Two-thirds of Britain's millionaires chased away by 50% tax rate

Britain has found the magical tax rate that will drive millionaires out of a country: 50 percent. Apparently the idea of turning over half their paycheck inspired two thirds of Britain’s millionaires to invest in jet fuel and get the heck out of there, or so tax form analysis proves. In 2009-10, 16,000 people declared more than 1 million pounds of income, after the 50 percent tax was instated that number plummeted to 6,000. The 50 percent tax rate was the work of the former Prime Minister, ousted in the last election, and the new administration seems a little more millionaire-friendly: Chancellor George Osborne announced that the 50 percent top rate will be reduced to 45 percent after next April. [Source]

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