There is a good lead article in The Economist, September 24,Hunting the rich. The top 1% of earners take home 20% of pre-tax income. Although they pay a disproportionate amount of tax (40% of the total), if you want to raise tax dollars there is an obvious group to go after the rich. As governments look to correct their public finance imbalances, not all will come from cutting expenditure. Capital Gains would also be an easy target, especially if income tax is pushed up to the point where top earners might otherwise direct their income through capital. It seems unlikely that the tax environment for M&A sellers is going to get better in the next three years.

It adds further weight to my last blog that if you are thinking of an exit in the next two to three years, you would be well advised to check it out now.