Apart from breaking a manifesto pledge not to raise tax rates, when will Labour realise that you do not make the poor rich by making the rich poor.
Apart from making work for accountants (Hi Sean), why not simplify tax rates. On the first £10,000 you pay nothing – taking the poorest out of a vicious circle; 20p on £10,000.01 up to £50,000 and 30p on £50,000.01 to infinity and beyond.
If Labour is not careful, we will have another brain drain like we had in the 70s when income tax reached 98p in the pound. Utter madness.
