But that's a nice little illustration of why excess taxes are bad for the economy. Slash your marginal rate in half and ... 31% of something is more than 62% of nothing.
I think this thread makes an point though - £100k-150k PA isn't really rich.
Well off yes, and considerably better off than the majority - yes.
But it isn't rich, rich is probably having an unearned income of £500k + from assets and investments, so I guess you'd need £10m assets, and the flexibility to arrange your tax structure.
The mega rich are even better set up with hundreds of millions or even billions, and I think these are the people who need to be taxed.
This post has been edited by Mikhail Liebenstein: 26 February 2012 - 08:10 PM