Topic: Great Britain Raises Taxes on Rich, Tax Revenues Fall

[Glock32]

How many times does it have to be demonstrated to these thick skulled fools?  Answer: it doesn't matter, because it's never been about revenue in the first place.  Still, another illustrative example of Laffer's Law:

Great Britain Raises Taxes on Rich, Tax Revenues Fall
By Duane Lester - February 23, 2012 - 1 Comment -

While it’s hardly surprising to conservatives and libertarians, members of British government are stunned that increased looting of their countries rich has resulted in a decrease in tax revenue:

   

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. Most other taxes produced higher revenues over the same period.

    Senior sources said that the first official figures indicated that there had been “manoeuvring” by well-off Britons to avoid the new higher rate. The figures will add to pressure on the Coalition to drop the levy amid fears it is forcing entrepreneurs to relocate abroad.

No kidding?! You mean, when you tax something, you get less of it? Who knew?

So, what do you do when you have learned the valuable lesson of the Laffer Curve?

You tell the rich to suck it up, of course:

   

George Osborne, the Chancellor, is expected to receive a definitive analysis from the revenue on the 50p rate before next month’s Budget. The Liberal Democrats have insisted that it must stay because it is important to demonstrate that the rich are paying their fair share.

    David Laws, a Lib Dem MP, has also suggested reducing tax relief on pensions for top earners.

    The prospect of higher taxation on pensions comes as savers complain that low interest rates and quantitative easing have pushed down returns on savings and pensions.

    Charlie Bean, the deputy governor of the Bank of England, last night insisted that those people should accept the pain as the price of restoring the wider economy to health.

“Accept the pain.”

Spoken like a true socialist.

Hat tip:  All American Blogger

[LadyVirginia]

 

I often watch Prime Minister's questions on CSpan and I can hear them now dancing around it--saying they need to solve this problem all the while having meetings and making sure everyone knows they know they have a problem.

[Weisshaupt]

If a Bird in hand is worth two in the bush,  how many birds must be in the bush when you know the government will take half of all that you might catch? 

Answer? Two

I think I may just hold on to the bird I have got, thanks.

Every. Single. Time.

Going Galt isn't a matter of choice, its forced on the productive by necessity. 

[Libertas]

The looters have an unbearable amount of pain coming their way...keep it up looters, keep it up!   

[Pandora]

Bell rings; dog drools.

[Libertas]

How Pavlovian!   

[John Florida]

The looters have an unbearable amount of pain coming their way...keep it up looters, keep it up!   

 I don't agree Libertas,the Britts handed over their balls a long time ago and don't want them back for any reason. Since the 2nd world war they have about elected every liberal Gov.the could and all of them gave them more and more free stuff and they have been trained to like it just like that.

 So no no pain is coming to anybody in the UK.If anything they see what's happening on Greece and they don't care one little bit.

[charlesoakwood]

Agreed.

If we do not elect a conservative this election it will
be the end of the America we knew.  "Knew" because
America today is not the America we grew up in and
if we do not elect a conservative that left turn will go
hockeystick. 

We are the last to remember, we are the last to have
actively participated and have living memory of anything
remotely resembling America, the land of the free.
This is it. Good luck.

[Libertas]

The looters have an unbearable amount of pain coming their way...keep it up looters, keep it up!   

 I don't agree Libertas,the Britts handed over their balls a long time ago and don't want them back for any reason. Since the 2nd world war they have about elected every liberal Gov.the could and all of them gave them more and more free stuff and they have been trained to like it just like that.

 So no no pain is coming to anybody in the UK.If anything they see what's happening on Greece and they don't care one little bit.

When their collpase comes, the pain comes, that's all I'm alluding to, unfortunately the pain will encompass all, not just those who most deserve it.  IMO they were moving the right direction under Thatcher, but like us, once their Reagan left office, it's been nothing but giant leaps backward ever since...

[Libertas]

Agreed.

If we do not elect a conservative this election it will
be the end of the America we knew.  "Knew" because
America today is not the America we grew up in and
if we do not elect a conservative that left turn will go
hockeystick. 

We are the last to remember, we are the last to have
actively participated and have living memory of anything
remotely resembling America, the land of the free.
This is it. Good luck.

Too bad all the conservatives are being eliminated one by one...the march towards oblivion seems unstoppable sometimes...when one side throws in the towel and refuses to fight or even support those who do...

 

[Libertas]

Class warfare, and the ridiculing of it, been going on a long time.  I suspect it will continue all the way until poop hits the fan.

[AlanS]

Libertas, I'm going to have to borrow that.

 

[Libertas]

Go for it, it's too good not to!