IMO the difficulty of measuring is the deal-breaker, especially if you need to assess it regularly.
In contrast, Estate Tax—taxing the income of people who get a posthumous gift from someone who might or might not be related to them—is a little more straightforward and less-frequent.
These proposals need to also come with austerity measured and credible plans to reduce spending or increase efficiency. Otherwise the specific numbers will keep increasing every few years.
Believe it or not, across the 50 years since the 1970s rich and poor people have come and gone and the UK economy has risen and sunk for reasons which at scale have three fifths of nothing to do with expats and their tax concerns.
Yes, billionaires leaving happens. Yes, it is measurable. No, it does not leave an impoverished, dysfunctional economy behind because they left
They could have stayed and things be every bit as bad, because they invest their money in ways which are about them and not motivated by the British economy.
It's a GDP of 3.84 TRILLION. 3.84 x 1000 billion. Think about that, scaling factors, the actual tax paid as residents, income flows, their future investments in UK plc. The effect of these people leaving is at best marginal. It won't alter the price of tea in Aberdeen, or the cost of petrol in Guildford.
The British economy is both dysfunctional and impoverishing.
It is counterproductive to make the richest leave in addition to that and perhaps it is in fact a symptom that things are going in the wrong direction. Recent policies and this wealth tax proposal are purely ideological and ultimately hurtful for the country.
IMO the difficulty of measuring is the deal-breaker, especially if you need to assess it regularly.
In contrast, Estate Tax—taxing the income of people who get a posthumous gift from someone who might or might not be related to them—is a little more straightforward and less-frequent.
These proposals need to also come with austerity measured and credible plans to reduce spending or increase efficiency. Otherwise the specific numbers will keep increasing every few years.
Believe it or not, in the 70s rich Britons used to move to France for tax purposes.
Now, I doubt this will happen again but the exodus has started and the current British government seems hell bent on wrecking everything.
Believe it or not, across the 50 years since the 1970s rich and poor people have come and gone and the UK economy has risen and sunk for reasons which at scale have three fifths of nothing to do with expats and their tax concerns.
Yes, billionaires leaving happens. Yes, it is measurable. No, it does not leave an impoverished, dysfunctional economy behind because they left
They could have stayed and things be every bit as bad, because they invest their money in ways which are about them and not motivated by the British economy.
It's a GDP of 3.84 TRILLION. 3.84 x 1000 billion. Think about that, scaling factors, the actual tax paid as residents, income flows, their future investments in UK plc. The effect of these people leaving is at best marginal. It won't alter the price of tea in Aberdeen, or the cost of petrol in Guildford.
The British economy is both dysfunctional and impoverishing.
It is counterproductive to make the richest leave in addition to that and perhaps it is in fact a symptom that things are going in the wrong direction. Recent policies and this wealth tax proposal are purely ideological and ultimately hurtful for the country.