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High
Earners Could Flee UK Because Of Top Tax Rate |
High earners may flee the country due to the
UK's high tax rate, according to research published by UHY
International.
Britain is ranked seventh in a list of tax
rates for people earning more than $200,000 (£122,000) in
major economies across the world. Take home pay was just
60.9% of income in the UK, while in USA it is 69.9%, Russia
87% and Dubai 100%. Britain is also ranked seventh for its
tax rate on people earning less than $25,000 a year, behind
the USA, Spain and Ireland.
"Many governments are facing tough
choices as they grapple with record deficits. Achieving a
sustainable fiscal position will be difficult without
raising taxes, which is a major political issue for many
countries as they seek to strike a balance between fiscal
responsibility and economic growth," said UHY
International chairman John Wolfgang.
UHY International, which includes UHY Hacker
Young in the UK, studied tax data in 19 countries across its
international network and is based on a single, unmarried
taxpayer with no children.
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