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That’s the UK. Has the UK tried to ban being rich? No.
You may want to investigate what the top tax rate was in the UK when Microsoft was founded.
From a cursory Google: The top UK tax bracket in 1975 was 83% and the top US bracket was 70%. Seems a bit of a leap to call the 13% difference "banning being rich"?
From a cursory Google search, “unearned” wealth was taxed at 98%. That could include capital gains with no basis, ie stock options for employees
Becoming rich in UK or EU is not hindered by tax brackets If anything it’s hindered by other factors: - Investors are more risk-averse - better social benefits make entrepreneurship less attractive - consumers are skeptical to new brands which makes monopolies stronger
Agree with 1 and 3, but better social benefits make entrepreneurship more attractive, no? In the US you can't take a risk by quitting your job because your healthcare is tied to it.
I'll take "Spurious Correlations" for $200, Alex.
https://www.cnbc.com/2020/01/06/bill-gates-high-taxes-didnt-discourage-him-from-launching-microsoft.html … BillG says 75% tax rate was fine. Also, to "ban" the Duke of Westminster-style rich in UK you would need a property not income or investment tax. And UK != Europe.
Thanks for your reply Paul. Some good information in the thread. Cheers
About the same as in the US, give or take a few years of the exact timing of the Reagan/Thatcher tax cuts and Clinton/Blair tax hikes.
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