December 20, 2012
If you read these columns regularly, you understand that wealthy people typically didn’t get that way by being so dimwitted they can’t imagine how to protect their wealth when someone tries taking it away.
But like many things we all “know,” it can be hard to cite examples under pressure. So as a public service, we present several of those priceless examples, for deployment next time some Liberal ninny says we can solve all our problems with higher tax rates that squeeze the “top two percent” a little harder.
The British government has found to its chagrin that wealthy people are able to move or shift income just as two-thirds of the country’s millionaires have done, to escape confiscatory taxation. It’s not as if British millionaires are the only ones figuring this out. People are fleeing California, as NBC TV’s Los Angeles affiliate reported this month.
That story only scratches the surface. This fall, the Manhattan Institute noted that taxes, both existing and anticipated, have played a role in 3.4 million people leaving California since 1990. That’s like the entire population of Connecticut packing up and leaving; it’s more than the populations of 21 states.
Another place in some ways very much like California—that is to say, France—is finding it hard to get rich people to stand still for the fleecing.
Most delicious of all is this report of Google revenues being shifted to escape high taxes. Google has proven that even people who helped bankroll the Obama re-election don’t behave like idiots all the time. The question is, does anybody in the administration read this stuff?