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Well it is highly unlikely that it will happen as Labour does not support it .Having said that you use the word earn as if huge salaries are deserved and I would argue they dare not , in fact I think there is a far greater moral imperative to increase the wage of the lowest paid who have been increasingly left behind to such an extent many of them now rely on food banks and or pay day loan companies to meet their most basic needs.I regard that as scandalous.
I have never accepted the Laffer arguement.An 80% rate over and above 1million still gives the recipient a very generous 20% over and above what he would earn on the first million and it would also mean he would have to work longer and harder for that golden carrot he so much wants, in other words, keep him hungry for longer. That to my mind is a real worthwhile incentive whereas what happens now he is simply being showered with money too quickly so incentive means very little.
If someone had offered me a £2 million pa contact over 5 years when i was 20 I would simply have stashed the money, invested it for a safe return and never contributed anything for the rest of my life.
I also happen to think those high salaries do not reflect the hard work many others are doing which enables the high earners to be in the position they are in.It's almost as if they are taking full credit for a company performance.What is even more galling is if things don't quite work profits drop people lose their jobs etc the high earner can simply walk away with a very nice severance package.
Of course there is the problem of high reward and low taxes for the few which has spread right across the globe which means nations have to do likewise in order to compete for best "talent" At the same time as I pointed out earlier, the lowest paid are getting left behind. With more and more services being privatised their living standards undermined, they are simply being pushed towards the trapdoor.People then begin to feel increasingly disempowered and turn towards populist movements for answers, eg Brexit and Trump.
I would far rather live in a country which with a much narrower wealth gap where everyone has a real stake and there is a better sense of community. I accept an 80% top rate tax and on the highly over remunerated is probably not do-able at the moment but it does not stop me believing it is right |
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Author: IronGiant
26-11-2019 02:22:36
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