Word: taxed
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...Britain control as much as 4% of the nation's wealth - and over half of them are from somewhere else. According to the latest Forbes list of the world's billionaires, 17 of Britain's 41 billionaires are foreigners. They're drawn to the country in part by a tax break that exempts anyone born outside Britain from paying a 40% income tax on their overseas earnings. Few countries are as generous toward their foreign rich, and figures from the Treasury show that the number of people claiming tax-exempt status in the 2005-06 tax year...
...schools, the country's political stability, the growing pool of talent in the financial-services sector and historical ties to Britain were frequently offered reasons. "Another thing is the legitimacy, particularly for foreigners coming from emerging markets like Russia," says managing partner Sebastian Dovey. "They might pay less tax in Russia, but they don't know where the country's economy or politics are going. So many clients prefer to come to Britain to, in a sense, buy security and legitimacy...
...others say that's not enough. A growing number of critics are crying foul over the tax-exempt status of London's wealthy expatriates. "As a foreigner in this country you can make an enormous amount of money, but the numbers who put anything back into this country are trivial," says economist Will Hutton, CEO of consultancy the Work Foundation. There are a handful of foreigners at the top of the Sunday Times Giving List, a record of charitable donations by the rich and powerful, but Hutton wants to see more. "I would like to see people endowing universities, backing...
...brief. That's partly because the government has become so acutely responsive to signs of distress. The Fed is already on the case, with three interest-rate cuts since September and more likely on Jan. 31. There's also fevered talk in Washington of a fiscal-stimulus package--income-tax rebates are a possibility, although so far Congress and the White House haven't been able to agree on anything...
...with the economy gone subprime and Americans clamoring for action, both parties agree on the need for some combination of spending and tax cuts designed to goose growth. Bush is expected to unveil his strategy, likely to include his perennial aim of making the 2001 and 2003 income-tax cuts permanent, in his Jan. 28 State of the Union address. Democrats, meanwhile, are building their own proposals around a tax refund for the middle class...