Tax reform consideration

No doubt the boffins and boof heads in Canberra won’t care, but consider the following chart showing rich people exiting which countries:

Never should it be forgotten that it is the rich people who pay the taxes who finance the public services for all. This includes paying for the obsene salaries of those boffins and boof heads in Canberra.

The most striking thing about this diagram is the exits from the UK - which probably almost entirely relate to tax. The reason for the exits from the other countries are for other obvious reasons.

And what tax reasons you ask? From my friend Chat GPT:

Abolition of Non-Dom Status: Effective from 6 April 2025, the UK government is replacing the non-dom tax regime with a residence-based system. Previously, non-doms could avoid UK tax on foreign income and gains unless remitted to the UK. Under the new rules, long-term UK residents will be taxed on their worldwide income and gains, regardless of remittance

Inheritance Tax (IHT) Reforms: The government plans to shift from a domicile-based IHT system to a residence-based one. Individuals who have been UK residents for at least 10 years will be subject to IHT on their global assets, even if they leave the UK, for up to 10 years after departure

Trust Taxation Changes: Protections for non-UK trusts are being removed. From April 2025, income and gains arising in such trusts will be taxed on the settlor if they have been UK resident for more than four years

Basically - trying to steal more money from the wealthy expecting them to sit still to finance the fat, lazy, bloated, incompetent government. Much like the one we have in Australia.

But guess what. Capital - human and financial capital - is mobile. And can get up and leave.

Now the Australian Greens have a bright idea to go with their attempts at state led theft. You know, to stop people taking their money away before the government can take it. This will no doubt be followed with stopping people trying to leave the country. Like they did in the Soviet Union.

With tax reform Australian style, tax increase in disguise, just be prepared. They are coming for you and your money. Superannuation is just the start.

There will always be a rich - irrespective of whether they are rich. It is just the politically convenient name for those people without political power who are fleeced by those with people with political power.

Pack your go bag before its too late.