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.
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.