The Budget, Lib Dem nonsense and the 50% rate
I've been reading with great interest the latest publication from the Institute for Fiscal Studies, which gives lots of food for thought:
Based on this evidence, how can the Lib Dems possibly justify increasing the personal allowance to £10,000 - thereby removing even more people from the charge to income tax? Is that really the objective - to get remove half of the UK from the income tax net? Can someone please remind me what exactly is "fair" in all this?
Based on this evidence, is the 50% income tax rate really "fair"? It seems that the top 1% of income tax payers already make a disproportionate contribution to the country.I kind of knew that the statistics were skewed in this direction, but I find the actual numbers pretty astounding. Why should so few support so many?