Monday 15 November 2010

Tax

There's an article in this week's Spectator arguing that while most people would like to see bankers bashed because of their profligate ways with money, some of it ours, the facts are that because of the high rate of tax on the richest people, some of whom are bankers, there is a tendency for them to move to other countries and thus take their tax elsewhere, other than into the government's coffers. This may be true. The argument put by Fraser Nelson is well put. And he feels the government is making a big mistake in pandering to popular demand for .... what? Well, for revenge I suppose. "Why should they do so well after they ruined the country's finances while I'm here working my things off.... etc etc".
Michael Caine argues something else, diametrically opposed to that feeling. He says "We've got 3.5 million layabouts on benefits, and I'm 76 years old getting up at 6 a.m. to go to work to keep them."
I can see his point. I'd see it better if he wasn't an actor. But it's a valid point just the same. And it would with some justification be still valid if pit-worker Jim Bloggs (Joe Bloggs's brother) were to say it. More valid.
But where I was left cold with stupefaction was this comment from Tracey Emin: "I'm simply not willing to pay 50% tax...." She added that she might emigrate.
Is that a threat or a promise?
Does this outburst mean that she is in a top tax bracket? Does it mean that there are rich people out there paying for her stuff? It doesn't bear thinking about.

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