Posted by David on Mar 22nd, 2012 | 0 comments
Budget. Government end 50p tax rate (click on pic).
It’s been clear for some time that George Osborne DOES believe in the 50p tax rate for high earners but only if by 50p you mean the amount of tax they should pay in a year. It seems the 50p tax-rate as it stood just wasn’t bringing in the dosh, there were too many loopholes so the best plan was clearly to get rid of that tax bracket. That’ll show those loophole chasers. And if they then start to find loopholes in the 45p tax bracket then we could get rid of that as well. And the 40p one. And so on and so on till there ain’t no loopholes left and everyone’s tax bill consists of three foreign coins left over from a trip abroad and a voluntary donation to a bank of your choice. Still, as the coalition say, this remans a budget for low and medium wage-earners, but bear in mind that in Bullingdon terms that means anyone earning between 400 and 600K who doesn’t yet have his own yacht.
With thanks to chigwiri.com for the pic.