Well, the numbers are in, and...
Almost two-thirds of the country’s million-pound earners disappeared from Britain after the introduction of the 50p top rate of tax, figures have disclosed.What a surprise.
Just like Labour said it wouldn't. What's more:In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1 million to HM Revenue and Customs. This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election.
Just like the Laffer curve said it would.increasing the highest rate of tax actually led to a loss in revenues for the Government.
So, New Labour are idiots with no idea when it comes to finance and economics, and George Osborne (together with most other senior Tories) is a coward.