Increased tax rate for the wealthy

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Increased tax rate for the wealthy

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Following WW2, the wealthy in both Britain and America were content to pay much larger taxes, understanding that - even after the additional "losses" to the taxman - they were still far wealthier than the average person. As Warren Buffett has recently said of the super-rich (in America), many are decent people who "wouldn’t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.” Surely many rich Brits would agree as well.

The government should therefore institute three additional tax bands, a 60% rate for any income above £300,000, a 70% tax band for any earnings beyond £600,000, and an 80% tax band for earnings above £1,000,000.

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