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'Tax the rich!'? Rubbish! And more suited to a pathetic 70's Student Union meeting than one of Cartomancer’s usually erudite and considered submissions.
Do you really think that would work? The rich, by definition, are not stupid. Tax them too much and they simply leave the country. The easy worldwide mobility of wealth and talent has never been greater than it is today.
This is not a forum to discuss the politics of wealth; but in case I was misunderstood in my earlier post, I make it absolutely clear that I applaud the accumulation of wealth by individuals, and equally applaud the generosity of these individuals in particular.
Were I in charge, there would be a £15,000 threshold then 20% (flat) income tax thereafter, plus 15% VAT. No other taxes at all. CGT and IHT abolished. Sack the huge bureaucracy that supports the current, absurdly complicated, system.
Permalink Fri, 13 Jul 2012 20:55:02 UTC | #949113