It Ain’t Working There, Why Would It Work Here?
The U.K. instituted a type of “Buffett rule” last year:
The new rate will affect the 300,000 highest earners in the UK, out of the 29 million people who pay income tax. It will be levied on taxable incomes greater than £150,000 a year and aims to raise an extra £2.4bn by next year.
The 600,000 people who earn more than £100,000 a year will have their personal tax allowance eroded too, raising £1.5bn for the government. Together with increased tax on pension contributions, which starts next year, the UK’s top 600,000 earners are expected to be paying an extra £7.5bn a year in tax.
The controversial 50p tax band is ‘not working’ and revenues have fallen since it was introduced, new figures suggest.
In January, the tax take from those who do self-assessment tax returns collapsed by more than £500million, compared with the same month in 2011. They fell from £10.86billion to £10.35billion.
The figures will add to pressure on the Coalition to drop the levy amid fears it is forcing entrepreneurs to relocate abroad.
GorT is an eight-foot-tall robot from the 51ˢᵗ Century who routinely time-travels to steal expensive technology from the future and return it to the past for retroinvention. The profits from this pay all the Gormogons’ bills, including subsidizing this website. Some of the products he has introduced from the future include oven mitts, the Guinness widget, Oxy-Clean, and Dr. Pepper. Due to his immense cybernetic brain, GorT is able to produce a post in 0.023 seconds and research it in even less time. Only ’Puter spends less time on research. GorT speaks entirely in zeros and ones, but occasionally throws in a ڭ to annoy the Volgi. He is a massive proponent of science, technology, and energy development, and enjoys nothing more than taking the Czar’s more interesting scientific theories, going into the past, publishing them as his own, and then returning to take credit for them. He is the only Gormogon who is capable of doing math. Possessed of incredible strength, he understands the awesome responsibility that follows and only uses it to hurt people.