Hello New York, the UK Shows that if You Tax the Rich, They Will Flee

The UK closed a tax loophole. Guess what. NYC can expect the same.

Extreme Wealthy Flee the UK

The Wall Street Journal reports The U.K. Closed a Tax Loophole for the Global Rich. Now They’re Fleeing.

The U.K. is trying to tax the superrich. It’s off to a bumpy start.

“I’m on my way out,” said Bassim Haidar, a Nigerian-born Lebanese businessman who moved here in 2010. “There comes a time when you don’t feel welcome anymore, and it’s time to just start packing and leaving.”

Haidar is one of the estimated 74,000 who used a centuries-old tax loophole, abolished in April, that catered to the global rich. The nondomiciled—or non-dom status, as it is…

Read the full article at ACTIVISTPOST.COM