It’s pointless to keep 50p top tax rate
GEORGE OSBORNE wants to scrap the 50p top rate of income tax because it simply doesn’t raise much money.
What a surprise! He may be young and unable to remember the last time a top rate of 60p was cut to 40p but I have no doubt that there are enough mandarins at the Treasury who do remember the increase of revenue to the Exchequer which followed.
High rates of tax act as disincentives to take risks or to earn the extra pound.
The sole reason for keeping the highest rate is to appease the Lib Dems who believe that penalising higher earners is a good thing in its own right.
Sorry, George, but the health of the nation’s bank balance is rather more important than Vince Cable’s vindictiveness towards success, so please do what is right rather than what is expedient.