Following the left wing Labour Party's victory in the United Kingdom, experts are anticipating the highest exodus of millionaires in the country's history, second only to communist China.
Breitbart News reports:
While the previous Tory government of Rishi Sunak ushered in the highest tax burden since the Second World War, in large part to pay for the debts accrued during the coronavirus lockdowns, it is widely predicted that the fall budget of the Labour government will see further money grabs by the British state, with likely targets including capital gains and inheritance taxes.
While Harris has been especially slow and trigger shy to announce her positions, she announced a capital gains tax that even Mark Cuban — who supports her — admitted would kill the stock market and devastate economic growth, creating enormous burdens for business owners and forcing them into debt. CNN commentator and Washington Post columnist Catherine Rampell conceded that the taxes were “unworkable” on an administrative level.
The British inheritance tax rate was 40% for estates evaluated at £325,000 or more prior to the Labour Party's victory.
In a leaked audio recording, Labour's Darren Jones spoke explicitly of using these taxes as a means of redistributing inherited wealth.
“For the intergenerational inequality point, we think it's important that inheritance tax remains because it does allow you to get some of that value back in, to be able to redistribute across generations.”
Breitbart News continues:
According to a report from The Times of London, a firm which helps wealthy people relocate abroad said that in August — the month after Prime Minsiter Starmer came to power — they had seen a 69 per cent increase in inquiries from wealthier people seeking to leave the UK.
It found a net loss of 4,200 millionaires in the first five months of the year — during which time Labour was widely predicted to come to power — and that a further 5,300 are expected to flee by the end of the year. Popular landing spots for the wealthy and entrepreneurs include low-tax destinations such as Dubai, Singapore, and Switzerland.
Demonstrating the mood of the wealthy class about fleeing the country over expected tax hikes, Britain's most famed and prosperous plumber, Charlie Mullins revealed over the weekend that he has put his £12 million riverfront penthouse in London up for sale as he seeks to completely divest form the country.
Readers should note that the Harris campaign has brought in advisers from England's Labour Party, and held multiple meetings with them — including at August's Democratic National Convention.
Americans for Tax Reform estimate that what has been revealed of the Harris-Walz tax plan would increase taxes by five trillion dollars over the next decade.
