The politics of envy and very fat cats

Posted by Mark on 14th May 2009
Being a closet communist, as some friends and associates would have you believe, you would not be surprised to learn that I wholly endorse the new upper rate tax band for people earning wages over £150k.

At least now we have a proper higher rate that "the little people" can at least aspire to.  During the noughties, it used to be rather dispiriting to know that the average estate agent, mortgage broker and even deputy head teacher was considered so successful that they should pay the highest tax band like us entrepreneurs.

Of course by now setting a differentiation between the top marginal rate of tax at 50% (plus NI, of course) and a capital gains tax of only 18%, darling Darling has given an even greater incentive to those of us who can organise our tax affairs, to evade (or is it avoid?) even more tax.  

Good work HMRC, talk about the laws of unintended consequences..........

Given this obvious loop hole though, it is at best disingenuous that the those most corpulent of "fat cats", Guy Hands and Crispen Odey, have said that they will be driven from this sceptered isle by this punitive rate, that they are very unlikely to pay.

This becomes even more odious when you consider that Mrs Odey was a non-exec of Northern Rock, the cost of the demise of which is being met by all of those inreased taxes.

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