50p tax: the coalition’s most expensive policy
In my cover story for this week’s magazine, I say that the damage of the 50p tax, various bank levies and general banker-bashing is far greater than Osborne realises. Here are the top points I seek to make: 1. We may hate to admit it but the British tax base, and our chances of reducing the deficit, are heavily reliant on a handful of very rich people. The highest-paid 1 percent will generate 23 percent of income tax collected in the UK in the year before the 50p tax (see the table below). And spot the correlation between the top tax rate, and the burden shouldered by the richest and the poorest. Which are the most progressive – the figures on the right, or the figures on the left? 2.