Fabians 50% tax rate plan.

A report by think-tank the Fabian Society has suggested that people earning #100,000 or more a year should be shifted into a higher tax band of 50p in the pound. According to the report, the government collects only 37% of its income in national income tax, compared to the EU average of 41.5%, and it proposes that the wealthy assume the extra #3bn in tax a year. The introduction of a tax band of 50p for incomes of #100,000 a year would not increase the tax burden but redistribute it, the organisation said.

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