"Tax cuts for top earners fail because the theory is broken" New Scientist UK
I don't think it is broken, I think it is working as designed. The conservatives in the UK are looting the treasury too.
http://www.newscientist.com/article/mg22630182.500-tax-cuts-for-top-earners-fail-because-the-theory-is-broken.html#.VTwaEc6uKCg
Moreover, concentration of income at the top has boosted the political influence of the super-rich, allowing them to push for policies that benefit themselves but create harm in the long run. For example, the UK financial sector successfully lobbied for "light-touch regulation", which enabled it to earn a lot but led to the 2008 financial crisis.
It is well established that a less equal society has lower social mobility. When talented people from less privileged backgrounds cannot move up the social ladder, the economy's long-term dynamism suffers. An increasing number of studies show that, above a certain level, higher inequality harms growth. Some are by the International Monetary Fund and Organization for Economic Cooperation and Development, which didn't use to be concerned about inequality.
Despite these failings, some politicians still back measures that benefit the wealthy, often citing trickle-down economics. In the UK, the Conservatives cut taxes for the top earners while in government. They want to slash inheritance tax for wealthier estates and cut the numbers paying higher-rate tax. The UK Independence Party has a similar stance on higher-rate tax and wants zero inheritance tax.
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Disregard this op. This study is from Great Britian. They've never done anything worthwhile. Besides, they are socialist cesspool.
