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21 Apr 2009
The new 45% income tax rate is 'extremely unlikely' to raise the revenue anticipated and Chancellor Alistair Darling should reconsider the move, according to research.
The Institute of Fiscal Studies has released data which shows the revenue should be raised from the richest 10% of the population with a three-point rise in the higher tax rate, according to ft.com
James Browne, senior research economist of the IFS, said: 'Alistair Darling's income tax increases for the rich will significantly complicate the tax system and may well raise little revenue.'
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Needs must
Some suggestions: (ref below)
May work if capital gains were taxed at marginal rate.
May raise revenue if minimum effective rates of tax are introduced.
http://www.taxresearch.org.uk/Blog/2009/04/20/will-income-tax-changes-for-the-very-rich-raise-any-money/
http://www.taxresearch.org.uk/Blog/2009/04/17/what-i-want-from-the-budget-2/comment-page-1/#comment-551372
Posted by: sm, 21 Apr 2009 | 00:00
Not now Darling!!
He has considered the five percent rise and like a complete clown decided to double it!!!
Posted by: Steve Walton, 22 Apr 2009 | 00:00