Social justice on the one hand demands that taxes be highest on those with the highest income. But practically speaking, there’s a limit to how high those tax rates can go. Those of us with ample capital and high incomes don’t need to live in London or anywhere specifically. We can move, and often do, when tax rates become punitive. Why make home where you have to give up 50% of the product of your work without anything in return? Better to move oneself and one’s capital to a location with more reasonable tax rates and high living standards.
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