I always found it amusing when Democrats came out talking about rich people paying their fair share.
Not only do they already pay their fair share, at least the ones who stick around to pay, but those who won’t pay just leave.
They’re wealthy enough to have that luxury.
— Craig Chamberlin (@CraigChamberlin) September 13, 2024
- Exodus of Wealthy Individuals: There has been a significant increase in the number of wealthy individuals leaving the UK. In 2024, it is expected that around 9,500 millionaires will relocate, which is more than double the number from the previous year.
- Tax Burden: The UK has seen a rise in taxes, including frozen tax thresholds and reduced allowances for capital gains and dividends. These changes have made the tax environment less favorable for high earners.
- Impact of Policy Changes: The end of the non-domiciled (non-dom) tax status, which previously allowed some wealthy individuals to pay less tax on overseas income, has also contributed to the exodus.
- Top Destinations: Many of these wealthy individuals are moving to countries with more favorable tax regimes.
The trend indicates a significant shift in the residency of high earners due to the increasing tax burden in the UK.
Sources:
moneyweek.com/personal-finance/tax/where-rich-relocate-to
www.telegraph.co.uk/money/tax/income/surge-super-wealthy-prepare-leave-uk-labour-tax-fears/
www.bbc.co.uk/news/business-68093172
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