No shit, Sherlock.
From the BBC:
Twenty high-profile economists have urged the government to drop the top 50p tax rate, which they say is doing "lasting damage" to the UK economy. In a letter to the Financial Times, they say it should be axed "at the earliest opportunity" to boost growth.Of course, I'm always slightly suspicious when I hear any group of economists advocating any particular course of action. After all, economics is not as scientific as some of its practitioners would have us believe, and sometimes it seems if you find the right combination of economists you could get them to back just about anything. Right now, there's probably a cabal of left of centre economists plotting an intervention that states something along the lines of an elimination of the 50p top tax rate would lead to economic devastation.
But what is being cited in this instance is intuitively plausible. After all, it doesn't make sense to demand people spend more money to stimulate growth at the same time as taking more money from them. And any basic analogy can demonstrate how this is intuitively plausible. If you give your kid £1 rather than 50p, they can spend twice as much, no? Then we hear speculation that those around the Chancellor want to eliminate the top rate but haven't quite worked out how to do so.
Here's a hint: just fucking well do it. You're in government, for God's sake, and you have a good few years until the next General Election (in all likelihood). Take the plunge, and actually do something worthwhile. Because what will sink this government's economic strategy is not that tax cuts are bad (they're not - they are necessary and need to be wider and deeper) but the fact that spending cuts are not being matched by tax cuts. Which means that we, the poor bastard taxpayers, are being expected to pay the same or more for less. Cut taxes, cut spending and give us more of a chance to spend. Then the government will start to see the sort of growth that is currently eluding them.
posted by The Nameless Libertarian @ 1:32 pm
2 Comments
2 Comments:
Hedge fund types are already escaping to Switzerland and other places. It makes sense to cut soon. Hedgies might not be everyone's cup of tea, but we'll miss them when they're gone.
The Pope is more likely to become a Muslim than this utterly preposterous tax rate being killed off by this shower. I actually almost find myself surprised by how completely indistinguishable these cunts are from the last bunch, but not quite.
When the Tories are in at least they sort of give an impression that they have a little bit more of a clue about, well, anything. But do they? Do they really? I'm not so fucking sure they do now.
Our politicians have lost any conviction they once may have had. Nothing that will jeapordise precious votes will be done. Spin, soundbites & huge piles of bullshit are as prevalent now as at any time between 1997 and 2010. Do they really have such utter contempt for us that they really believe we can't see straight through their lies?
My cat has bigger balls than the Cameroid. I really, actually thought some things might change for the better, even if they were always going to have to throw a few scraps to the idiot Lib Dums. But no. A few quangos gone - whoopy fucking doo. Some (nowhere near big enough) cuts announced - steady on there tiger! And what else? Fucking nothing whatsoever.
Anyway, as long as the political landscape remains as bland as this bunch of cocks would have it, this country will simply remain mediocre at best and frankly (still) a pretty shit place to live.
Michael's right. Hedgies, as a rule, are total cunts. But their tax revenue will be missed. It's the more socially valuable members of the £150k+ club who will really be missed though.
I reckon that the number of people who will really be affected in any meaningful way by the 50% tax rate is going to be very small indeed. If you're bringing in £175k and have to pay 50% on £25k of that as opposed to 40%, would that really prompt you to fuck off to Hong Kong? Doubt it. However, you are still paying 40% on everything between £43,875 and £150,000, and anyone earning over £100k loses their initial allowance of £6,475 as well meaning a marginal rate of far-too-fucking-much on everything between £100k and £113k.
So my conclusion is that (a) 50% is just plain stupid and will have the opposite effect to what was intended, (b) 50%/40%/60%/30%, who gives a fuck, they are all too high in my view, particularly given that (c) tax is largely going to a bunch of complete fucking retards who just continue to piss it up the wall and it will never ever stop.
This, plus the cuntishness of the government, the Fabians, the champagne socialists, the rioting underclass, the feeling of being constantly ripped off by any fucking company you deal with, and all the other things we can all think of is why they might be leaving too.
It is mildly depressing, but the only logical conclusion is that I must (again) depart these shores also.
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