Obamanation Going the British Route – Why That’s not a Good Thing

I’ve done several posts about the British press lately, here’s one regarding tax legislation in the UK. High income earners, especially in the financial and banking sectors in Great Britain are eyeing the possibility of moving out of the country. Why? PM Gordon Brown’s Labour (liberal) Party’s recent proposal to boost income tax rates over $220,000.00 to 50%. Sound familiar fellow Americans? From the Bloomberg article above –

”The initiative is part of the government’s efforts to contain a planned budget deficit of 12.4 percent of gross domestic product, Britain’s biggest in peacetime. The Treasury expects the tax to raise about 2.2 billion pounds next year when government borrowing will be 173 billion pounds. Darling’s budget calls for 703 billion pounds of deficits in the five years through April 2014.” Basically translated folks here, this means that the UK government is going to squeeze high-income, high-achievers (just like our liberals here desire), and come up with 2 billion of a 173 billion shortfall. So basically they are going to risk a mass migration of the business class for a drop in the bucket change in their budget. Incompetence and populist pandering on an Obamanation level.

Apparently there is another angle to the story. From Bloomberg – “There is a populist side to this message: Let’s over-tax the rich,” said French-born Philippe Houchois, 45, an analyst in London for Zurich-based UBS AG. The state is encouraging this anger “against banks, against the financial sector.”
According to British polling, a majority of the public believes that raising taxes is a good idea. Sound familiar again? ‘Fairness’ trumps sound economic policy in the UK as well. Never mind if the rich are going to say ‘adios’ to their country, it’s ‘fair’ that they pay more taxes. Never mind that they will pay the highest top rate in Europe, even higher than France.
The Uk is the Unites State’s canary-in-the-coal-mine. Economically they are 10, 20 years ahead of us with liberal social spending. Look at where they are at.


Bungalow Bill said…

Sounds like they have been studying at Rush Limbaugh’s School for Advanced Conservative Study.

Left Coast Rebel said…

BB – almost to at ‘t’…

cfm990 said…

Won’t be long before they run out of places to go. World wide socialism is on the rise. All they can hope for is a delaying tactic. Go somewhere that the tax rates are lower ,for now.

Left Coast Rebel said…

cfm990 – you are correct my friend, America is entering the long slide into socialism as well, what was once the beacon of hope and freedom…..

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