Sound reasons for not scrapping the 50p tax rate.
Before the government takes the invidious and iniquitous decision to scrap the 50p tax rate for those earning more than £150k it would be as well to do an analysis of where these high earners spend their money. If as suspected they would place their new found wealth on luxury goods from abroad, overseas holidays or put their cash in overseas tax havens it will do nothing to stimulate growth in the UK. It also appears appalling that at a time when we have reduced public spending dramatically to meet fiscal targets and caused many lower paid workers to lose their jobs that we should find a largesse to reward the already wealthy. It would be better to save the jobs, at least we know those individuals will spend their earnings here in the UK and hence create the demand necessary for internal growth. They can not afford to do otherwise.
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