Billionaires seek escape from confiscatory taxes in Britain
A third of British billionaires have moved to tax havens after an exodus over the past decade, a Times investigation has found.This is a lesson the liberals in Congress are unlikely to learn even though it is happening within the US as rich people flee confiscatory taxes in New York, Illinois, and California for low tax states. If Democrats try to impose high marginal tax rates in this country, it will encourage the tax exit of the wealthy.
They are among 6,800 Britons controlling 12,000 UK firms from low-tax jurisdictions. The Exchequer is denied billions a year but many of the bosses still reap the benefits of British assets.
Some have bankrolled political parties while living offshore as successive governments have failed to enact a law passed in 2009 that would have banned large donations from anyone resident abroad for tax purposes. Many have been awarded honours or hold titles, with at least one viscount, one baron, six knights and one dame among the billionaires.