50p tax rate, billionaires in uproar!

[jimslip]

Gusset Sniffer wrote:

>
>
> This is what I understand. The government are saying that
> people who should be paying the 50% tax rate avoid paying it by
> moving around assets money etc?? I can't blame them for using
> an accountant.
>
> But if tax is reduced to 45% the government imply those people
> will stop tax avoidance. Why would they do that then? Their
> accountant wouldn't be doing his job. They would be mad to pay
> tax they don't need to pay. Why doesn't the government try
> closing the tax loop holes to stop tax avoidance if they are so
> keen on boosting their coffers?

The rich will use any means necessary to save tax. This is why they would bleat poverty whether the tax rate was 87%, 50%, 45% or 5%. This is their job.....to moan. I personally believe they should have left the high rate at 50% but created a new, "Philanthropist tax" of 20% added on for the very rich.This income is held exclusively for the use of projects that benefit the poor, ie hospices, nurseries etc.

[David Johnson]

To understand the drift on tax and tax avoidance under the Labour government and Tories over the last 25 years, all you need is the quote from the secretary general for the Organisation of Economic Development, warning the CHinese government not to go down the route of the UK in which the gap between the income of the top 10% and the bottom 10% in the UK has increased 14 fold in the last 25 years.

No need to lose any sleep about extra taxes for the rich with that as a backdrop