Alex Recouso

The recent capital gains tax increase in the UK was expected to bring additional tax revenue.

Instead, high-net-worth individuals and families are leaving the country leading to an 18% fall in net capital gains tax revenue. A £2.7b loss.

Welcome to the Laffer curve, suckers.

In 2023 alone, 12,500 high-net-worth individuals (HNWls) left the UK.

Another 17,000 are expected to do so in 2025.

UBS's latest estimates say the UK will lose +500,000 millionaires by 2028.

The top 1% of taxpayers in the UK pay 29% of all income tax.

So what happens when all the top taxpayers have left?

It's probably controversial, but I genuinely believe that within the next 5 years the UK and most Western countries will tax their citizens globally, like the US does.

Don’t you see the UK is heading towards a socialist failed state like Cuba or Venezuela?

Eventually,

Europe deindustrialized and blew up the economy.

Now, EU countries are bankrupt and preparing for asset seizure.

Central banks are insolvent. This is how they bail them out:

First, they printed trillions and told you inflation was transitory.

Now, they're taxing trillions and telling you taxes are transitory!

Don't believe me?

🇫🇷 France just announced new tax hikes.

But don't worry: they target the wealthy.

🇮🇹 Italy will raise capital gain taxes from 26% to 42%.

But don't worry: they target only Bitcoin.

In order places, it's plain wealth taxes.

🇳🇴 Norway raised wealth taxes to bring an additional $146M in yearly tax revenue.

Instead, individuals worth $54B left the country, leading to a loss of $594M in yearly wealth tax revenue. A net decrease of $448M.

🇪🇸 Spain just recorded 1,000 fewer high-net-worth taxpayers — the first negative millionaire migration since the country imposed a tax on wealth.

Thousands of millionaires are leaving