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[quote=Anonymous][quote=Anonymous]Tax the rich, eat the rich, huh?  Not in a global economy.

[b]The U.K. Closed a Tax Loophole for the Global Rich. Now They’re Fleeing.[/b]

[b]LONDON—The U.K. is trying to tax the superrich. It’s off to a bumpy start.[/b]

“I’m on my way out,” said Bassim Haidar, a Nigerian-born Lebanese businessman who moved here in 2010. “There comes a time when you don’t feel welcome anymore, and it’s time to just start packing and leaving.

Haidar is one of the estimated 74,000 who used a centuries-old tax loophole, abolished in April, that catered to the global rich. The nondomiciled—or non-dom status, as it is known—allowed foreigners living in the U.K. to pay tax only on what they earned domestically. Profits made abroad were ignored unless brought into the U.K.

Beset by high public debt and crumbling infrastructure, the U.K. hoped eliminating non-doms would bring in about $45 billion by 2030. But instead of paying up, wealthy expats are rushing for the exits, sparking questions about whether the effort will raise any money at all.

The British experiment has laid bare the difficult politics of taxing the rich. Taxing high earners has become a rallying cry on the left as a solution to income inequality and fraying social-safety nets. Low-tax advocates say taxes on the wealthy are counterproductive, driving away job creators and big spenders."

"Haidar earns most of his money from businesses he started overseas. [b]He estimates the tax overhaul will increase his U.K. tax bill by five to seven times.[/b] A father of five, he also worries about the U.K.’s 40% inheritance tax, which now would apply on his global assets.

Haidar is selling his U.K. properties and plans to leave this summer. He’ll split his time between Dubai and Greece."

"Beset by high public debt and crumbling infrastructure, [b]the U.K. hoped eliminating non-doms would bring in about $45 billion by 2030. But instead of paying up, wealthy expats are rushing for the exits, sparking questions about whether the effort will raise any money at all."[/b]

More:   https://www.msn.com/en-us/money/personalfinance/the-u-k-closed-a-tax-loophole-for-the-global-rich-now-they-re-fleeing/ar-AA1ISXw7[/quote]

This is one reason why universal healthcare is a pipe dream in a large country like the US. Where will the money come from? The billionaire class will not want to be taxed to support it. [/quote]

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