Thatcher had no sense of social justice, she had to up tax to pay for the public services she was destroying; it's what led to her downfall, amongst her many other failings.

In a deficit situation such as we have now, taxation for high earner's has to be increased, there's only so much you can shave off the State. Tories bleat on and on about decreased taxes but in reality they never get round to giving us a tax reduction of any value, a few pennies in the £1 is negligible. There policies will never shrink the State, they'll just destroy it.

Labour did effectively reduce tax by way of the tax credit system, it increased the disposable income of many, far more effectively than the Tories supposed tax reductions will. Their reduction are always promised as some kind of carrot come election time, then they are so minimal they never make any difference when offset against VAT and so forth. The Tories have an abysmal record on taxation.

The Tories have to realise that it is high time tax avoidance was clamped down on, that's where the real money is.

Deficit reduction has yet to happen under this lot, all we've heard is talk talk talk so far.

Reginald ol boy: Oh no, let's gets a whole army of HMRC tax avoidance (not tax 'planning') investigators in. Let them spend every waking moment trawling receipt after receipt, let them break all those crafty encryption software packages and let's use those wonderful databases to source all those dodgy offshore accounts. Let's stop all those loopholes and fix that 'helpful' legislation for once and for all. Let's send out a clear message to all those naughty scoundrels that their game is up, someone will be knocking on their big door and before we know it the State can recoup all that it is owed to us hard working tax payers. Let the net close in, let's name them and shame them.

My motto, forget the pennies, go after the millions!

Now where shall we start, Mr Cameron, Mr Clegg, Mr Osborne, where do you reckon?

It is now nine years since my predecessor, in his first Budget in 1979, reduced the top rate of income tax from the absurd 83 per cent. that prevailed under Labour to 60 per cent. where it has remained ever since. At that time, this was broadly in line with the European average for the top rate of tax. It is now one of the highest. And not only do the majority of European countries now have a top rate of tax below 60 per cent. but in the English-speaking countries outside Europe—not only the United States and Canada, but in Labour Australia and New Zealand, too—the top rate is now below 50 per cent., sometimes well below.
The reason for the worldwide trend towards lower top rates of tax is clear. Excessive rates of income tax destroy enterprise, encourage avoidance, and drive talent to more hospitable shores overseas. As a result, so far from raising additional revenue, over time they actually raise less.
By contrast, a reduction in the top rates of income tax can over time result in a higher, not a lower, yield to the Exchequer. Despite the substantial reduction in the top rate of tax in 1979, and the subsequent abolition of the investment income surcharge in 1984, the top 5 per cent. of taxpayers today contribute a third as much again in real terms as they did in 1978–79, Labour's last year; while the remaining 95 per cent. of taxpayers pay about the same in real terms as they did in 1978–79.
After nine years at 60 per cent., I believe the time has come to make a further reduction in the top rate of income tax. At present there are no fewer than five higher rates of income tax; 40 per cent., 45 per cent., 50 per cent., 55 per cent. and 60 per cent. I propose to abolish all the higher rates of tax above 40 per cent.

Sam wrote, "But we all know that Labour are immoral, ..."

Latest poll: CON 40%, LAB 40%, LDEM 9%.

It seems that at least 40% of the population disagree with your assertion.

@Sam
29 November 2010 at 12:57
"It is immoral for a government to take money simply in the name of social justice."

Here's me thinking it was to pay the deficit.

"But we all know that Labour are immoral, and prone to not giving a sh*t about people or what they do to people. Just ask anyone who's spent the last few years on a control order."

Dam those immoral Labour people, they don't care about anyone, not like the beautiful terrorists on control orders. They actually care what they do to people... like blowing them up.

Well, she came out with said term, over and over again, while with a husband from the nasty oil trade. Denis made loads out of his castrol-burmah shares to "keep" a brit PM mad.

The envy she was on about is looking at us non-mad lot talking sense, no doubt.

And by the way Mehdi, "Stalinist" is very uncomfortably too close to the truth for me, in my own country. I prefer mad, but that might be the same...

William, praise to the '97-'10 Labour party in dampening down NI troubles. If anyone would ask me that in '96, I would have settled for simply that. Would never ever happened UNDER the torries.
http://www.youtube.com/watch?v=x4Ab7vNhd18

Philip Proust, well said - you hit the nail right on the head, especially for manufacturing industry motivation, as long as the 48 week max working week is gone round the side, by self-employment.

What's the difference between commies, mafiosa, yank teamsters and brit Unions? Nothing, according to the mad mind of the Thatch.

At least brit Unions were democratically elected.

Re. Thatch and NI tory problem, splved by Labour, and the woman with a cancerous wig,
http://www.youtube.com/watch?v=ApzPnkrTI4c

Marvellous quote by Boris! I say...Boris Johnson for the President of the European Union!

Nick my good chap, lets leave the old tax planning alone.

With regards to the 50p tax, I shall put it to George Osborne to raise this tax for footballers to the 60p tax. Like Lady Thatcher's top rate of income tax pre-1988! Pat on the back for Reginald!

Reginald's motto:'Watch the pennys and the millions will take care of themselves!'

Mehdi going after another journalist again. What is going on?