Is this another failed example of taxing the rich?
The London Telegraph reported Wednesday that two-thirds of millionaires left Great Britain in the tax year of 2009-2010 to avoid the 50 percent income tax. It is concluded that many of the affluent Britons left the country in order to evade the high tax rate.
This has led many British Conservatives to say that taxing the rich has led to a loss of revenue for the government.
The entire article can be found here.
France, as Economic Collapse News has reported, has suffered the same consequences after Socialist President Francois Hollande put forward a 75 percent super-tax on those earning more than one million euros. So far, many of the French millionaires have started to leave the country and have sold off their luxurious property.
President Hollande said the tax will only be in existence for two years in order to get its books balanced, but when has the government only instituted a temporary tax, especially when that much revenue is at stake?