The global decline in top personal income tax rates over the past seven years may be about to reverse according to a survey released today by KPMG International.
According to KPMG’s 2009 Individual Income Tax and Social Security Rate Survey, the top average personal income tax rate dropped 0.3 percent worldwide in 2009 to 28.9 percent from 29.2 percent in 2008.
But this trend is likely to reverse due to the need for new sources of budgetary and stimulus funding among governments, according to KPMG.
The UK was among the first to announce a rise in its top rate of personal income tax with it set to go up from 40 percent to 50 percent next April.
And other countries beyond the UK are already making plans to implement personal income tax rate increases for its top earners with still more examining this option, according to subsequent country budgets and income levies, says KPMG.
Undoubtedly true.
All of which says that those saying they're going to flee are really not telling the truth.
The survey is here.
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