Mail Online:

The opinion polls have uttered. The country loves the new 50 per cent top rate of income tax. Soak the rich. Smash the bankers. So Government spin doctors are in second heaven. The Conservatives’ silence redefines a tomb. And I suppose there’d be quite a turnout for the public flogging of Sir Fred the Shred.

(snip)

I write this article because I fear the inevitable exodus of the talent that can dig us out of the hole we find ourselves in. It is inevitable, given that other countries are bidding for entrepreneurs. The Government must modify its proposals.

I give you this example. I have altered the details of the family I write about for obvious reasons. But the essentials are true.

Last Thursday I met with a thirtysomething guy. I absolutely depend on him in a highly technical area of theatrical production. For legal reasons he has to employ himself through his own company. Under the new tax regime, he will have to pay 13.3 per cent to employ himself before he pays himself anything. And then he will have to pay 51.5 per cent on what’s left.
This is a guy at the cutting edge of his profession who works all over the world. He is in demand in every major territory where entertainment is produced. He has a young wife and two children. Last Thursday he told me that he and his wife had decided that the UK was no longer where they wanted to live.

His wife thinks the State education system is inadequate. And she fears that a bankrupt Britain will increasingly be a worse place in which to live as the horror of our present financial mess hits us all in the solar plexus.

He says that he is young enough to set up shop somewhere else. The new tax rates were the final straw. These talented young people know they will make it impossible for them to educate their kids privately in the UK.

My comment: Producers and risk takers are the true heros of society. When the fat, bulging, crude, non-producing element of society waddle down to the voting booth to avail themselves of their democratic right they forget this. People believe they can live off of others effort. The hoi polloi believe that to produce and own and enjoy the fruits of ones labor is evil. That is why capital both monetary and human will has always and will always flee to where it is treated best. I have set my affairs up such that I can bail out of the US as it decends into this same type of wealth confiscation state. Believe me there are plenty of places to go on earth where people with capital that know how to get things done are welcomed with open arms. I suspect that we will see many younger and smarter memebers of the the producer class bail on Mr. Browns and Mr. Obama’s impending fairness societies.

John Polomny
The Real Deal