50p tax rate is damaging economy and delaying recovery from recession, warn 500 business leaders

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50p tax rate is damaging economy and delaying recovery from recession, warn 500 business leaders

Post by Admin on Thu Mar 01, 2012 10:04 am

50p tax rate is damaging economy and delaying recovery from recession, warn 500 business leaders

The 50p higher rate of income tax is “damaging the economy” and delaying the recovery from recession, more than 500 entrepreneurs and business owners warn today.
In a letter to The Daily Telegraph, the bosses of small and medium sized firms across the country say the levy has meant they have not expanded their firms and taken on more workers.

They accuse George Osborne, the Chancellor, of putting “populist politics before sound economics”. Calling for it to be scrapped, they add that the ongoing imposition of the 50p higher rate of tax has left “wealth creators” in a “very awkward position”.

The intervention is likely to alarm the Government ministers as those who have signed today’s letter represent the “bedrock” of British industry, whose future success is key to the economic recovery. It is the first time that these ordinary business owners have set out the damage caused by the levy.

Public criticism of the 50p rate had been largely limited to the heads of multi-national businesses and international entrepreneurs.

In today’s letter, the 537 businessmen say: “Given the current state of the UK economy, we urge the Chancellor to urgently consider scrapping the top rate of tax in his forthcoming budget.

http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9114651/50p-tax-rate-is-damaging-economy-and-delaying-recovery-from-recession-warn-500-business-leaders.html

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Re: 50p tax rate is damaging economy and delaying recovery from recession, warn 500 business leaders

Post by Guest on Fri Mar 02, 2012 8:14 am

What a shame no one has debated this. Or is it yet another unpallatble fact that does not follow the left wing mantra.

In fairness to Victor he has bought into the realities of the situation even if he does so reluctantly. Sadly some who call themselves idealist purport to hold the moral high ground by denying it and pressing on with higher taxes. That isn't idealism it is deluded and vandalises an economy as the high earning jobs are driven out of the UK.



I am distraught that the Liberals are holding the Tories back from a comon sense decision. The Liberals know full well it will help fill the coffers but instead are palying to the gallery of public envy merchants.



A govts job is to ensure we have the necessary funds to run public services not feed the base motives of some in the electorate who despise the richer people.



Osborne needs to carry out his proposal to make tax more transparent and merge NI and income tax for starters. He needs to make clear how much the govt is taking of the national cake. When that is made clear reality will dawn and those clamouring for even higher taxes may just see the light.

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Re: 50p tax rate is damaging economy and delaying recovery from recession, warn 500 business leaders

Post by Guest on Tue Mar 06, 2012 11:30 am

I read in todays papers that the penny has dropped with the liberals and that they are softening their stance.

I wonder whether labour can accept the reality or whether they will let the politics of envy be their watchword as it is for some on here.

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Re: 50p tax rate is damaging economy and delaying recovery from recession, warn 500 business leaders

Post by Guest on Thu Mar 08, 2012 3:41 pm

It would appear Darth we have either won the debate on top rate taxes or the left are licking their wounds and sulking in the background.

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