Who’d thunk it?
From the Telegraph…..
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.
This is magical! How do you make millionaires disappear? Raise their taxes. It turns out rich people don’t happily give their hard earned money to the government for certain waste. Weird, isn’t it? These people will do one of two things. They will move away from the tax or simply move the money away from the tax.
How to you make the rich reappear? Lower the taxes………
George Osborne, the Chancellor, announced in the Budget earlier this year that the 50p top rate will be reduced to 45p from next April.
Since the announcement, the number of people declaring annual…
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