Taking their ball home
November 27, 2008
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Picking up a copy of City AM yesterday, I couldn't help but notice their front page story Top Think Tank: Tax Grab Will Backfire. The jist being that introducing the new 45% income tax band for those earning above £150,000 won't actually raise any extra money for the government because those affected will "contribute more to their private pensions, convert income to capital gains [taxed at 18%], emigrate or work less".
They also quoted a poll: "37% were 'outraged and leaving for Dubai', while 15% of those polled were unhappy and could not afford it".
Oh, my heart bleeds for you, my poor little sweethearts. After all, someone with an annual salary of £160,000 has a take home pay of £100,370. Imagine paying an extra 5% tax on £10k of that! Because, of course, it would have been taxed at 40% anyway, but that extra 5% on anything over £150,000 is really going to hit hard. The children may have to be pulled out of Roedean and the Aston sold off. However will they cope?
By playing the system to avoid paying. Just as they do now. The wealthy employ accountants to come up with all the tax loopholes possible so they can keep as much of their lucre as possible, in just the same way as someone on £10k a year can't. But they have to whine about the introduction of a tax band that is largely symbolic and will cost them pennies.
What childish tosspots. 'Oh no, with the economy in trouble I object to being asked to pull my weight in maintaining the stability and security of the nation as a whole. I'm going to fuck off to a country with an incredibly dodgy record on human rights instead. But hey, at least people don't need government help to pay their heating bills so that makes it OK by me.' This is same kind of threat that persuaded the government to relax regulation, which in turn led to the credit crisis. 'Do what I want, no matter what the effect on the economy, or I'll leave. Because I only care about me.'