Thursday, 30 April 2009

Coffeehouse calls for "A proper debate on the 50p tax". Why?

Why have a "proper debate" about what is basically a cheap piece of envy politics? The tax rate is nuts. The theft of the personal allowance over £100k is nuts. It is almost certainly going to lose revenue. It is almost certainly going to result in talent leaving and less talent arriving.

The 50% tax band should be junked and the horse it rod in on boiled down for glue.

The UK should become a Tax Haven, period. We should do this so talent, wealth and wealth-creating people and companies want to domicile here.

This will have greater power if we have Free Banking, meaning that the currencies used can be totally independent of the Central Government if people so wish, further increasing confidence that wealth will not be appropriated.


Mark Wadsworth said...

Well, yes, the 50p tax rate is an outrage, I've always said a flat tax is better (the flatness across different types of income is as important as the lowness), but let's not forget the millions of lower earners who have effective tax rates (incl. means testing and benefits withdrawal) of 70% to 100% on their earnings.

Roger Thornhill said...

Indeed, so ideally an end to income tax and progressive reduction in benefits as wages rise.