[Gordon Booth]

Originally Posted by cmonstanley

The 50p tax rate will raise more than £6.7 billion according to HMRC’s data » Tax Research UK 6.7 billion pound down the drain

Check your figures, cmon.
Labour raised the top tax rate from 40p to 50p and last year it only raised £330million pounds extra tax.(figures from HMRC) .To avoid the 50p rate rich folks moved £16billion of earnings into the previous year so paid only 40p tax on it-HMRC lost £1billion that it would have received if Labour had left it at 40p!
I'm not trying to justify rich folks getting richer but please get your facts right-your £6.7billion is the total amount the 50p tax was intended to raise!
To make things worse those clever rich folks will now move as much of their 2012/2013 earnings as they can into 2013/2014 and only pay 45p tax on it-so HMRC will loose out again!
It's the rich what gets the gravy and the poor-not a lot.