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Published on November 11th, 2011 | by Joe Hinds
Image © [caption id="" align="alignleft" width="163" caption="How Long Until Osborne Scraps The 50p Tax? © conservativeparty"][/caption] George Osborne has been urged by several leading City figures to accelerate his plans to scrap the UK's top rate of income tax as part of a measure to 'protect Britain's economy from the Eurozone crisis fallout'. In the letter today published by The Daily Telegraph over 30 business leaders declared that the turmoil in Southern Europe showed that the Chancellor should take immediate action to scrap the 50p tax rate and increase the tax-free personal allowance by £1,000 in a move to attract entrepreneurs to Britain, but is that really true? This summer American billionaire investor Warren Buffett (the third richest man in the world - who's net worth is estimated at $39bn) caused controversy when he published this article in the New York Times, claiming that America and other Western capitalist countries should greatly increase their taxation on the highest earners in society. In the article Buffett calls for an end to the 'coddling of the super-rich' and ridicules reality of the current notions of 'shared sacrifice' and 'we're all in this together' that we have time and time again been taught to believe. He admits that despite his astronomical earnings and personal wealth he paid a lower percentage of tax than the other 20 people in his office as he , along with thousands of other super-rich individuals, is given "extraordinary tax breaks". However, more important than these worrying facts are that Buffett goes on to state that in 60 years as a major investor, even when top end tax rates were much higher, he has never seen anyone shy away from a good investment simply because of tax rate on a potential gain. Surely this itself discredits the current criticisms of the tax rate? Who else in the world is in a better position to judge the issue of taxation on the highest earners of the world than the biggest and most influential investor of all time? Now I am certainly not advocating Buffett as some sort of hero or finance saint but when someone in his position publicly states that the levels of taxation on the highest earners in society is a joke you know something is very, very wrong. The letter urging George Osborne to immediately cut the 50p rate of income tax is not part of an economic plan masterminded to save Britain from financial ruin, rather it is merely another case of those at the very top of society looking out for themselves. One only has to look at the individuals pressuring Osborne to understand this; Nigel Rudd (the chairman of the giant airports operator BAA), Tony Pidgley,(the chairman of housebuilder the Berkeley Group) and Ian Powell (chairman of Price Waterhouse Coopers, whose annual salary has recently increased to almost £4m despite company losses) are to name but a few who have penned their signatures on the letter and would be set to personally profit from the removal of the 50p tax. Despite what you may have heard, the current tax rate has done little to deter entrepreneurs from investing within the UK and the Government's own projections have even forecast that the tax rate will raise £12.6bn in additional revenue over the next 5 years. Once again this call to scrap the 50p tax is nothing more than the super-rich doing what they can to ensure they remain that way and responding to the call would just be another prime example of the government adhering to corporate pressure. Then again it is sure to please many Tory donors....

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Osborne To Scrap 50p Tax Under Corporate Pressure?

How Long Until Osborne Scraps The 50p Tax? © conservativeparty

George Osborne has been urged by several leading City figures to accelerate his plans to scrap the UK’s top rate of income tax as part of a measure to ‘protect Britain’s economy from the Eurozone crisis fallout’. In the letter today published by The Daily Telegraph over 30 business leaders declared that the turmoil in Southern Europe showed that the Chancellor should take immediate action to scrap the 50p tax rate and increase the tax-free personal allowance by £1,000 in a move to attract entrepreneurs to Britain, but is that really true?

This summer American billionaire investor Warren Buffett (the third richest man in the world – who’s net worth is estimated at $39bn) caused controversy when he published this article in the New York Times, claiming that America and other Western capitalist countries should greatly increase their taxation on the highest earners in society. In the article Buffett calls for an end to the ‘coddling of the super-rich’ and ridicules reality of the current notions of ‘shared sacrifice’ and ‘we’re all in this together’ that we have time and time again been taught to believe. He admits that despite his astronomical earnings and personal wealth he paid a lower percentage of tax than the other 20 people in his office as he , along with thousands of other super-rich individuals, is given “extraordinary tax breaks”. However, more important than these worrying facts are that Buffett goes on to state that in 60 years as a major investor, even when top end tax rates were much higher, he has never seen anyone shy away from a good investment simply because of tax rate on a potential gain. Surely this itself discredits the current criticisms of the tax rate? Who else in the world is in a better position to judge the issue of taxation on the highest earners of the world than the biggest and most influential investor of all time? Now I am certainly not advocating Buffett as some sort of hero or finance saint but when someone in his position publicly states that the levels of taxation on the highest earners in society is a joke you know something is very, very wrong.

The letter urging George Osborne to immediately cut the 50p rate of income tax is not part of an economic plan masterminded to save Britain from financial ruin, rather it is merely another case of those at the very top of society looking out for themselves. One only has to look at the individuals pressuring Osborne to understand this; Nigel Rudd (the chairman of the giant airports operator BAA), Tony Pidgley,(the chairman of housebuilder the Berkeley Group) and Ian Powell (chairman of Price Waterhouse Coopers, whose annual salary has recently increased to almost £4m despite company losses) are to name but a few who have penned their signatures on the letter and would be set to personally profit from the removal of the 50p tax.

Despite what you may have heard, the current tax rate has done little to deter entrepreneurs from investing within the UK and the Government’s own projections have even forecast that the tax rate will raise £12.6bn in additional revenue over the next 5 years. Once again this call to scrap the 50p tax is nothing more than the super-rich doing what they can to ensure they remain that way and responding to the call would just be another prime example of the government adhering to corporate pressure.

Then again it is sure to please many Tory donors….

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