Tax Evader Sean Connery on This Day in History

 

Scottish Actor Sean Connery died on this day in 2020. He was the first actor to portray fictional British secret agent James Bond on film, starring in seven Bond films between 1962 and 1983. Originating the role in Dr. No, Connery played Bond in six of Eon Productions' entries and made his final appearance in Never Say Never Again. Following his third appearance as Bond in Goldfinger (1964), in June 1965 Time magazine observed "James Bond has developed into the biggest mass-cult hero of the decade".

Back in those days Connery paid the government 90% of his income in taxes. If he earned $1 million, he only got to keep $100,000. It only made sense to for him to move to the Bahamas where there are no taxes on income, inheritance, gifts, or capital gains.

This move demonstrates the futility of tax increases. When France raised it's taxes to 75%, Gerard Depardieu just left. Decades ago the British Parliament increased taxes on high-earning Britons. The Parliament raised the highest income tax rate to 83 percent. The British government also raised taxes on investment income by an extra 15 percent. What was the result of this tax? Ringo Starr and Roger Moore moved to Monaco. David Bowie moved to Switzerland. The Rolling Stones roamed the world in search of tax havens. Phil Collins, Michael Caine, Pink Floyd, Led Zeppelin, Freddy Mercury, Sting...left the United Kingdom, at least temporarily, as tax exiles. 

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