I disagree that it's just a taxes issue. The truth is the UK isn't that great a place to live, there's not too much to do outside of London and there are many cleaner, safer, more fun places around the world.
The country was never been great to live ever since before. Both Manchester and Birmingham around the time of the 1970s to the 80s, was amongst one of the worst places to live in around the time. I think brexit worsened the situation, so the quality of life is slightly better than half of eastern europe.
lol you clearly have no idea how much BETTER the UK is than 99% of the world. In all ways. There’s a reason millionaires/billionaires, celebrities, intellectuals, businesspeople, from all over the world move to London and other British cities in spite of the high prices and not very favorable fiscal policy (though I agree it’s mostly London). There are very few places that meet the criteria you give tbh, I can’t really think of many. The UK is very safe, just because you don’t feel that way, it doesn’t mean the UK isn’t an incredibly safe country (what other places are safer? Switzerland, Japan, Korea, Singapur, maybe micro nations like Lietchenstein, Luxembourg, Monaco or Andorra?) What’s your definition of fun? London is a global city with millions of people and countless experiences and activities, and it’s just a couple hours away from anywhere in Europe, maybe you think a fun place is some warm country with lots of nightlife? Dubai, Las Vegas, Macau?
@@agme8045 people say London is dangerous but it is very safe compared to other major cities, the only places safer are homogeneous cities like tokyo and seoul
The Laffer curve is the graph which shows what's explained in this video. It shows how that if you increase tax after a certain point, tax revenue will decrease
@@ibx2cat Because it can't truly be calculated, only estimated, and within a very wide range because it would be impossible to quantify all, or even most, of the factors at play
@@ibx2cat The problem is it's some bullsh*t an economist (already a bullsh*t faux science) scribbled on the back of an envelope to justify tax cuts to the rich. The problem with the field of economics is it has very little basis in fact and functions as ideological apologia for the rich.
@@effluxi9587 because of laws around asset and income declaration in the uk, you can essentially have off-shore funds that are held within the mainland uk anyways. We're, i think, the only developed country on the planet that has no checks to see if the director of a company registered with Company House is actually the director, or even a real person, which makes hiding funds insanely easy, which is why we're the biggest tax haven on the planet- its costs the the state tens of billions a year
It mind boggles me Britons continue to vote Labour and other lefties that destroy everything in the name of pandering to non straights and non Britons. Now they send people to jail for sarcastic tweets that go against Labour agenda.
Mass immigration, declining services, overbearing state, bothersome beurocracy, rampent corruption and the loss of our freedoms are the main reasons. Who wants to live in a society that has no cultural unity, drive or sense of common community, the only place such things exist are in the countryside and even there the society of 30 years ago is slowly being dissolved. Noone likes living in a state that is self hating and apathetic, if you have the means to leave you would.
Yea, one of the articles he showed is from Nomad Capitalist, they have a TH-cam channel too, the comments there are essentially saying exactly this as the reasons they're leaving many countries, not just the UK
I think it’s related to the fact that your national pop culture icons say things like London ”not feeling English anymore”. If that’s the case, what even holds you in a country anymore, if everywhere larger than a village looks a bit the same anyway? Might as well just go a place where the climate is warmer and taxes lower.
@uranusneptun5239 I went to London, the grass started speaking Urdu. Massive demographic change on a never before seen scale in history is a rather large issue.
@@takuchinowona9554what does this even mean? You are not admitting that native Europeans are in the wrong, you are admitting that mass immigration is some sort of payback and thus hurting Europe
In the US wealthy families in the past moved most of their wealth into foundations. The foundation owns the houses, the planes etc. And the foundation "employs" the family.
I Don’t know much about British politics but isn’t most of that because the party that has been ruling for the last 14ish years? As I remember when i was a kid i only heard good things about the UK but now i only hear that it’s becoming as bad as eastern Europe
@@guycrew3973 basically, past 14 years + the absolute joke that was brexit (wonder why we're doing as poorly as easten European countries outside the EU after leaving the EU, weird coincidence) Doesn't help that "America's greatest" (knobends) have decided to meddle in our immigration issues again to the point there are people that GENUINELY believe the UK is already or is at risk of becoming an Islamic state somehow, all over the internet. People that are utterly impossible to take seriously, of course, but they're there and obnoxiously loud.
@@effluxi9587 To not understand the influence of Islam that has already happened in the UK is to be wilfully ignorant. 5 independent MPs were elected for their Islamic stances. As the number of old brits die and migration continues this number of MP's will increase until they are a bunker base greater in number in commons than the 3rd largest party. they will not leave, and when they gain control of parliament, Sharia will be implemented. perhaps not in your lifetime, but with either representation system (FPTP or popular vote) the Islamic vote will be huge and increasing (large numbers and all living together). As was said for the Balkans, voting will just become a head count.
I think another reason is people want to live in nice places, even if they pay the same tax rate. People want good schools for their kids, low crime and fast healthcare. If your country isn't providing that (or their is a perception that they aren´t )then people will leave, and sometimes the one ones with the means to leave are the millionaires.
08:02 Slovakia got rid of inheritance tax in 2004. You don't pay capital gains tax either when you sell a property (after 5 years of ownership). That 5 years period is to put people off of speculating/trading with real estate. Slovakia has its issues, but when it comes to these things, I'm glad things are the way they are. I live in the UK, but my retired parents are in Slovakia.
@@sciencefliestothemoon2305 you mean stable economy/society where people don't live on the streets like they do in the UK/US? It works pretty well actually.
@@aunnaqvi3133 The rich aren't taxed less. They pay income tax and property tax. Only inheritance tax and capital gains tax were scrapped to help regular people. Other taxes are still there.
@@vkdrk CGT helps people who buy and hold the most assets, therefore rich people. Most mega rich dont have an income, just a series of cashflows from assets and taking on debt and paying it of and repeating
A lot of wealthy Brits sell their home (which in many cases is worth more than a million dollars) and move to sunnier places like Spain and France to retire.
@ibx2cat There is one main problem with that map: 1) The label shows the nominal number of millionaires leaving. The map would be much more interesting if it showed the % of millionaires leaving as a proportion of the total amount of millionaires. In which case it might show that the non-dom rule change (initialised by the Conservatives before the election) does not lead to such an exaggerated emigration rate as the nominal numbers do. It would also probably show China's change way more fractional than it appears here.
Annoyingly, it's probably not the ones with many tens to hundreds of millions. But the 1-2 m fairly earned by actually adding growth to the country through their activity, instead of having everything adjusted specifically for them and extracting it all :/
Because we have an absolutely horrible, despicable government right now. It won't just be millionaires leaving; anyone remotely successful or who can afford to will be moving abroad.
Wasn’t the UK great in the 2000s pretty sure it only went to shit after the last party took over and ran it for 14 years though i don’t know much about British politics
@@guycrew3973the current party, Labour, had a leader that massively increased immigration about 20 years ago, then the conservatives (who you are referencing) campaigned against immigration and consistently failed to do anything about it when they got power, which has made its voters very unhappy and now they are collapsing
@@guycrew3973 I’m not the most knowledgeable but I believe their anti immigration was mainly the last couple election cycles. One of the elections was about brexit primarily and the other was against a socialist from Labour. Plus, until the election this year there weren’t really any credible proper right wing parties, we basically have conservative+labour centrist uniparty which is hard to get rid of, most MPs from both parties are much more moderate than their average voter. This year conservatives lost loads of votes mainly to reform which is a new right wing anti immigration party
I actually think that most people (including the rich) would not mind paying higher taxes if they felt they would be helping out their fellow countrymen who share a common culture and values, and a genuine sense of kinship that could only exist in a high trust society (eg. in Japan where my family lives, the "we're in it together" ethos is strong and nurtured from a young age. Most people want to do their part to contribute to the common good). But why would anyone want to pay for someone who just came (sometimes illegally) about 5 minutes ago, get them put up in nice hotels and priority treatment at the expense of natives who have lived and contributed to the country their whole lives, only to discover that some of those people went on to commit unspeakable crimes against them (literally unspeakable in the UK right now...)? Why would anyone want to pay into a society where you would never want to leave a child unsupervised in any city, and a government that is happier locking up shitposters and letting free actual criminals, than doing anything to address people's concerns about safety and the disintegration of their shared cultural identity? I've lived in the UK for nearly 2 decades and I've never felt more keen to leave.
Because the conservative party doesn't care about solving migration, they could've had a processing facility in france to make the system actually work, but we didn't, Because just like how Donald trump stopped republicans from voting for the bipartisan border bill in the US, its probably more politically advantageous to make migration a bigger issue on purpose, considering the entire client media is behind the Tories, Anyone more liberal on immigration would be seen as trying to make this pressing issue worse, and that's how right wingers want to stay in power. The fact is Reform can spout all the racist dogwhistles they want, but they have NO SOLUTION, Richard tice doesn't know anything about asylum, he thinks we can just intrude into french waters, We can't, and really the policies are just dumb and unrealistic
@@Pebblrock6969 the “bipartisan border bill” was a foreign aid package. And a border bill is already defensive in posture when border security is the eternal responsibility of the federal government. The more the federal government is discredited, the better off we are.
You think the rich care about the poor and wouldn’t mind pay higher taxes just because they’re both English that’s the most naive thing I’ve ever heard and using japan is a great example of why that’s wrong they’re working their people to death over there and the place has not grown a bit in 30 years and there’s practically no immigration in japan so you can’t use that excuse that clearly shows that rich care now doesn’t it? Like seriously show me a country where the rich willingly helped the poor without either gaining something out of it or being forced to do it
Why bring up Japan as an example? Like...that country is probably doomed in like 50-100 years due to declining birthrates. They pretty much require immigration.
The problem with democracy is that you give people who don't understand the economy a say about it. It is insane how many people don't understand that rich people just emigrate together with their wealth when you try tax the rich.
I think its more nuanced than that, California i believe has the highest top rate of income tax for individuals, and yet its home to silicon valley, and its one of the richest states in the USA.
@mattevans4377 As I understand it, hate speech is when you degrade or threaten someone (incite hatred against them), be it for their beliefs, sexuality, skin colour, country of origin, ethnicity etc.
I hear that East Germany laid off all their border agents a few decades ago. Offer them a new job? I understand they had reliable systems to keep the wealth of the country in the country.
Or, if you want to be in London, just come for "Summer" each year, can spend 3 months a year easy and not become a tax resident, then live somewhere in the southern hemisphere. Double Summers and none of the UK Tax
One interesting tax quirk that’s super weird in the world is that the United States is one of the only country that taxes is citizens even if they live abroad and routinely works with other countries to collect that tax.
This feels like a case study of what I read in 'the sovreign individual'. Gets to a point where wealthy people just get fed up of getting their money taken.
A lot of people say to tax the rich, the problem is that they have the money to go to a place that agrees not to take their money. The USA is a country where it's a bit more difficult to get away because of the expat tax, but there's still easy enough ways around that if you're made of money.
I still think Brexit is a factor as well. Usually decisions to leave have several reasons that accumulate over certain time. The UK currently isn't attractive to rich people and businesses
@@isaacs3413 The first £325,000 is tax free, and it's 40% on any amount over that. Honestly, that's quite low if you're well above the threshold, I'd raise it at higher levels. 50% anything over £1 million. 60% for over £10 million. 70% over £100 million. Etc. Then redistribute it to those with the least wealth. Child poverty being the key priority.
@@ProsecutorZekrom Raise it by more? the UK has one of the worst inheritance tax rates in the world and you'd want it higher? Literally begging for people to just leave and then instead of the 40% there would be 0. Already very little incentive for those with wealth to raise their kids in the UK or keep there businesses based in the UK lets try get it as close to zero incentive as possible.
The artificially running huge amounts of revenue through Holland or Luxembourg was declared illegal by the EU 10 years ago. There’s still some stuff companies do with Trademarks and image rights, but it’s very minor compared to a multinational company’s overall revenue.
We live in an ever increasingly authoritarian state, even more so now that Labour is elected. We don't have freedom of speech, we don't have equality, we don't have democracy, we don't have safety. If I was rich I'd probably bugger off too.
Interesting how millionaires are leaving the UK but extremely poor refugees are arriving in large numbers. Don't think that will end well for the UK economy.
Why? Millionaires actually take money out of the system very often - offshore banking, foreign investment, luxury spending around the world, and of course paying less tax. Meanwhile, many refugees and immigrants are actually the skilled, motivated people who fled/left their countries, and have a strong incentive to work (it's something of a cultural cliché, but true: look at the immigrants from India - 1st generation, corner shop, menial jobs, by the 3rd generation, many doctors and lawyers). Also, arriving as adults, they have, unlike a native born person, cost the state absolutely nothing when they start work, their spending, their taxes are pure profit to the system.
@@PaulThatcher-iu5in Let's say you had to choose between 20 million German immigrants or 20 million Somalian immigrants which do you think would be better for the UK economy? The evidence seems to suggest that poor people are less valuable to the economy than rich people.
@@savvageorge Completely unrealistic, and you know it; you also know that in the case of the German economy, high immigration has hardly been a barrier to dynamic economic growth, as in many advanced countries. Among the countries with the most dynamic growth, many were high immigration countries. Who or what creates wealth? Rich people? Before there is wealth, there is wealth creation, the production of values, ie work; this creates wealth, and the question of wealth for who is a question of the ystem. Under capitalism, the wealth created by many is appropriated by the few. Given a choice, workers or capitalists as immigrants, I choose the former.
@@PaulThatcher-iu5in Doesn't matter how many workers you have when there's no jobs. Workers are important but before you can work you need to be hired by a wealthy capitalist. This is the difference between Somalia and Germany, Germany has rich people living there who can create jobs. Without wealthy capitalists there are no jobs, no factories and no products other than maybe extremely expensive handmade items. The mobile phones we are both using now to communicate required billions in capital investment to produce.
@@savvageorge Let's take an imaginary group of people just arrived in an "empty" land: are there any jobs? No. Do the members ot the group need food, shelter, clothing, and other necessities of life? Yes. Do these things grow on trees? Well, apples do, maybe, but even those need to be picked - guess what? That's a job. As is cutting wood, fishing, hunting, planting seeds, milking the cow, etc etc etc. The question of how we organise this, hierarchically or collectively, with or without private property in the means of production, that is open to question. The idea that "jobs" exist because capitalists "create" them is so naive and childish as to be laughable.
I was an adviser for Investcorp and the theme was from clients is don't give me portfolios for Syria or the UK. Basically Personnel Security, RedTape, Poor Services and a low quality of life overall.
People continually fail to recognize that we are a financial services dominated economy, that is our comparative advantage and we make huge profits from it. This sector depends on people putting their money in the UK be it through banks and other financial institutions. So when discussing wealth taxes or saying "we don't need wealthy peoples money" for better or worse actually we do. This couldn't be said for somewhere like Germany or France that is less dependent on the financial services sector, I could see wealth taxes working better there.
Elite billionaires are drains on the economy. The Financial services sector does not run off of rich billionaires, it gains money through providing services to megacorps etc..
@@ThomasSmith-tv7gp people who own shares in those companies, so in other words, people who live all over the world. Furthermore, most companies use tax loopholes to pay almost nothing.
Great video, as an Pole I think the biggest reason people are leaving is because uk isn’t a great place to live anymore. Taxes play a big part of that, but to normal people it’s probably because of safety, and not all migrants especially from the Eastern Europe like the fact that they have to live alongside other migrants from muslim countries. It’s not because of racism, it’s because England isn’t England anymore, and people don’t like to be sometimes only white alongside others. I really like England but uk has to learn from countries like Sweden!!! Migrants are worthy, but migrants who work, America superpower was built by hardworking migrants who did not live off social welfare!!!
People don't just up sticks and leave because taxes went up by 2 or 5% or whatever and they don't just go to tax havens because, quite frankly, tax havens have absolutely nothing going for them. Millionaires aren't so rich that they can simply afford to just leave either; they made their money where they came from and they have very real ties which cannot just be flippantly forgotten about and in many cases, you need to have a job to go to in order to actually emigrate anyway. I feel it's more likely that there is a net outwards flow of dollar millionaires because salaries in the UK are absolutely terrible and the country is in a painful but well deserved death spiral with little to no growth or potential. For example, a graduate engineer in the UK can expect to be on the equivalent of about $35-40k pa straight out of uni, whereas in the States they can be on north of $80k straight out of uni. It's not just in engineering in the USA either, pretty much every field in the developed world pays better than in the UK.
I can certainly say that there are a lot of millionaires coming to Bulgaria from foreign countries and buying off ghost villages for dirt cheap, even middle class citizens from the UK that there is even documentary about house renovations in foreign countries, I think it's featured in channel 4 the last time I watched.
Brexit might not be the main factor but it is a factor as in being the cause for many many other changes in politics, policies and economy. But that's normal. Everytime big events happen everything else is adepting. The UK just isn't attractive right now for those with money and a business.
Income tax isn’t the issue, LOWER income taxes but raise a wealth tax on assets held in the uk. For example if you own 10m in property then you pay 1% of its value in tax. Income isn’t the issue value of assets is
How do you pay the 100k tax bill, do you pay it every year? Someone in London could easily own a 10 mil house without earning anywhere near enough to cover that bill so they are forced to sell the asset, that makes the asset go down in value so should the tax come down as well? How do you tax something when it's value changes every day? Maybe, just maybe we could stop spending billions on foreign aid to places like India that has its own space programme and we could stop spending billions on housing illegals. Cut the insane spending and we won't need any tax rises at all.
@@quillo2747 I’d love for forcaeble asset sales. This country needs devalued assets. In France and Germany the total price of all assets to gdp is 2-3x. Here it is 7x. Assets are so out of line with income that a reset is required.
I moved from Canada to Uruguay to get away from overregulation. Silly things like I can walk into a pharmacy and buy pharmaceuticals without a doctor's permission.
How many of these are just home owning retirees who struck it good on the housing boom & are off to travel or retire overseas before the bottom falls out of the UK housing market?
I heard Ireland has some favorable tax regulations for businesses. If you owned a big company, would you rather run it from Dublin as an Irish citizen than London as a UK citizen?
Lmao this is some peak amerimutt cope 😂😂😂, the entire worlds economy is in trouble and china still has highest gdp increase world wide, the usa is literally heading to civil war, the usa wont last 3 more elections
I've been hearing for decades about China's impending financial crisis and it has yet to happen. I'll believe the Chinese economy is "having a lot of trouble" when i see it
Well the entirety of property and holdings they have doesn't really exist but is simply "allowed" by the CCP and can change on a whim whenever the CCP wants it to. Its not as much the economy is having trouble as much as the existence of wealth means you are a tool of the CCP or else they make an example of you. For example, the Chinese running off to Canada and the U.S. and hiding their assets away in real estate has been happening for a long time now.
@@kapargfinancial crisis no but china is slowing down which is to be expected no one keeps that kind of growth forever also the effects of the one child policy will really show itself in the upcoming years
I was like how can paying 30 grand a year not be cheaper for a lot of people than paying the tax brackets until I saw how low income tax is in the UK. In Netherlands it would be cheaper if you earn over 85.000 euros. Thats a crazy tax cut for people earning double, triple, or more than that considering taxes are are at 49% at that income. Someone earning 225k would save 100k in taxes a year.
UK was wealthier in the post war era when state spending and tax on the rich was high, Once neoliberalism came in the 80s we had to borrow to continue the same life style do to reduction in taxes to the rich, once 2008 happened then came austerity which destroyed the working class and poor which have not benefited from much state spending. Everyone voted for right wing policies since 2010 so the right wing capitalists are to blame for the decline of the UK
If you make your money in the U.K. you should not be able to offshore that income. All income should be taxed at the source of income, not where it ends up.
2-3% transaction tax deducted by the banks no exceptions (gov funding problems could be solved ) We need to pay for UBI in a few years corporation profits can all be easily manipulated to avoid taxes , we need a modern tax system
You know, using a graph that overrepresents how many are "leaving" and underpresents who have "moved" doesn't quite seem like factual information, you have around 8k millionaires in unknown destinations which to me just seems like whoever made this is exaggerating in order to make a message. Skewed data is not worth listening to.
nah - they are just leaving because its a bit sh**. Its easy enough to fenagle the taxes if you are in the +50m category. It will be mainly people off to spain with 1-5 mil. And btw if their biz assets are in Uk good luck with getting those out if the Uk really wanted those taxed.
They already pay way more than the middle class let alone the poor in relative terms to their income. (Note this is for millionaires who earn an income, not super wealthy billionaire families, who likely don't pay any tax at all, or at least very little because of knowledge and connections).
Inequality is going nowhere buy up as the world becomes more competitive. If you can succeed, it will be better than ever, but most wont, and things will just get even worse.
Low income Australian pay more tax I don’t get it. it’s like the government taxes you for everything even the services they definitely can’t provide the make actual wealth
Well.. an economy with more middle class means more voters are voting for middle class issues. And doing the gaining millionaire residents with that trick is a race to the bottom. Some other country is going to pick up that practice and they'll offer something even better.
I think you get mixed up with the non dom.part The UK tax peoppe who are resident in tht UK (usually more than 180 days in a yr) on a world wide income UK citizens dont need to pay tax on overseas income when they are not resident in the UK The non dom status entice foreign ppl to be resident in thr UK as long as they dont bring their overseas income into thr UK United States tax its.citizen wherever they live.but if the live overseas they dont get tax firsr half a million USD of their overses income they just need to file with tjr IRS
I disagree that it's just a taxes issue. The truth is the UK isn't that great a place to live, there's not too much to do outside of London and there are many cleaner, safer, more fun places around the world.
That.
The country was never been great to live ever since before. Both Manchester and Birmingham around the time of the 1970s to the 80s, was amongst one of the worst places to live in around the time. I think brexit worsened the situation, so the quality of life is slightly better than half of eastern europe.
lol you clearly have no idea how much BETTER the UK is than 99% of the world. In all ways. There’s a reason millionaires/billionaires, celebrities, intellectuals, businesspeople, from all over the world move to London and other British cities in spite of the high prices and not very favorable fiscal policy (though I agree it’s mostly London).
There are very few places that meet the criteria you give tbh, I can’t really think of many. The UK is very safe, just because you don’t feel that way, it doesn’t mean the UK isn’t an incredibly safe country (what other places are safer? Switzerland, Japan, Korea, Singapur, maybe micro nations like Lietchenstein, Luxembourg, Monaco or Andorra?) What’s your definition of fun? London is a global city with millions of people and countless experiences and activities, and it’s just a couple hours away from anywhere in Europe, maybe you think a fun place is some warm country with lots of nightlife? Dubai, Las Vegas, Macau?
I really like living in London
@@agme8045 people say London is dangerous but it is very safe compared to other major cities, the only places safer are homogeneous cities like tokyo and seoul
The Laffer curve is the graph which shows what's explained in this video. It shows how that if you increase tax after a certain point, tax revenue will decrease
It's one of my favourite graphs, the problem is that nobody can agree where that point is though
@@ibx2cat Because it can't truly be calculated, only estimated, and within a very wide range because it would be impossible to quantify all, or even most, of the factors at play
@@ibx2catit’s definitely there somewhere, at least we can all agree on that
@@ibx2cat The problem is it's some bullsh*t an economist (already a bullsh*t faux science) scribbled on the back of an envelope to justify tax cuts to the rich. The problem with the field of economics is it has very little basis in fact and functions as ideological apologia for the rich.
This video needs some perspective really - the UK (in 2022) has 2.8 million US dollar millionaires, so 9500 leaving is only 0.3% of them.
Definitely doesn't hurt. That's still 9 billion gone
@@MatthewsPersonalsure because they took all their assets, aka their houses with them....
@@MatthewsPersonal how much of that 9 billion was even on-shore to begin with, because the answer is realistically basically none of it.
@@effluxi9587 because of laws around asset and income declaration in the uk, you can essentially have off-shore funds that are held within the mainland uk anyways. We're, i think, the only developed country on the planet that has no checks to see if the director of a company registered with Company House is actually the director, or even a real person, which makes hiding funds insanely easy, which is why we're the biggest tax haven on the planet- its costs the the state tens of billions a year
you act like they won't stop leaving and stop coming lol. UK used to be a wealth magnet
its because of taxes, saved you 18 minutes
thx
it's because of Brexit, saved you 18 minutes
It mind boggles me Britons continue to vote Labour and other lefties that destroy everything in the name of pandering to non straights and non Britons. Now they send people to jail for sarcastic tweets that go against Labour agenda.
@@duncanhw Yea blame the move that saved Britain from more leftist regulations and not the Labour shills who want Communism
thanks
Mass immigration, declining services, overbearing state, bothersome beurocracy, rampent corruption and the loss of our freedoms are the main reasons. Who wants to live in a society that has no cultural unity, drive or sense of common community, the only place such things exist are in the countryside and even there the society of 30 years ago is slowly being dissolved. Noone likes living in a state that is self hating and apathetic, if you have the means to leave you would.
Yea, one of the articles he showed is from Nomad Capitalist, they have a TH-cam channel too, the comments there are essentially saying exactly this as the reasons they're leaving many countries, not just the UK
@@spacelemming4493 14 years of Tories
So pretty much like the past 14 years
Name one example of corruption that didn't face legal accountability.
So they want the mess of Pacifica from cyberpunk 2077... into the Isles....
Fantastic.
The uk is a dystopia
To be honest it was like that for most of its history
You must be a Tory/ Reform fan.
@evonne_o Is that a bad thing or something?
I think it’s related to the fact that your national pop culture icons say things like London ”not feeling English anymore”.
If that’s the case, what even holds you in a country anymore, if everywhere larger than a village looks a bit the same anyway? Might as well just go a place where the climate is warmer and taxes lower.
People need to touch grass
@uranusneptun5239 I went to London, the grass started speaking Urdu. Massive demographic change on a never before seen scale in history is a rather large issue.
@@quillo2747me when I forget colonialism
@@takuchinowona9554what does this even mean? You are not admitting that native Europeans are in the wrong, you are admitting that mass immigration is some sort of payback and thus hurting Europe
@@Matt-uk7zq saying moving somewhere and not killing the natives isnt actually that bad
bc its a shithole id leave too, unfortunately i am not a millionaire
You can avoid inheritance tax in the UK by moving your assets into a trust. Duke of Westminster paid zero tax on a £9 billion estate
In the US wealthy families in the past moved most of their wealth into foundations. The foundation owns the houses, the planes etc. And the foundation "employs" the family.
Let’s hear it from all the Johns living in Derby
John doesn't know this but I made this video specifically to encourage him to stop committing Tax fraud
@@ibx2cat What is the use in paying taxes just so the government can build £30k rainbow crosswalks?
@@SillyBillyOneHundreadMillyTo fund health, education, transport, pensions, social security, policing, defence, etc.
@@4vesta255 Then figure out how to do it without taking half my shit
@@4vesta255 Then figure out how to do it without taking half my shit
HERE'S YOUR ENGAGEMENT RIGHT HERE
Your asking me to marry you😍😍😍😍😍
ANOTHER ONE!
1:00 To be fair, the UK is almost to the point where wrongthink will get you in trouble, too.
What a dystopian country, id leave too
The UK is a poor country that surrounds a rich London.
I Don’t know much about British politics but isn’t most of that because the party that has been ruling for the last 14ish years? As I remember when i was a kid i only heard good things about the UK but now i only hear that it’s becoming as bad as eastern Europe
@@guycrew3973 basically, past 14 years + the absolute joke that was brexit (wonder why we're doing as poorly as easten European countries outside the EU after leaving the EU, weird coincidence)
Doesn't help that "America's greatest" (knobends) have decided to meddle in our immigration issues again to the point there are people that GENUINELY believe the UK is already or is at risk of becoming an Islamic state somehow, all over the internet.
People that are utterly impossible to take seriously, of course, but they're there and obnoxiously loud.
@@effluxi9587 To not understand the influence of Islam that has already happened in the UK is to be wilfully ignorant. 5 independent MPs were elected for their Islamic stances. As the number of old brits die and migration continues this number of MP's will increase until they are a bunker base greater in number in commons than the 3rd largest party. they will not leave, and when they gain control of parliament, Sharia will be implemented. perhaps not in your lifetime, but with either representation system (FPTP or popular vote) the Islamic vote will be huge and increasing (large numbers and all living together). As was said for the Balkans, voting will just become a head count.
and now neo communism too
@@carlosreid51 ?????
So... The UK will take 1.2M MENAs in exchange for 9,500 millionaires.
No wonder the country is finished.
As bad as America can be in some ways Im just glad Im not British.
for real
i’m leaving the uk and i’m not even from there
I think another reason is people want to live in nice places, even if they pay the same tax rate. People want good schools for their kids, low crime and fast healthcare. If your country isn't providing that (or their is a perception that they aren´t )then people will leave, and sometimes the one ones with the means to leave are the millionaires.
08:02 Slovakia got rid of inheritance tax in 2004. You don't pay capital gains tax either when you sell a property (after 5 years of ownership). That 5 years period is to put people off of speculating/trading with real estate. Slovakia has its issues, but when it comes to these things, I'm glad things are the way they are. I live in the UK, but my retired parents are in Slovakia.
@@vkdrk congrats, and how is the loss in tax income compensated by the thriving economy of Slovakia?
@@sciencefliestothemoon2305 you mean stable economy/society where people don't live on the streets like they do in the UK/US? It works pretty well actually.
Surely, taxing the rich less will lead to a better country. LOL
@@aunnaqvi3133 The rich aren't taxed less. They pay income tax and property tax. Only inheritance tax and capital gains tax were scrapped to help regular people. Other taxes are still there.
@@vkdrk CGT helps people who buy and hold the most assets, therefore rich people. Most mega rich dont have an income, just a series of cashflows from assets and taking on debt and paying it of and repeating
As a bloke from derby with a dad called john, i wholeheartedly recommend the museum of making. It's really fun
A lot of wealthy Brits sell their home (which in many cases is worth more than a million dollars) and move to sunnier places like Spain and France to retire.
@@MassiveChetBakerFan you mean they try to be cause they are not EU citizens
@ibx2cat There is one main problem with that map:
1) The label shows the nominal number of millionaires leaving. The map would be much more interesting if it showed the % of millionaires leaving as a proportion of the total amount of millionaires. In which case it might show that the non-dom rule change (initialised by the Conservatives before the election) does not lead to such an exaggerated emigration rate as the nominal numbers do. It would also probably show China's change way more fractional than it appears here.
Annoyingly, it's probably not the ones with many tens to hundreds of millions. But the 1-2 m fairly earned by actually adding growth to the country through their activity, instead of having everything adjusted specifically for them and extracting it all :/
Its the digital nomads, the wealthy brits cant move their London house to dubai😂
Why would you stay on sinking ship that doesn’t respect itself
Because we have an absolutely horrible, despicable government right now. It won't just be millionaires leaving; anyone remotely successful or who can afford to will be moving abroad.
As with everything wrong with the UK in the past 30 years, it all tracks back to one source. Begins with I, and rhymes with "timmigration".
Wasn’t the UK great in the 2000s pretty sure it only went to shit after the last party took over and ran it for 14 years though i don’t know much about British politics
@@guycrew3973the current party, Labour, had a leader that massively increased immigration about 20 years ago, then the conservatives (who you are referencing) campaigned against immigration and consistently failed to do anything about it when they got power, which has made its voters very unhappy and now they are collapsing
@@bend4456 then why did people keep voting for them?
@@guycrew3973 I’m not the most knowledgeable but I believe their anti immigration was mainly the last couple election cycles. One of the elections was about brexit primarily and the other was against a socialist from Labour. Plus, until the election this year there weren’t really any credible proper right wing parties, we basically have conservative+labour centrist uniparty which is hard to get rid of, most MPs from both parties are much more moderate than their average voter. This year conservatives lost loads of votes mainly to reform which is a new right wing anti immigration party
I'm sure its not due to the financial crisis and absolutely shit tory policy to do anything but enrich the elite.
I actually think that most people (including the rich) would not mind paying higher taxes if they felt they would be helping out their fellow countrymen who share a common culture and values, and a genuine sense of kinship that could only exist in a high trust society (eg. in Japan where my family lives, the "we're in it together" ethos is strong and nurtured from a young age. Most people want to do their part to contribute to the common good). But why would anyone want to pay for someone who just came (sometimes illegally) about 5 minutes ago, get them put up in nice hotels and priority treatment at the expense of natives who have lived and contributed to the country their whole lives, only to discover that some of those people went on to commit unspeakable crimes against them (literally unspeakable in the UK right now...)? Why would anyone want to pay into a society where you would never want to leave a child unsupervised in any city, and a government that is happier locking up shitposters and letting free actual criminals, than doing anything to address people's concerns about safety and the disintegration of their shared cultural identity? I've lived in the UK for nearly 2 decades and I've never felt more keen to leave.
Your own king tried to change his title from 'defender of the anglican faith' to 'defender of the faith.' Its over when the damn king has gone woke 🤮
Because the conservative party doesn't care about solving migration, they could've had a processing facility in france to make the system actually work, but we didn't, Because just like how Donald trump stopped republicans from voting for the bipartisan border bill in the US, its probably more politically advantageous to make migration a bigger issue on purpose, considering the entire client media is behind the Tories, Anyone more liberal on immigration would be seen as trying to make this pressing issue worse, and that's how right wingers want to stay in power. The fact is Reform can spout all the racist dogwhistles they want, but they have NO SOLUTION, Richard tice doesn't know anything about asylum, he thinks we can just intrude into french waters, We can't, and really the policies are just dumb and unrealistic
@@Pebblrock6969 the “bipartisan border bill” was a foreign aid package. And a border bill is already defensive in posture when border security is the eternal responsibility of the federal government. The more the federal government is discredited, the better off we are.
You think the rich care about the poor and wouldn’t mind pay higher taxes just because they’re both English that’s the most naive thing I’ve ever heard and using japan is a great example of why that’s wrong they’re working their people to death over there and the place has not grown a bit in 30 years and there’s practically no immigration in japan so you can’t use that excuse that clearly shows that rich care now doesn’t it?
Like seriously show me a country where the rich willingly helped the poor without either gaining something out of it or being forced to do it
Why bring up Japan as an example? Like...that country is probably doomed in like 50-100 years due to declining birthrates. They pretty much require immigration.
I think the main reason a lot of millionaires are leaving India is because it's India
The problem with democracy is that you give people who don't understand the economy a say about it. It is insane how many people don't understand that rich people just emigrate together with their wealth when you try tax the rich.
Let them. But impose an exit tax, and tax whatever assets they still have in the country (because you can't bring assets like housing with you).
That's not a problem with democracy, that's a problem with the education system.
I think its more nuanced than that, California i believe has the highest top rate of income tax for individuals, and yet its home to silicon valley, and its one of the richest states in the USA.
@@ProsecutorZekromthey sure as fuck won't come back after that one
@@Pebblrock6969you can easily pay taxes in a different state or have practically no personal income despite being extremely rich
As a first step, The UK might want to stop putting people in jail for things that they say.
Nah hate speech should be punishable
@@mlgdigimon Pushing this narrative, you deserve to live in an islamic country.
@@roninecostar and? Being against hate speech is about basic human respect. The fact you support it is weird.
@@mlgdigimonDefine hate speech. They explain why people are breaking that definition, but you support it
@mattevans4377 As I understand it, hate speech is when you degrade or threaten someone (incite hatred against them), be it for their beliefs, sexuality, skin colour, country of origin, ethnicity etc.
If I could afford to leave the UK (at least for the duration of the Labour government) you wouldn't see me for dust.
They're leaving to avoid taxes. We need to find a way to restrict them from moving their money to tax havens.
I hear that East Germany laid off all their border agents a few decades ago. Offer them a new job? I understand they had reliable systems to keep the wealth of the country in the country.
Or, if you want to be in London, just come for "Summer" each year, can spend 3 months a year easy and not become a tax resident, then live somewhere in the southern hemisphere. Double Summers and none of the UK Tax
9500 in one year is a lot.
Most people would buy the apartment with a mortgage, which does not mean that it immediately becomes your asset worth over $1M.
One interesting tax quirk that’s super weird in the world is that the United States is one of the only country that taxes is citizens even if they live abroad and routinely works with other countries to collect that tax.
This feels like a case study of what I read in 'the sovreign individual'. Gets to a point where wealthy people just get fed up of getting their money taken.
A lot of people say to tax the rich, the problem is that they have the money to go to a place that agrees not to take their money. The USA is a country where it's a bit more difficult to get away because of the expat tax, but there's still easy enough ways around that if you're made of money.
'Is it better to have principles, or money?' The UK has neither. Either you're unware of the crippling extent of income inequality or you don't care.
UK had been in decline for 80+ years and I don't expect it to stop any time soon.
Save yourselves and leave
I still think Brexit is a factor as well. Usually decisions to leave have several reasons that accumulate over certain time. The UK currently isn't attractive to rich people and businesses
>The UK currently isn't attractive to rich people and businesses
That's a good thing. Countries should be attractive to labourers, not to parasites.
Inheritance tax is ridiculous in the UK as well.
@@isaacs3413 The first £325,000 is tax free, and it's 40% on any amount over that. Honestly, that's quite low if you're well above the threshold, I'd raise it at higher levels. 50% anything over £1 million. 60% for over £10 million. 70% over £100 million. Etc.
Then redistribute it to those with the least wealth. Child poverty being the key priority.
@@ProsecutorZekrom Raise it by more? the UK has one of the worst inheritance tax rates in the world and you'd want it higher? Literally begging for people to just leave and then instead of the 40% there would be 0. Already very little incentive for those with wealth to raise their kids in the UK or keep there businesses based in the UK lets try get it as close to zero incentive as possible.
Sell up, move to Australia, no inheritance tax here, government policies support buying up property thus high prices but better then inheritance tax
The artificially running huge amounts of revenue through Holland or Luxembourg was declared illegal by the EU 10 years ago. There’s still some stuff companies do with Trademarks and image rights, but it’s very minor compared to a multinational company’s overall revenue.
It’s because the UK is the new Soviet Union.
first... I hate myself
first reply to first comment!! !1!1!!!!1111!
you should after saying first
the most british comment ever
Business is cheap and easy to-do in the UK. Multi Millionaires pay little tax in the UK.
We live in an ever increasingly authoritarian state, even more so now that Labour is elected.
We don't have freedom of speech, we don't have equality, we don't have democracy, we don't have safety.
If I was rich I'd probably bugger off too.
Interesting how millionaires are leaving the UK but extremely poor refugees are arriving in large numbers. Don't think that will end well for the UK economy.
Why? Millionaires actually take money out of the system very often - offshore banking, foreign investment, luxury spending around the world, and of course paying less tax. Meanwhile, many refugees and immigrants are actually the skilled, motivated people who fled/left their countries, and have a strong incentive to work (it's something of a cultural cliché, but true: look at the immigrants from India - 1st generation, corner shop, menial jobs, by the 3rd generation, many doctors and lawyers). Also, arriving as adults, they have, unlike a native born person, cost the state absolutely nothing when they start work, their spending, their taxes are pure profit to the system.
@@PaulThatcher-iu5in Let's say you had to choose between 20 million German immigrants or 20 million Somalian immigrants which do you think would be better for the UK economy? The evidence seems to suggest that poor people are less valuable to the economy than rich people.
@@savvageorge Completely unrealistic, and you know it; you also know that in the case of the German economy, high immigration has hardly been a barrier to dynamic economic growth, as in many advanced countries. Among the countries with the most dynamic growth, many were high immigration countries. Who or what creates wealth? Rich people? Before there is wealth, there is wealth creation, the production of values, ie work; this creates wealth, and the question of wealth for who is a question of the ystem. Under capitalism, the wealth created by many is appropriated by the few. Given a choice, workers or capitalists as immigrants, I choose the former.
@@PaulThatcher-iu5in Doesn't matter how many workers you have when there's no jobs. Workers are important but before you can work you need to be hired by a wealthy capitalist. This is the difference between Somalia and Germany, Germany has rich people living there who can create jobs. Without wealthy capitalists there are no jobs, no factories and no products other than maybe extremely expensive handmade items. The mobile phones we are both using now to communicate required billions in capital investment to produce.
@@savvageorge Let's take an imaginary group of people just arrived in an "empty" land: are there any jobs? No. Do the members ot the group need food, shelter, clothing, and other necessities of life? Yes. Do these things grow on trees? Well, apples do, maybe, but even those need to be picked - guess what? That's a job. As is cutting wood, fishing, hunting, planting seeds, milking the cow, etc etc etc. The question of how we organise this, hierarchically or collectively, with or without private property in the means of production, that is open to question. The idea that "jobs" exist because capitalists "create" them is so naive and childish as to be laughable.
I was an adviser for Investcorp and the theme was from clients is don't give me portfolios for Syria or the UK. Basically Personnel Security, RedTape, Poor Services and a low quality of life overall.
People continually fail to recognize that we are a financial services dominated economy, that is our comparative advantage and we make huge profits from it. This sector depends on people putting their money in the UK be it through banks and other financial institutions. So when discussing wealth taxes or saying "we don't need wealthy peoples money" for better or worse actually we do. This couldn't be said for somewhere like Germany or France that is less dependent on the financial services sector, I could see wealth taxes working better there.
Elite billionaires are drains on the economy. The Financial services sector does not run off of rich billionaires, it gains money through providing services to megacorps etc..
@@aunnaqvi3133 the same rules and taxation applies to large corporations and who do you think owns the corporations?? The billionaires??
@@ThomasSmith-tv7gp people who own shares in those companies, so in other words, people who live all over the world. Furthermore, most companies use tax loopholes to pay almost nothing.
Great video, as an Pole I think the biggest reason people are leaving is because uk isn’t a great place to live anymore. Taxes play a big part of that, but to normal people it’s probably because of safety, and not all migrants especially from the Eastern Europe like the fact that they have to live alongside other migrants from muslim countries. It’s not because of racism, it’s because England isn’t England anymore, and people don’t like to be sometimes only white alongside others. I really like England but uk has to learn from countries like Sweden!!! Migrants are worthy, but migrants who work, America superpower was built by hardworking migrants who did not live off social welfare!!!
People don't just up sticks and leave because taxes went up by 2 or 5% or whatever and they don't just go to tax havens because, quite frankly, tax havens have absolutely nothing going for them. Millionaires aren't so rich that they can simply afford to just leave either; they made their money where they came from and they have very real ties which cannot just be flippantly forgotten about and in many cases, you need to have a job to go to in order to actually emigrate anyway.
I feel it's more likely that there is a net outwards flow of dollar millionaires because salaries in the UK are absolutely terrible and the country is in a painful but well deserved death spiral with little to no growth or potential. For example, a graduate engineer in the UK can expect to be on the equivalent of about $35-40k pa straight out of uni, whereas in the States they can be on north of $80k straight out of uni. It's not just in engineering in the USA either, pretty much every field in the developed world pays better than in the UK.
I can certainly say that there are a lot of millionaires coming to Bulgaria from foreign countries and buying off ghost villages for dirt cheap, even middle class citizens from the UK that there is even documentary about house renovations in foreign countries, I think it's featured in channel 4 the last time I watched.
Stop the boats!
"We keep stealing their stuff, why are they leaving?"
In a sense, they left the uk a long time ago. The trouble is that they keep returning, causing trouble.
Nothing to do with Brexit
Yes nothing😂
Brexit was dumb but this is completely irrelevant to Brexit lmao wtf
those people would have left when brexit happened which was a while ago, stop talking about brexit ffs
obviously ,duhhh
Brexit might not be the main factor but it is a factor as in being the cause for many many other changes in politics, policies and economy. But that's normal. Everytime big events happen everything else is adepting. The UK just isn't attractive right now for those with money and a business.
Hi timed people! 0:01
69:42:01 eyo
Most reasonable Starbucks corporation activity
"corporations arent individuals"
*cries in american*
Because its shit
Making money is hard. No one is going to let’s some crazy government take is away from them.
Income tax isn’t the issue, LOWER income taxes but raise a wealth tax on assets held in the uk. For example if you own 10m in property then you pay 1% of its value in tax. Income isn’t the issue value of assets is
How do you pay the 100k tax bill, do you pay it every year? Someone in London could easily own a 10 mil house without earning anywhere near enough to cover that bill so they are forced to sell the asset, that makes the asset go down in value so should the tax come down as well? How do you tax something when it's value changes every day?
Maybe, just maybe we could stop spending billions on foreign aid to places like India that has its own space programme and we could stop spending billions on housing illegals. Cut the insane spending and we won't need any tax rises at all.
@@quillo2747 I’d love for forcaeble asset sales. This country needs devalued assets. In France and Germany the total price of all assets to gdp is 2-3x. Here it is 7x. Assets are so out of line with income that a reset is required.
@@archiewills5502 this is how you blow up an economy lmfao
@@archiewills5502Smartest socialist
@@dioniscaraus6124 what fix would you suggest?
50 times that number of millionaires will leave over the coming years!! God help those who are left holding that tax baby in 2/3 years!!
I moved from Canada to Uruguay to get away from overregulation. Silly things like I can walk into a pharmacy and buy pharmaceuticals without a doctor's permission.
Rats leaving a sinking ship.
Smarter than most
Rats leaving londonstan. Other will come in their sted
good decision if I was rich I would leave
So your calling millionaires rats? 😂
@@shqip_sumejja "Parasites" would be more apt but that's not how the saying goes.
How many of these are just home owning retirees who struck it good on the housing boom & are off to travel or retire overseas before the bottom falls out of the UK housing market?
It’s not surprising at all, all down to Starmer’s horrible tax plans
I heard Ireland has some favorable tax regulations for businesses. If you owned a big company, would you rather run it from Dublin as an Irish citizen than London as a UK citizen?
Well timed , it’s fuked 😂
China’s economy is having a lot of Trouble, too, so it’s no wonder many people are leaving.
Lmao this is some peak amerimutt cope 😂😂😂, the entire worlds economy is in trouble and china still has highest gdp increase world wide, the usa is literally heading to civil war, the usa wont last 3 more elections
I've been hearing for decades about China's impending financial crisis and it has yet to happen. I'll believe the Chinese economy is "having a lot of trouble" when i see it
Well the entirety of property and holdings they have doesn't really exist but is simply "allowed" by the CCP and can change on a whim whenever the CCP wants it to. Its not as much the economy is having trouble as much as the existence of wealth means you are a tool of the CCP or else they make an example of you. For example, the Chinese running off to Canada and the U.S. and hiding their assets away in real estate has been happening for a long time now.
@@kapargfinancial crisis no but china is slowing down which is to be expected no one keeps that kind of growth forever also the effects of the one child policy will really show itself in the upcoming years
How many are Russian?
Oh no! Not massive opportunities for locals to build wealth opening up on our doorstep! Whatever shall we do?!?
The fair thing would be to reduce the tax for everyone
I was like how can paying 30 grand a year not be cheaper for a lot of people than paying the tax brackets until I saw how low income tax is in the UK.
In Netherlands it would be cheaper if you earn over 85.000 euros.
Thats a crazy tax cut for people earning double, triple, or more than that considering taxes are are at 49% at that income.
Someone earning 225k would save 100k in taxes a year.
did he just sneak-flex that he's a millionaire?
UK was wealthier in the post war era when state spending and tax on the rich was high, Once neoliberalism came in the 80s we had to borrow to continue the same life style do to reduction in taxes to the rich, once 2008 happened then came austerity which destroyed the working class and poor which have not benefited from much state spending. Everyone voted for right wing policies since 2010 so the right wing capitalists are to blame for the decline of the UK
1. Taxes 2. Labour in general 3. The UK is a shithole these days.
Are they taking the assets with them, because private and commercial property in the UK still needs to be taxed in the UK. Can't run off with land.
Why does the colour on the highest income tax rate graph imply that high tax rates are good? (Green) Seems like a failing of neutral presentation.
Just British pensioners retiring abroad.
People can renounce their American citizenship as well
oh wow this aged well..
If you make your money in the U.K. you should not be able to offshore that income. All income should be taxed at the source of income, not where it ends up.
The NHS fee is like a service fee added by the government except you can't take it off the bill, smh.
Haven't watched yet my guess would be fleeing taxes and rising crime rates
Shows how attached to the country they are. It’s up to them where they accrue their money. It is a complex issue
2-3% transaction tax deducted by the banks no exceptions (gov funding problems could be solved )
We need to pay for UBI in a few years
corporation profits can all be easily manipulated to avoid taxes , we need a modern tax system
You know, using a graph that overrepresents how many are "leaving" and underpresents who have "moved" doesn't quite seem like factual information, you have around 8k millionaires in unknown destinations which to me just seems like whoever made this is exaggerating in order to make a message. Skewed data is not worth listening to.
likely they're leaving or entering a country that wasn't shown here because is had too few new millionaires
May be bad weather?
nah - they are just leaving because its a bit sh**. Its easy enough to fenagle the taxes if you are in the +50m category. It will be mainly people off to spain with 1-5 mil. And btw if their biz assets are in Uk good luck with getting those out if the Uk really wanted those taxed.
So wealthy people want their freedom, but they don't want to pay for it. Got it.
they've been offered a lower price for it, would be more accurate
The UK doesn’t have a whole lot of freedom to offer.
They already pay way more than the middle class let alone the poor in relative terms to their income. (Note this is for millionaires who earn an income, not super wealthy billionaire families, who likely don't pay any tax at all, or at least very little because of knowledge and connections).
ah yes freedom that's why the UAE is the biggest gainer of millionaires and Singapore is the 3rd
@@TeddyKrimsony pay for play freedom
Inequality is going nowhere buy up as the world becomes more competitive. If you can succeed, it will be better than ever, but most wont, and things will just get even worse.
These people usually don't contribute much to the actual economy (business building, job creation etc) other than being consumer and taxing on trades.
People with 1 million in assets usually just own a house and a nice car. Thats the middle class, cornerstone of the economy.
I wonder why 🤔🤔
Low income Australian pay more tax I don’t get it. it’s like the government taxes you for everything even the services they definitely can’t provide the make actual wealth
Well.. an economy with more middle class means more voters are voting for middle class issues.
And doing the gaining millionaire residents with that trick is a race to the bottom. Some other country is going to pick up that practice and they'll offer something even better.
good ridance
Every millionare and billionare in the world wants to move to Austin Texas😂
4:02 Guernsey POV: Am I not enough for you:(
I think you get mixed up with the non dom.part
The UK tax peoppe who are resident in tht UK (usually more than 180 days in a yr) on a world wide income
UK citizens dont need to pay tax on overseas income when they are not resident in the UK
The non dom status entice foreign ppl to be resident in thr UK as long as they dont bring their overseas income into thr UK
United States tax its.citizen wherever they live.but if the live overseas they dont get tax firsr half a million USD of their overses income they just need to file with tjr IRS
It do be pretty small for a milion dollars. I could buy 10, 3 story houses in my Capital for that much