From the
Daily Mail (my emphasis):
Top Premiership footballers like Wayne Rooney and Gareth Barry are avoiding millions of pounds in tax - and it's all legal.
Er...well yes, avoiding tax is legal, who woulda
thunk that?
Interestingly the article then goes on to say:
Scores of top footballers launched their own companies eligible to take image rights payments after Labour Chancellor announced the 50p top rate tax...[image rights] royalties are paid into a company which is only liable for 28 per cent corporation tax rather than the 50 per cent income tax.
So by raising the higher rate of tax on the rich, tax avoidance schemes are implemented which reduces the overall tax take. Not only proof that Labour are intrinsically economically illiterate but that each generation has to learn the whole
Laffer curve lesson all over again.
"So by raising the higher rate of tax on the rich, tax avoidance schemes are implemented which reduces the overall tax take."
ReplyDeleteBut then as you go on to say, Labour are intrisically economically illiterate. The only problem is the electorate don't know their history which proves the 'cloth cap brigade' cannot handle money!
"intrisically economically illiterate", I suppose means, in plain English, "arithmatically challenged" or "brain-dead"?
WSJ article from last year which bears out this assertion of economic illiteracy on the left --
ReplyDeleteAre You Smarter Than a Fifth Grader?
Self-identified liberals and Democrats do badly on questions of basic economics.
@WfW You're right, unfortunately the electorate don't know their history which is why they continue to vote for the same 'solution' in hope of a different outcome.
ReplyDelete@Anon Thanks for the link, I'd not seen that