Some economists have written
to the FT saying that the 50% tax rate harms the economy.
This has got me thinking - do you support the 50% tax rate:
a) In general
b) If it raised no net tax due to leakage, would you still support it?
c) If it did raise tax short term but by lowering growth in the long term meant that it did not reduce debt as a % of GDP
on b) and c) if you still support it, what is the reasoning?
I would personally like to see a crackdown on avoidance, on the basis that a 50% rate it useless if we do not enforce it on the rich. All we do is capture a small number of people who are rich enough to be caught (due to other changes anyone on £100k +) but not rich enough to avoid it.