So now someone's come out and said what a lot of us have been saying all along. The 50% rate will not make any money, and may in fact cost the government £1bn in tax revenues.
That's not all though, because that £1bn in revenue is lost because wealthy individuals seek to avoid the tax, in part by moving their operations offshore. This can cause the loss of jobs in the UK, and will have a knock on effect.
I find the details interesting as it shows the true pettiness of the left:
Mr Osborne and David Cameron are in favour of abolishing the top rate but are under intense pressure from the Liberal Democrats not to cut taxes on the wealthy.Even though cutting taxes on the wealthy will mean more money in the kitty, so less that the poor have to pay? Who cares, right? We're not trying to make the lives of the poor better, but the lives of the rich worse.
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