Another Labour Policy - Another Fail

Spartacus_Mills

StevieJ wrote: »

As I said before there will be plenty, those who feed off the Welfare state, unfortunately there may be someone new handing out the contracts after May.

Indeed and when you made the comment I thought it a good one. However they have been rather slow coming forward given Labour's excellent skills in managing the media agenda I would have expected to have heard about them by Midday today.

Kohoutek

markharding557 wrote: »

kohoutek wrote:
hasn't this already been done to some extent with the 50%tax band?

Yeah definitely I think it was as much a political move as a fiscal one.

But as is always the case with taxing the wealthy, many will find ways to avoid it, and if taxation gets too confiscatory it can cause people to rethink being in business/being in the UK. The effective tax rate for people in the new upper band is much more than 50%, because the personal allowance is tapered off and employee's NI (income tax in another name) is paid on top.

Money_Grabber13579

markharding557 wrote: »

kohoutek wrote:
hasn't this already been done to some extent with the 50%tax band?

And this was also an own goal. Tax Millionaires at 50% and what happens? They move abroad. This is a huge loss considering they contribute most to our economy.