First of all, thank you all so much for helping me attain 20,000 views! I never thought that my blog would get this much traffic when I started, so the views have really surpassed my expectations.
If Ed Miliband is elected in the upcoming 2015 General Election, he proposes raising money for the social services such as healthcare and education by taxing the rich more. It is evident that he has not looked at France’s failed social experiment, where the levels of brain drain are at all time high, with the most skilled and most prestigious workers leaving, and ones from other countries not considering coming at all.
Just because Mr. Miliband evidently hasn’t looked at France’s failed experiment yet, that doesn’t mean that I’m going to overlook it. Francois Hollande came to office in 2012, and France’s economic growth has since stagnated from 2.1 percent in 2011 to just 0.3 percent in 2012 and 2013. The allure of France to the rich and powerful has been completely shattered. Would you want to live in a country which taxes high earners at a rate of 75 percent? Granted, Mr Miliband is only proposing taxes of 50 percent to people earning above £150,000 – but then where is the attraction?
We live in a society that is simply obsessed with money, and this intrinsic trait will only be exacerbated higher up on the totem pole. It may be true that Miliband will raise a little more money and cut the deficit somewhat more through this, but when faced with the Conservatives’ long term economic plan, Miliband’s tax falls flat. People will not want to go to places where more of their money is being taken away and handed to the state, plain and simple.
This high rate of tax is only compounded by Mr. Miliband’s proposition of a new mansion tax on homes above £2 million. If you take all of these factors into account, this means that the richest of the rich and the most powerful people in society will not be attracted like moths to the bright light that once was the UK, but the UK will be a giant dark spot where the richest and the most powerful fly away to.
Given that quite a large proportion of the rich, such as the Hinduja brothers, are heads of global conglomerates, if they left the UK and their company subsequently reallocates themselves, unemployment will increase substantially. How would Ed Miliband like to pay thousands of extra sets of benefits?