UK Labour to reintroduce the 50% tax rate (if elected)

Here is the Spectator:

But one issue, he has been honest: he’d restore the top rate of income tax to 52 per cent. And why? Because it plays to Ed Miliband’s self-defeating and vindictive class war agenda. George Osborne cut the top rate to 45 per cent (which, when added to National Insurance, makes 47 per cent). The result? The tax haul from the richest 1 per cent surged to a record high – they earn 13pc of the income but pay 30pc of the tax. That’s what I call a fair share.

Here is Mark Littlewood:

Evidence has proven that a 50p rate raises trivial amounts of money and its long-term effects mean it may in fact raise no money at all. Those earning over £150,000 pay nearly 30% of all income tax and often create jobs so we should be nurturing, not eroding, this tax base. The Shadow Chancellor need only look across the Channel to France to see the damage punitive levels of income tax can reap on the wider economy.

The best comment, however, is from Gareth Anderson:

If you’re the kind of person who thinks a symbolic, high tax rate is more important than how much is actually collected, you’re the problem.

Magnificent. Well said.

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13 Responses to UK Labour to reintroduce the 50% tax rate (if elected)

  1. Jim Rose

    under 1970s UK Labor, the top tax rate on unearned income was 98%

  2. Infidel Tiger

    The UK is scheduled to grow at 2.4%, faster than any other major Euro economy. Looks like even faux austerity works. Typically, leftists now want to cripple this.

  3. The top rate for George Harrison under Wilson was 95%—hence “Let me tell you how it will be: there’s one for you, nineteen for me, ’cause I’m the Taxman”… Be thankful I don’t take it all”.

  4. Abu Chowdah

    And why celebs like the Stones and Michael Caine all fucked off overseas.

  5. Infidel Tiger

    And why celebs like the Stones and Michael Caine all fucked off overseas.

    Ironic that they left for France.

  6. Brian of Moorabbin
    And why celebs like the Stones and Michael Caine all fucked off overseas.

    Ironic that they left for France.

    And that French superstar, Gerard Depardieu (he of the big nose), fucked off to Russia when Hollande raised the French tax rates to their current levels (75%)..

  7. Andrew

    Gerard Depardieu (he of the big nose), fucked off to Russia

    Don’t you mean “pissed off”? (Let’s see who gets it)

    I have a friend who is still recovering from leftism. She gives me the “pay more” routine. So I sent her the Cat chart showing 70% of the tax is coming from the top 25% – up from 60% when Howard666 was elected. She just claimed again that “the poor are getting poorer while the rich get richer.”

    I guess it must have been the poor owning all the Lehman shares and stock options.

  8. Alfonso

    ‘unearned income’.
    Funny, everyone would like to borrow my money for nothing as if it has no value and there is no counterparty risk to my wealth…..and call the cost of that operation ‘unearned’. Pigs ar*e.

  9. tomix

    Before the 2001 election there was a debate about a super tax on “the rich”

    Fat Beazley reckoned it should start at $52,000 p.a. Howard reckoned “the rich” started at $75,000.

  10. Makka

    Too many people working, that’s the problem. UK Labour needs more welfare dependents to get and stay in power;

    “Unemployment has fallen to a more than four-year low of 7.1pc after the biggest quarterly drop in more than 15 years.

    This takes the jobless rate to just 0.1 of a percentage above the level where the Bank of England said it would begin considering raising interest rates.

    The number of people out of work fell by 167,000 to 2.32m in the three months to November – the biggest quarterly decline since the autumn of 1997 and the second largest since records began in 1971 – cutting the unemployment rate 0.3 percentage points to 7.1pc, according to figures from the Office for National Statistics. ”

    http://www.telegraph.co.uk/finance/economics/10589052/UK-unemployment-drops-to-7.1pc.html

  11. HK_Brother

    Hong Kong top tax rate = 17%
    Singapore top tax rate = 20%

    Both are ranked higher in Economic Freedom, Education, etc than the UK.

    The only time when the Govts of these countries step in, is to control the limited land available.
    (Both have to manage the small area they have. Often, they increase density of housing. Foreigners are welcome, regardless.)

    I know this because I have relatives who live in those places. If you have any friends and relatives in the UK, tell them to head to Singapore.

    Any way, notice how the Socialist in question “feels” and “believes”
    Instead of THINKS and ANALYSES the current situation his Nation is in!

    That alone tells you the mindset of a Leftie!

    Its no wonder they leave Nations in debt, deficit, and its people dependent!

  12. Makka

    “Its no wonder they leave want Nations in debt, deficit, and its people dependent!

    FIFY.

  13. Petros

    Too many people who vote cannot understand percentages. Ask around. Get them to calculate percentages off of prices. Scary. Hence their inability to understand flat tax rates.

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