By now even liberals know about the Laffer Curve, and how raising taxes that are already excessive does not increase but rather decreases government revenue. But their eat-the-rich approach is good for one thing — ridding a country of its most productive citizens:
In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.
This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election. …
It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes.
Another partial explanation is that the high tax rates so oppress the economy that it is no longer possible to create as much wealth.
In any case, the predictable result of taxing millionaires more was that those who didn’t escape the country like East Germans climbing the Berlin Wall produced less tax revenue.
But as Barack Hussein Obama has openly admitted, the point of raising taxes on the demonized rich is not to raise revenue, but to inflict “fairness” — i.e., sheer malice — in the name of Marxist ideology.
On tips from Artfldgr, Sam Adams, and Bob Roberts