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Cutting the top tax rate is "cloud cuckoo land" -- at least in the UK. [View All]

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eppur_se_muova Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jul-31-11 08:20 AM
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Cutting the top tax rate is "cloud cuckoo land" -- at least in the UK.
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31 July 2011 Last updated at 07:35 ET Help The Chief Secretary to the Treasury Danny Alexander has rejected calls to cut the top rate of tax.

Speaking on the Andrew Marr show he said anyone who believed the priority should be to abolish the 50p band was living in "cloud cuckoo land".

You can watch the Andrew Marr Show in full on the BBC iPlayer

some background, from a Murdoch rag:

High earners hit as 50p tax rate goes ahead
Emily Ford

People earning more than 150,000 a year will see a reduction in their take-home pay from today as the new 50p rate of income tax comes into force at the start of the financial year.

In addition to the new tax bracket, announced by Alistair Darling in the Budget last April, high earners will also be subject to a new 42.5 per cent tax on dividends while those people making more than 100,000 a year will have their personal allowance reduced.
The Institute of Directors warned that the tax will simply drive top earners abroad, while the CBI decried it as "economic vandalism".

However, the mass relocation of the very rich to gentler tax regimes of Geneva and Zurich does not appear to have materialised.
However the tax on {bankers'} bonuses has raised 2 billion, almost four times the Treasury's initial predictions of 550 million.
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