Thursday, August 27, 2009

Another Failed Obama, er British Plan

Are any of the liberal Democrats listening or paying attention to the news coming out of Europe, and more specifically England in regards to what happens when you keep raising taxes?

We have all heard all the stories coming from the country once known as Great Britain regarding the debate over government control of the healthcare system but I don't think much attention is being paid to all of the other news from across the Big Pond regarding financial matters.

Today's entry in that list of warning signs that we really ought to pay attention to but aren't, is about American expats who are now fleeing England and returning home due to the rising tax rates. Where will they go when they find out the tax rate here, if the Democrats have their way, will soon make those tax rates seem like small potatos?
Americans are heading home as Britain plans a 50 percent tax rate for those who earn more than 150,000 pounds ($248,000) a year and employers cut benefits for workers living abroad, reducing the allure of London. That comes a year after the U.K. said foreigners who have lived in the country for more than seven years must pay 30,000 pounds annually or give up the special status that shields overseas income from British taxes.

Anybody else get a sort of deja vu feeling when they see the amounts quoted? Do you sometimes think that the only thing Barry O is doing is looking at policies imposed in England, which have mostly failed, and proposing them here and trying to claim them as original or his own?

That $250,000 amount sure seems to be some sort of magic number.

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