High-tax countries like Britain are contemplating exit taxes. A figurative Berlin Wall to discourage rich people from leaving.

The Labour Party, which took power in July, is preparing to raise taxes on capital gains and inheritance.  Think tanks allied with Labour are already urging the government to slap an “exit tax” on money moving offshore.

Wealth managers say the UK could see a net loss of 9,500 millionaires this year, more than double the 4,200 who left the country last year. Only China is predicted to lose as many millionaires as Britain is.

It’s amazing that the U.S. is still importing millionaires, given the socialist trends around the world. But now, with Democrats proposing a doubling of the capital gains tax, a tax on unrealized gains, and a much more onerous death tax (see item 1), don’t be surprised if the U.S. starts suffering a brain drain as successful people leave for lower tax climates.