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]
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.