This interesting article from the British newspaper, The Telegraph, must make you wonder. Could it happen here?
Two-thirds of UK millionaires have left Britain to avoid the big increase of personal taxation. It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes.
When I spent several years working in Britain in the early days of Prime Minister Margaret Thatcher’s terms, I remember talking to some British executives who opening said that “why should we work harder to make more money when the government will only take more of it away” So Britain was falling into a malaise due to the high taxes.
Now with taxes up and apparently a shrinkage of millionaires, I can only wonder if that trend would happen in the U.S. if Obama gets his way.
I hope not.