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Can we get this reproduced by someone not as obviously biased as the "Tax Justice Network"? It's absurd that this organisation's findings would be taken at face

Can we get this reproduced by someone not as obviously biased as the "Tax Justice Network"? It's absurd that this organisation's findings would be taken at face value.

anigbrowl 1y ago
I have to ask, did you say the thing at the time the supposed exodus was getting lots of media coverage? I expressed skepticism about it at the time, although I did not pay it too much attention because I don't live int he UK. But any skepticism about such a prediction always incurs a bunch of people insisting I don't understand economics and explanation of how freely the wealthy can flee a high tax jurisdiction. I notice you don't identify any particular investigative shortcomings or fallacies in the report; you just think it's absurd to even consider the viewpoint of an organization that argues the wealthy are undertaxed.
- WickyNilliams 1y ago
  The original report this article responds to was out put by a company that sells golden passports, and their study involved trawling linkedin. If there are concerns around methodology and bias, then you are absolutely right we should start there
swarnie 1y ago
I'm also interested in how they've come up with the 3 million millionaires in the UK figure, they only seem to cite themselves for the data. 4.5% of the entire country are millionaires? On paper or in home equity + pension maybe... But those aren't the people we're concerned about leaving.
- djohnston 1y ago
  Nan is selling her home and moving to Barcelona - another mover and shaker gone!
- teamonkey 1y ago
  They cite Swiss bank UBS, there’s a table in the footnotes. I’m not convinced about that figure myself but they are responding to the announcement that was put out by UBS.
- walthamstow 1y ago
  If they're counting pensions and counting married couples as two millionaires then it's quite easy to come up with a big number. The propaganda on both sides is so easy to write.
- rhubarbtree 1y ago
  Sounds like a gross underestimate to me. I heard something along the lines that 20% of boomers are millionaires.
vessenes 1y ago
The article is basically worthless. Wealth follows a power law; saying 90x% of millionaires didn’t move is noise. The very wealthy are in fact moving; they don’t want to be subject to a tax jurisdiction that claims reach on global income. Now, they weren’t paying tax on that income before, so it’s not like it will make a huge impact on UK revenues, but I know that those folks tend to hire local professional services, bankers, etc; we’ll see if they keep doing business with the UK or look elsewhere, like the US. Smart money would be on the US + Dubai right now I think.
- hermitcrab 1y ago
  I've been to Dubai. I can't imagine moving there just to save some tax.
  - vessenes 1y ago
    Many Brits disagree with you — they’re serious about maintaining / reclaiming their class-based lifestyle in the UK - usually enabled by cheap labor — google “Happy Valley” if you’d like to see the 100 years-ago version of this.
    - hermitcrab 1y ago
      >Many Brits disagree with you Based on the small sample that I have had contact with - I'm quite happy to see them go. >google “Happy Valley” if you’d like to see the 100 years-ago version of this. In Kenya?
      - vessenes 1y ago
        Yep. As the economy changed and large estate living became untenable in England, a group moved to Kenya to sort of extend their lifestyle.
paddleon 1y ago
[flagged]
- tasuki 1y ago
  > wait, you are deciding they are biased based on their name? Well, does the name sound unbiased to you? To me, it also looks, based on the name alone, that they have an agenda. Is that a mistake from my side? If so, why?

Can we get this reproduced by someone not as obviously biased as the "Tax Justice Network"? It's absurd that this organisation's findings would be taken at face value.

anigbrowl 1y ago

I have to ask, did you say the thing at the time the supposed exodus was getting lots of media coverage? I expressed skepticism about it at the time, although I did not pay it too much attention because I don't live int he UK. But any skepticism about such a prediction always incurs a bunch of people insisting I don't understand economics and explanation of how freely the wealthy can flee a high tax jurisdiction. I notice you don't identify any particular investigative shortcomings or fallacies in the report; you just think it's absurd to even consider the viewpoint of an organization that argues the wealthy are undertaxed.

WickyNilliams 1y ago
The original report this article responds to was out put by a company that sells golden passports, and their study involved trawling linkedin. If there are concerns around methodology and bias, then you are absolutely right we should start there

swarnie 1y ago

I'm also interested in how they've come up with the 3 million millionaires in the UK figure, they only seem to cite themselves for the data. 4.5% of the entire country are millionaires? On paper or in home equity + pension maybe... But those aren't the people we're concerned about leaving.

djohnston 1y ago
Nan is selling her home and moving to Barcelona - another mover and shaker gone!
teamonkey 1y ago
They cite Swiss bank UBS, there’s a table in the footnotes. I’m not convinced about that figure myself but they are responding to the announcement that was put out by UBS.
walthamstow 1y ago
If they're counting pensions and counting married couples as two millionaires then it's quite easy to come up with a big number. The propaganda on both sides is so easy to write.
rhubarbtree 1y ago
Sounds like a gross underestimate to me. I heard something along the lines that 20% of boomers are millionaires.

vessenes 1y ago

The article is basically worthless. Wealth follows a power law; saying 90x% of millionaires didn’t move is noise. The very wealthy are in fact moving; they don’t want to be subject to a tax jurisdiction that claims reach on global income. Now, they weren’t paying tax on that income before, so it’s not like it will make a huge impact on UK revenues, but I know that those folks tend to hire local professional services, bankers, etc; we’ll see if they keep doing business with the UK or look elsewhere, like the US. Smart money would be on the US + Dubai right now I think.

hermitcrab 1y ago
I've been to Dubai. I can't imagine moving there just to save some tax.
- vessenes 1y ago
  Many Brits disagree with you — they’re serious about maintaining / reclaiming their class-based lifestyle in the UK - usually enabled by cheap labor — google “Happy Valley” if you’d like to see the 100 years-ago version of this.
  - hermitcrab 1y ago
    >Many Brits disagree with you Based on the small sample that I have had contact with - I'm quite happy to see them go. >google “Happy Valley” if you’d like to see the 100 years-ago version of this. In Kenya?
    - vessenes 1y ago
      Yep. As the economy changed and large estate living became untenable in England, a group moved to Kenya to sort of extend their lifestyle.

paddleon 1y ago

[flagged]

tasuki 1y ago
> wait, you are deciding they are biased based on their name? Well, does the name sound unbiased to you? To me, it also looks, based on the name alone, that they have an agenda. Is that a mistake from my side? If so, why?