Today’s WSJ reports that “a stream of hedge-fund managers … are quitting the U.K.” as the nation levies a new tax rate of 51 percent on people earning more than $250,000 annually, starting next April.
“We have reached a tipping point, in terms of hostility to the U.K. tax system,” said lawyer Richard Jordan, who estimates that he spends 40 percent of his time advising clients interested in leaving Britain for a friendlier tax clime.
It’s too bad that New York City and State, too, along with the federal government, are all raising taxes or planning to, possibly bringing our top rate to 57 percent. Otherwise, we could compete on this issue.
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