A campaign being promoted through a PR company to highlight the injustice of very wealthy people paying more tax than not very wealthy people has insisted that the 50p tax rate is unpopular amongst people who pay the 50p tax rate.
Twenty leading economists, who pay the 50p tax rate, have written to the Financial Times saying the 50p tax rate paid by high earners is doing “lasting damage” to high earners who pay the 50p tax rate.
Middle income and low income families have been sympathetic to the plight of those earning in excess of £150k a year.
“It must become harder and harder to find loopholes that allow them to avoid paying tax,” said Lorry driver Graham Hennessey.
“I’m sure George Osborne will be the first to tell you that the tax advisers and accountants that helped him avoid £1.5m in tax didn’t come cheap.”
“Maybe the government could increase fuel duty or cut some more benefits for the disabled instead.?
“I’m sure I speak for everyone when I say we’d be happy to help improve the lives of people struggling by on barely more than £150k.”
50p tax rate
The letter, that includes two former members of the Bank of England’s Monetary Policy Committee amongst its 20 signatories, has called for the coalition to drop the 50p tax at the earliest opportunity as part of a package of measures to ensure they have more money than they can actually spend.
“The 50p tax is disastrous for people who can definitely afford to pay it,” said Bridget Rosewell, chairwoman of Volterra Consulting.
“It sends a message to entrepreneurs that if you can afford to pay more tax, then you will be expected to pay more tax.”
“And people wonder why they put all their money offshore.”