Going Galt in the UK

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.

Early data from New York show the higher tax rates for the wealthy have yielded lower-than-expected state wealth. Gov. David Paterson, who had always warned targeting the rich could backfire, fears that’s just what happened.

Paterson said last week that revenues from the income tax increases and other taxes enacted in April are running about 20 percent less than anticipated.

The concern about millionaire flight has prompted some states, including New York, New Jersey and California, to increase the highest tax rates only temporarily. For New York, it’s the second temporary increase for high earners since 2001.

Now might be a good time to revisit Governor Patterson from “Morning Joe”.


Nice… Paychex founder goes Galt on New York – sort of

By the pure definition, Paychex founder Tom Golisano is not going John Galt. He’s not working less or withdrawling his talents from society in an effort to keep his efforts from eventual state ownership.

But Golisano can make a business and family decision to legally ensure the the state gets as little tax revenue from him as possible. He has determined that state spending is totally out of control, and is going to do something about it.

Like Rush Limbaugh, Golisano is a pretty rich guy. By making some simple changes in his life, he has ensured the state of New York will no longer get $5 million in tax revenue from him.

Hat tip to Malkin, and here is his kiss-off letter to the governor (read the whole thing). Gov. Patterson was thrilled to get rid of Limbaugh, maybe he will announce he’s happy Golisano is gone too?

Decades of out-of-control budgets, spending hikes and relentless borrowing have made New York simply too expensive.

Politicians like to talk about incentives — for businesses to relocate, for example, or to get folks to buy local. After reviewing the new budget, I have identified the most compelling incentive of all: a major tax break immedi ately available to all New Yorkers. To be eligible, you need do only one thing: move out of New York state.

Going John Galt?

A caller today asked if I intended to go John Galt? Good question. But more and more of the workers and producers are not happy with the Obama administration’s assault on wealth and achievement. The workers are the life blood of the country. Without us, we who pay taxes, there is no government.

Thus, and since, the Obama administration has declared wealth evil, and the aspiration to wealth as fruitless (through taxation), many are considering ways to cut back on work, living with a little less, and cutting off DC’s lifeline.

If you are considering in some small, legal way, to go John Galt … watch the featured video and send Dr Helen an e-mail. And click here to learn more.

Update: Malkin sees a trend. Lots of folks asking the question.

Who Is John Galt?

And so it begins. With the passage of the porkapalooza the dependency on the state begins. Jefferson warned, Rand reminded … and the Democrats have made permanent. So who is John Galt? If you need to ask … for you it may already be too late.