50% Tax Rate Causes Banker's to Flee the City


	50% Tax Rate Causes Banker's to Flee the City

Maurna Desmond

4-28-2009 3:40 PM

161 views

Maurna Desmond says:

Higher tax rate in London and New York are bound to force financiers to order someone to pack up their things. But where will they go? Pal Beach, anyone?

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/cf10884a-2ce7-4533-814b-22b00582b89e/513AB608-09C5-4901-85A6-94F706650C18/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.bloomberg.com/apps/news?pid=20601109&sid=aKCdIuHonoTM&refer=home" href="http://www.bloomberg.com/apps/news?pid=20601109&sid=aKCdIuHonoTM&refer=home" style="font-size: 11px;">www.bloomberg.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=20601109&sid=aKCdIuHonoTM&refer=home"><P>Prime Minister Gordon Brown’s proposal to boost the tax
rate to 50 percent from 40 percent on income above 150,000
pounds ($220,000) pushed headlines about “class warfare” onto
the front pages of the capital’s newspapers. It also prompted
predictions from business groups that it would undermine the
U.K.’s competitiveness and lead to an exodus of financial
talent. Brown was portrayed as Vladimir Lenin in a cartoon on
Page One of the Daily Telegraph.     </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.bloomberg.com/apps/news?pid=20601109&sid=aKCdIuHonoTM&refer=home"><P>The income-tax change, set to take effect next year, would
give the U.K. a higher top rate than Spain, Italy, Germany,
France and the U.S., according to KPMG, the accounting firm.
Among the 30 members of the Organization for Economic Co-
operation and Development, the country would jump to seventh
from 19th in the rankings of tax rates, accounting firm Ernst &
Young said.     </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/513AB608-09C5-4901-85A6-94F706650C18/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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