Currently the Liberal-Democrats are threatening to “soak the rich” so perhaps it might be instructive to check some facts before swallowing this thoughtless, populist slogan that does not bear analysis.
The top one per cent of earners, £156,000 or above, will pay over 24% of all income tax this year. Those earning above £50,000 will pay 55% of all income tax.
The very wealthy, earning over £500,000, pay £14.8 bn in tax. That is a billion more than is paid by those earning £20,000 or below.
So 31,000 highest-rate taxpayers account for more than 13.6 million on low incomes or below the tax threshold.
Allowing for some legal avoidance and an over-complicated tax system I’d say we have a reasonable balance in the UK. Added to which the wealthy are taxed at a higher rate to-day than under the last Labour government.
The political left may have fun with their cheap jibe but misrepresentation of the facts does not help to overcome the country’s economic difficulties.
Class warfare is counter-productive. We need to create more wealth not less.
MICHAEL BLACK, Hardwick Road.