Dr. Ann Kaplan Mulholland warns that the UK's economy is on the verge of disaster due to the Chancellor's tax decisions, notably the abolition of the non-dom tax status. This change has led to an estimated 10,800 wealthy individuals leaving the country, exacerbating financial struggles. Mulholland suggests an alternative to double taxation: charging high net-worth individuals a fixed fee while allowing them to invest in UK infrastructure. This strategy could generate significant revenue to support the economy. Experts emphasize the need for the government to create a more favorable regulatory environment to retain affluent citizens.
In an era right now where we're facing the highest taxes since World War two, that for the wealthy like us that are really having no choice but to leave the country.
If you were to charge non-dom wealthy residents $200,000 a year, you would get $7 billion of income from us if you just charged us that fee.
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