Monday, 9 January 2012

50% top rate of tax 'brings in hundreds of millions of pounds'

The Telegraph today covers a potentially politically awkward problem for Osborne and the endless numbers of right-wing commentators that are wedded to the Laffer curve: the forthcoming HMRC report on the revenues generated by the 50% top rate of tax appears to conclude that the tax rise generated far more revenue than many on the right argued would be the case.

Perhaps its about time that some of those commentators came clean and admitted that not even they believe their own propaganda on the 'wealth destroying' impact of higher taxation on richer members of society.

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