Saturday, 25 January 2014

Labour will punish success with 50% tax rate

Ed Balls-up has announced that Labour would reintroduce the 50% top tax rate if it wins the next election.

Announcing his intention to bring back the punitive top rate, he said that it was "fairer" when the country is broke to take a bigger share of peoples' wealth as a punishment for their success.

Introducing punitive taxes that punish wealth generators simply drives them away. France have introduced a 75% tax this year and lost a number of wealthy businessmen and celebrities as a result. Most notable of these is Gérard Depardieu who left France for Russia to avoid the super tax. Others have gone to Belgium and Switzerland and even London.

UKIP's flat tax is the fairest tax of all. The tax free allowance would be raised to take the lowest paid out of the system altogether and every taxpayer would have to give the same percentage of their income to the Treasury. Nobody would be punished for being successful and of course a simplified tax system reduces costs meaning less of the tax raised is wasted on administering the tax system.