Let’s raise taxes on the rich and insure that…

overall government tax receipts will fall.  That is the reality, but those on the left refuse to believe it.  Now we have more proof, this time from the UK

Here’s the headline from The Telegraph:

50p tax rate ‘ failing to boost tax revenues’.

50p is fifty pence.  This was an increased tax on the “rich”, however the term is “rich” defined in the UK.  And it was suppossed to add much revenue to the government’s coffers.

In reality, it cost the government.

The Treasury received £10.35 billion in income tax payments from those paying by self-assessment last month, a drop of £509 million compared with January 2011. [emphasis supplied]

Why?

A Treasury source said the relatively poor revenues from self-assessment returns was partly down to highly-paid individuals arranging their affairs to avoid paying the 50p rate. [emphasis supplied]

Would someone somewhere in any government at least walk by an economics class in college?  Please?

Repeat after me…raising taxes on the “rich” reduces tax revenues.  The remainder of the refrain is, that means all of rest of us will have to pay higher taxes to make up for the shortfall.

 

5 replies
  1. stinkfoot
    stinkfoot says:

    Tax the rich and you tax job creators.? Not only can the they adroitly shift assets to sidestep paying “their fair share” but punitive tax levels will discourage those who run businesses from growing them.? I don’t completely buy into the assumption that the politicians don’t understand that.? I believe that their intentions are to soften the working class toward higher taxes on everyone when they are being led to believe that the rich are being forced to “pay their fair share”.? What is needed is a larger tax base- principally by working to get the unemployed back to work.? When the jobless are working then there will be:
    ? ?
    -more people will be driving back and forth to work -fuel tax
    -more discretionary spending in the economy- sales tax.
    -more willingness to buy real estate- and values will begin to recover- property tax.
    -less drain for the purpose of emergency unemployment benefits

    The intention really seems to be to grow the government regardless of what people actually want and to encourage support for big government to deal with an economic issue that seems to be purposefully maintained.
    ?

  2. johnboy111
    johnboy111 says:

    Ten years after song…tax the rich,feed the poor,till tere are no rich no more….i’d love to change the world…..boy the libs have not changed their stripes have they??same old song and dance

  3. Dimsdale
    Dimsdale says:

    The world has learned about the validity of the Laffer curve; why can’t liberals in this country?? Maybe we should rename it the “Laughing at Liberals” curve.
    ?
    Unfortunately, their ignorance and fecklessness is making the world cry…

  4. Mild Bill
    Mild Bill says:

    You forgot the icing on the cake. Liberals spend tax increases based on the projected? revenues, long before actually receiving them.

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