again.. looking to Europe for our fiscal future???

Discussion in 'Politics' started by healthmyths, Nov 28, 2012.

  1. healthmyths

    healthmyths Gold Member Supporting Member

    Sep 19, 2011
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    In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs.

    This number fell to just 6,000 after Gordon Brown introduced the new 50% top rate of income tax shortly before the last general election.
    The figures have been seized upon by the Conservatives to claim that increasing the highest rate of tax actually led to a loss in revenues for the Government.
    It is believed that rich Britons moved abroad or took steps to avoid paying the new levy by reducing their taxable incomes.
    George Osborne, the Chancellor, announced in the Budget earlier this year that the 50p top rate will be reduced to 45p from next April.

    Last night, Harriet Baldwin, the Conservative MP who uncovered the latest figures, said: “Labour’s ideological tax hike led to a tax cull of millionaires.

    Far from raising funds, it actually cost the UK £7 billion in lost tax revenue.
    “Labour now needs to admit that their policies resulted in millionaires paying less tax and come clean about whether they would reintroduce this failed policy if they were in power.”

    Two-thirds of millionaires left Britain to avoid 50p tax rate - Telegraph
  2. eflatminor

    eflatminor Classical Liberal

    May 24, 2011
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    Wait a darn minute! Are you saying that after the UK increased tax rates on their wealthiest citizens, they actually saw a DECREASE in tax revenue???

    But, but, but...the leftist on this board have told us the Laffer curve is a lie...and as we all know, they know best. :doubt:

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