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Hello New York, The UK Shows That If You Tax The Rich, They Will Flee
Mish Talk ^ | 07/22/2025 | Mike Shedlock

Posted on 07/22/2025 8:28:49 AM PDT by SeekAndFind

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 known—allowed foreigners living in the U.K. to pay tax only on what they earned domestically. Profits made abroad were ignored unless brought into the U.K.

Beset by high public debt and crumbling infrastructure, the U.K. hoped eliminating non-doms would bring in about $45 billion by 2030. But instead of paying up, wealthy expats are rushing for the exits, sparking questions about whether the effort will raise any money at all.

The British experiment has laid bare the difficult politics of taxing the rich. Taxing high earners has become a rallying cry on the left as a solution to income inequality and fraying social-safety nets. Low-tax advocates say taxes on the wealthy are counterproductive, driving away job creators and big spenders.

One challenge of taxing the wealthy is that they are highly mobile, with houses around the world, private jets and an army of advisers who can sort out visas and bureaucratic paperwork quickly. Jurisdictions such as Dubai, Italy and Monaco have rolled out the red carpet, offering no taxation or structures similar to the U.K.’s old non-dom status.

Haidar is selling his U.K. properties and plans to leave this summer. He’ll split his time between Dubai and Greece.

Wealthy Britons have been trying to escape the U.K.’s high tax rates for decades. In the 1970s, the Rolling Stones moved to France to avoid taxes, while David Bowie went to Switzerland.

The lucrative non-dom loophole had the opposite effect, drawing rich foreigners to London.

The U.K. always knew that some rich residents would leave because of the tax changes and built that into its forecasts. The U.K.’s independent budget watchdog, the Office for Budget Responsibility, estimated that among a large subset of non-doms, around 12% will move. But it warned this month that departures could be higher and said the U.K.’s “growing reliance on this small and mobile group of taxpayers therefore represents a fiscal risk.”

A report from the Centre for Economics and Business Research, commissioned by the Land of Opportunity campaign, forecast that a higher share of non-doms would leave and suggested the government could lose money if the migration rate tops 25%.

Campaign Platform of Democrat Zohran Mamdani

In New York City, here is the campaign platform of Democrat Zohran Mamdani

How Will Zohran Pay for the Above?

Prisons Are Obsolete

Zohran Mamdani on abolishing prisons and jail: "What purpose do they serve, besides making people feel good?" pic.twitter.com/KYgD1nRP8U — End Wokeness (@EndWokeness) July 17, 2025

Abolition of Private Property

Zohran Mamdani says he'd be in favor of the "abolition of private property" pic.twitter.com/WRs6JEG5tv — End Wokeness (@EndWokeness) July 17, 2025

Gender Affirming Care

Zohran Mamdani pledges $65 million for Gender Sex Changes, otherwise known as “Gender Affirming Care”

Again… the dude just became a US Citizen in 2018 and wants to..

- defund police
- legalize prostitution
- legalize drugs
- decriminalize crimes
- mutilate children
- take… pic.twitter.com/3H9ZFum9qY — Not A Number (@myhiddenvalue) June 29, 2025

Defund the Police

Politifact: “There’s no evidence Zohran Mamdani wants to defund the police. We rate the claim as false.” pic.twitter.com/aPLLJE2wNW — Bonchie (@bonchieredstate) July 7, 2025

Mamdani now says he does not support defunding the police.

Don't believe the MAGA billionaires funding Andrew Cuomo's fear-driven campaign: I will not defund the police.

I will let them do their actual jobs by investing in social and mental health workers, and pursuing evidence-based policies that deliver safety. pic.twitter.com/vcSOKuZYDA — Zohran Kwame Mamdani (@ZohranKMamdani) June 13, 2025

Wait a Second

This is the same Zohran Mamdani who said he would defund the police by $1 billion.

Zohran wants law enforcement protection for himself but not for New Yorkers. https://t.co/pbGboMNTiS pic.twitter.com/f1rlopCHqM — RNC Research (@RNCResearch) June 17, 2025

He now does not want to “defund” the police. He just wants yo cut $1 billion out of a $6 billion budget.

A Pathetic List of Candidates

The New York Times addresses the question Who’s Running for Mayor of New York City?

What a pathetic lot.

Sliwa, a Republican, has no chance and he won’t back out. That’s likely irrelevant.

However, three candidates running as independents is relevant. If they all stay in, they will split the vote ending what little chance they did have.

It’s even worse than I thought looking at the Platform of Jim Walden

To tackle affordability, he’s pledged $1 billion a year in rent relief for the city’s most rent-burdened tenants, funded immediately by cutting ineffective programs and using the city’s budget surplus, and in the future, by instituting a 0.75% “micro-tax” on goods and services, which he said would raise an estimated $60 billion over four years. Walden said the tax is small enough that it won’t cause companies to alter their business decisions. He would need state approval for the tax.

He also wants to create a contract-based rent-stabilization program to incentive more affordable housing.

Pretty Much Over

Marxist Zohran Mamdani wants to defund the police

He wants to forcibly “seize the means of production”

He wants to tax whiter neighborhoods to pay for everyone else

He defends the violent phrase “Globalize the Intifada”

This man is TOO dangerous for America. @PiersUncensored pic.twitter.com/pQJn1VCeei — Lindy Li (@lindyli) June 30, 2025

Mish Proposal

Given that anyone would be better than Zohran Mamdani, I suggest Andrew Cuomo, Eric Adams, and Jim Walden agree to pulling a single name out of the hat to run as the independent.

Otherwise, and perhaps anyway, a Marxist will be running New York City.


TOPICS: Business/Economy; Culture/Society; News/Current Events; United Kingdom
KEYWORDS: andrewcuomo; curtissliwa; defundthepolice; ericadams; exodus; islamofascism; islamofascists; kathyhochul; koranimals; mikeshedlock; newyork; newyorkcity; nyc; taxation; twelvers; unitedkingdom; wealthy; zohranmamdani
RE: Sliwa, a Republican, has no chance and he won’t back out. That’s likely irrelevant.

That's the problem with Republicans in New York. They have a true Trump supporter and a known crime fighter for decades in their ticket and all they give us is -- NO, NO, HE CAN'T WIN! instead of throwing their wholehearted support.

And early in this race, Sliwa is already closing in on Mamdani and Cuomo in the polls. All he needs is CASH for him to get his message out. Where is the Republican equivalent of George Soros?

1 posted on 07/22/2025 8:28:49 AM PDT by SeekAndFind
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To: SeekAndFind
But instead of paying up, wealthy expats are rushing for the exits, sparking questions about whether the effort will raise any money at all.

Wrong question. The proper question is how much will it cost.

2 posted on 07/22/2025 8:31:17 AM PDT by piytar (Remember Ashli Babbitt, Rosanne Boyland, and Corey Comperatore!)
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To: SeekAndFind

>>If You Tax The Rich, They Will Flee

It’s almost as if people don’t WANT to be slaves...


3 posted on 07/22/2025 8:38:16 AM PDT by vikingd00d (chown -R us ~you/base)
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To: SeekAndFind

Just picking on one of his promises......

If he cancels Medicare Advantage, poor people going onto Medicare will either have to ante up $500-$1000 a month for supplement plans or do without a lot of coverage.

I don’t think much of Advantage, but for those that cannot afford a supplement, it is a godsend.

This is going to screw the crap out of the very people that are going to vote for him. Free stuff is expensive - so is ignorance.


4 posted on 07/22/2025 8:54:07 AM PDT by ChildOfThe60s (If you can remember the 60s, you weren't really there)
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To: SeekAndFind

lets pretend that the rich do not have a team of lawyers and CPAs advising them

and lets pretend that the rich cannot live anywhere they want

they probably already have homes in lower tax jurisdictions

its is simply a matter of having their butler pack their suitcases and getting on their private jet

aint nothing more mobile than the rich


5 posted on 07/22/2025 9:22:43 AM PDT by joshua c
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To: SeekAndFind

And yet here in the US they lecture about how they are under taxed (until they aren’t).


6 posted on 07/22/2025 9:44:13 AM PDT by pas
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To: sauropod

Bkmk


7 posted on 07/22/2025 9:54:53 AM PDT by sauropod (Make sure Satan has to climb over a lot of Scripture to get to you. John MacArthur Ne supra crepidam)
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To: SeekAndFind

How does an effing Mayor cancel Medicare Advantage? Lol.


8 posted on 07/22/2025 11:16:56 AM PDT by Seruzawa ("The Political left is the Garden of Eden of incompetence" - Marx the Smarter (Groucho))
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