Usain Bolt Avoids UK on Higher Taxes

Usain Bolt has decided not to compete in the UK because of their overly punitive 50% tax rate. Not only have Britain's politicians recently increased the top tax rate from 40% to 50%, but they've also increased it for athletes. They now have to pay British taxes as a % of their worldwide income. So if Bolt competes in a dozen events this year and two are in the UK, he'd have to pay 17% of his income at the top British rates, whereas previously, he would have only had to pay 2 weeks at the top rate (or 4%). Spanish golfer Sergio Garcia has also been seen less in the UK for the same reason.

This is precisely why higher tax rates do not mean higher income. When will politicians learn?