50% tax rate was simply a cynical political ploy
WITH regard to those who have commented on the reduction of the 50% tax bracket to 45% for Britain's so-called high earners and other matters of budgetary concern, can we remind ourselves that the Labour government saw fit to tax "Britain's rich and high earners" at just 40% for 13 years and the higher level of 50% was only introduced some weeks before the 2010 general election, as nothing more than a cynical political ploy.
What has it actually achieved? If Treasury figures are to be believed, every proposed target figure for increased revenue that the 50% tax rate should have brought in has been missed.
Labour poured billions of taxpayers' pounds into the NHS and we, the taxpayers, ended up with more quangos, managers and administrators than nurses or doctors, not forgetting the £11 billion fiasco of the failed NHS computer system.
The "something for nothing" culture meant that our welfare system has become one of the most abused and defrauded in the Western world. It has to be reformed and claims should be justified and proportionate.
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Can we honestly expect more than a decade of poor fiscal management to be put right in a matter of two or three years?
As a country, we were unable to deal with the financial crisis because Gordon Brown, supported by Ed Miliband and Ed Balls, wasted billions and threw good money after bad. We should never forget that.
Miss K Lees
Medusa Court
Derby
Comments
by wilfredF1
Wednesday, January 30 2013, 5:06PM
“France is increasing the tax to 75% for higher earners and lots of them are now coming to live in the UK. This brings us more income and will make up for any shortfall for reducing the tax to 45%. Also the Inland Revenue have confirmed that the 45% will lead to more tax being paid in total than the 50% rate which was only introduced in the last few weeks of the Labour government as mentioned.”