NICK CLEGG is ready to support axeing the 50p top rate of income tax in this month's Budget in return for taxes on the wealthy, possibly on their mansions or pensions.
The Deputy prime minister has told David Cameron that he is not ideologically wedded to the 50p tax rate on earnings over £150,000 but that he could support its abolition only if it was offset by measures to extract even greater revenues from the wealthy, the Financial Times reported.
The big stumbling block to the abolition of the 50p rate could be David Cameron, who has signalled his instinctive opposition to new taxes on the wealthy, while many Conservative MPs also oppose any new taxes on principle, the FT reported.
It was implemented through political motivation and it is anti-competitive in the global market that high earners operate in. In addition, the personal allowance needs to be reinstated for those earning over £100k. Both are vitral ingredients to getting UK plc back on track. Some of our clients have already moved their offices away out of the UK because of these taxes...
Posted by: Tim Haggard, 07 Mar 2012 | 13:51
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