History repeating itself. In a desperate attempt to stave off electoral defeat in the upcoming elections, Gordon Brown and the Labour Party have raised the top marginal income tax rate to 50 %. This despite the fact that their own financial and economic experts have publicly told them that it will not result in any increased revenues. In fact, it may result in DECREASED revenues.Britain's producers and investors will reject being wealthy sheep waiting to be meekly shorn and will instead return to the days of avoidance, off-shoring and tax exile as in the Pre-Thatcher 60's and 70's.
This is an important object lesson for the U.S. as Obama and the Dems are heading down the same path.



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