Thursday, 1 March 2012

The 50p Tax is fair and should be kept

Today 537 wealthy businessman keen to have even greater wealth have begun a campaign to scrap the 50p tax.

Staggeringly they argue "The 50p tax is set to reduce government income". The reason for this is well documented; tax avoidance. The answer is to close the loopholes.

They argue that "Penalising high earners [is] unfair". This misses the point that society, and their customer base is made up of the poor and the wealthy. It misses the point that Great Britain PLC requires investment in infrastructure and people these companies are to succeed. It is a very unchristian view. It misses the point the gap between the rich and poor is widening and that's bad for Britain.

“Repealing the 50p tax would be a good demonstration of the Chancellor’s wish to celebrate British entrepreneurialism, stimulate British industry and contribute to the Government’s growth agenda.”  Clearly an oxymoron. Being British it seems is about accumulating personal wealth at the expense of other Britains and to the detriment to Great Britain PLC.

There is no need for staggering personal wealth. It's plain greed. What is the purpose of owning so many Rolls Royces, porches, mansions and yachts? How is this connected to Britishness? Is this what Britain is about? The world's resources are finite and they should not be allocated according to greed. The debate during the next 100 years will be about how to allocate scarce resources more evenly.

The 50p tax is fair tax. It's about recognising that we should all be helping each other. Those who can afford.

That if Britain is to succeed, everyone has to fulfil their potential and we have to invest in education and infrastructure making Britain more competitive.

This is what they say.......


Press the Chancellor to Scrap the 50p Tax in the forthcoming Budget

Today, over 500 British entrepreneurs (from Inverness to Plymouth) have signed a letter in the Daily Telegraph. In the letter 537 entrepreneurs have warned:

Revenue. "The 50p tax is set to reduce government income".

Fairness. “Penalising high earners through an unfair, politically-motivated tax puts populist politics before sound economics.”

Growth. “Repealing the 50p tax would be a good demonstration of the Chancellor’s wish to celebrate British entrepreneurialism, stimulate British industry and contribute to the Government’s growth agenda.”

The group of businessmen and women - from a wide spectrum of businesses including manufacturing to skip hiring services, plumbing and computer games - are concerned about the impact of high-marginal tax on government revenues, economic growth and jobs.

Our analysis: It is becoming increasingly apparent that the amounts raised by the 50p tax are set to disappoint the £3bn expectations set by then-Chancellor Alistair Darling. Following the publication of HMRC updates last month, it seems highly possible that the net effect of tax-avoidance caused by 50p will cost the Exchequer £100ms of lost revenue. Much more than the tax actually raises. Although the raw polling data suggests the 50p tax is popular, our focus groups show how voter attitudes change dramatically if they realise it costs the country money that could be spent on schools and hospitals. It might have seemed a good idea to tax the rich to create national solidarity at a time of austerity. But, as the country struggles to balance its books, the 50p is becoming a political luxury we can no longer afford.

You can find a link to the story by clicking on the hyperlink below:

http://www.telegraph.co.uk/finance/personalfinance/consumertips/tax/9114651/50p-tax-rate-is-damaging-economy-and-delaying-recovery-from-recession-warn-500-business-leaders.html

If you have any questions about the campaign or if you would like to get more involved, do please contact us either by email at info@scrapthetax.co.uk or on my phone on 0776 772 2497.

Yours sincerely,

Scrap the 50p Tax
www.scrapthetax.co.uk
M: 0776 772 2497
T: @ScrapTheTax
E: info@scrapthetax.co.uk