The Right Coast

Editor: Thomas A. Smith
University of San Diego
School of Law

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Monday, December 3, 2012

Review & Outlook: Britain's Missing Millionaires -

A funny thing often happens on the way to soaking the rich: They don't stick around for the bath. Take Britain, where Her Majesty's Revenue and Customs service reports that the number of taxpayers declaring £1 million a year in income fell by more than 60% in fiscal 2010-2011 from the year before.


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Unlike the UK, the USA taxes on world-wide income regardless of residency. There are some very generous tax credits for professionals employed abroad, especially if subject to foreign tax, but for the seriously rich, the only ways to avoid US taxes are to 'shelter', to hid revenue, or to give up US citizenship...which itself can create a tax liability.

The UK is different: spend 50.1% of the year abroad, you are basically not taxed on your income.

Posted by: keynesian | Dec 3, 2012 9:12:06 AM

the real point unfairly and revolt happens.

our country was built on this premises

Posted by: chuck | Dec 10, 2012 7:23:55 AM