It will surprise the folks on the left, and in fact, most will deny it happens at all, but at some point taxation becomes so burdensome, that the producers bail.
This is just the latest example of the producers moving to avoid a tax. (H/T RVO reader Chris on this one)
Britain’s financiers and entrepreneurs are quitting the UK at a rate of 10 a week to avoid Labour’s new 50% taxes.
The burgeoning exodus threatens to deepen a £178 billion black hole in the public finances and leave middle-class voters with higher taxes for years to come, figures obtained from Companies House reveal.
The number of directors of British businesses registered as living in the low-tax centres of Jersey, Guernsey or the Isle of Man has risen by almost 500 to 6,729 in the past 12 months.
It’s not just the UK. I’ve been compiling a list of these kind of stories.