fundamentally I don’t really care about her having to move to another place to find more favorable tax treatment. She could’ve stayed in Canada but she gambled on the UK and now she’ll gamble on Italy and likely have to gamble on somewhere else in the future. We all know the rich aren’t paying their fair share so fundamentally I don’t really care about her “plight”. Rich people moving jurisdictions to avoid taxes is not something I sympathize with because they fundamentally crowd out locals. Look at all the 6 month and 1 dayers in the US. It causes issues that I don’t think their wealth creation makes up for because it raises prices and crowds out others with fewer resources who might otherwise be able to start local first businesses.
It isn’t about empathy for the rich.
It is about selecting policies that yield a great economy and that create an environment where large swaths of people aren’t able to live (reasonably) well.
Yeah these policies clearly aren’t working since the rich continue to not pay proper effective rates. Trickle down economics doesn’t work.
Everyone wants the super Rich’s money. That passes for “like” for most of them.
Do they? Or do they just want to be able to afford a decent life and support their family?
My question is - does it matter where they live? If they were paying little tax there is not much lost. They will set up business where it is most profitable for them, not outside their front gate.
They live in the country, they spend in the country, including 20% VAT, etc.
This will likely be a net loss for the country. We've already seen this Labour government take harmful decisions purely for ideological reasons.
Non-dom status was not a loophole, it was policy and an official status aimed at attracting the global rich to London.
Obviously and as expected, when the government decided to abolish this status last year, those who had it by and large decided to leave.
It will likely be a net loss for the country.