Now where have we heard that before? It's an old argument and one I'm sure someone more involved in economics can explain better than I can, but once again we're being told that taxing wealthy people hold the economy back. Okay, I can understand the argument to some degree, but are we really to believe that removing the 50% tax rate for a very small percentage of the population will actually right all that's ailing our flagging fiscal situation? I don't buy it.
There have been a significant number of voices from the very people who fall into that particular tax bracket who have been speaking out against both low tax rates for the very rich (how do you define "very" by the way?) and rates of pay in the boardroom. Somehow the two don't seem to sit together that comfortably.
If I'm honest, the call to abandon the highest rate of tax sounds like the greedy of a selfish generation who prioritise self. I wonder what the different in cost would be between Nick Clegg's proposed £10,000 personal allowance and removing the 50% rate?
Trickle down economics didn't seem to work in the 80's, maybe it's time to try trickle up instead!
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