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The amount of income tax paid fell sharply last month in the first formal indication that the new 50p higher rate is not raising the expected amount of revenue.
The London Telegraph reported earlier this year that Her Majesty's Revenue and Customs estimated the British version of the Buffett Tax would "show a 'surge' in revenues totaling hundreds of millions of pounds from the first year."
The "surge" wasn't even a trickle. In fact, there was actually a reversal.
The socialist democrats predicted a "surge" in revenue...sounds familiar, doesn't it?
"the apparently unexpected outcome "highlights the fact that high tax rates don't always deliver high tax revenues."
But shouldn't they? Yes, if nothing else changes. But things change. They always do."
This sounds familiar:
"Despite the inverted results and the obvious problems they will cause, the British left is insisting that the rate remain in place. Why? Because, the Telegraph reports, the left believes that "it is important to demonstrate that the rich are paying their fair share."
"MR. GIBSON: And in each instance, when the rate dropped, revenues from the tax increased. The government took in more money. And in the 1980s, when the tax was increased to 28 percent, the revenues went down. So why raise it at all, especially given the fact that 100 million people in this country own stock and would be affected?
SENATOR OBAMA: Well, Charlie, what I've said is that I would look at raising the capital gains tax for purposes of fairness."
So if people THINK the other guy is paying more then the people are happy
MOST people just hear the "rich" aren't paying their "fair share" (obama's false rhetoric). They need to understand what their "share" is and how much they pay.
The top 10% of earners pay over 70% of taxes - is that not fair?
Obama's rhetoric and "fair shares" need to be challenged and corrected every time....because we KNOW the media won't do it.
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