Perhaps we can organise a special benefit concert for those affected by the 50% tax-rate? Billionaire-Aid - sponsored by Topshop. Those private jets and luxury yachts aren't going to pay for themselves!

Of course we all know that the 50% rate is really a political tax o show that 'we're all in this together. It doesn't raise much but compensates for what is lost.
But has Osborne got the decency to admit he was wrong and cut VAT? No.
He'll carry on regardless to save his face, not the country.

George Osborne should get rid of the 50p Tax rate it was only ment to be a temp measure and it is holding back the economy.
I have heard that you can merge NI and Income Tax with a personal allowance of
£10,000 and a Tax Rate of 40-45% above that You could give 50% rebate on pension income and 25% on rebate for self-employment, a far more progressive system.
Rates would be lower for high earners ,but that means they would have more to spend and invest so generally growth and jobs will be a result of that,but you should only help people who employ others and their should be away to monitor that. There must be other ways of dealing with the rich and tax dodgers but the 50% Tax rate will just damage the country as a whole.

I feel so guilty claiming £67.50 JSA a week when I know there are people earning £150k per year that have to pay 50% tax. Where can I donate something to help them? It just isn't fair that they have to pay this much - soon they'll have to send their children to state schools and they'll end up having to get jobs in the City rather than an internship at Tory HQ. How are they going to get a nice safe seat in the House after that?

It would be interesting to compare the CV's of an ordinary bloke on JSA and a high flying bizzwizz, and what they've actually done to earn and deserve the enormous salaries they are getting. A lot of them would already had money in the family private elite education and a helping hand into the job market, besides picking up the necessary professional qualifications, which all take time and effort.
The point is that they can afford to pay a higher rate and a wealth tax and a mansion tax without hurting their overall finances. The ordinary Joe can't.

@JohnP - Unfortunately, we dont. Most of our wealth creators and talent left for the new world during the last brain drain, which occurred during the last top level tax hike..

Marcus ... the new world? Sounds you would educated in the 1930s.

@Fast Asleep

It is a well known fact your not my mate.

no one wanting tax hikes will answer the question re Ireland. We must all aspire to the level of the lowest common denominator!! In this way we can all be equal since this goal is achievable... and Rousseau said 'men are born free!'
erm, hang on, he folowed with 'yet everywhere he is in chains'

The chains of imperialist and aristocratic classes, he meant, surely cries the mob... OR are the chains self imposed- was he referring to a spiritual freedom that empowers the individual to further himself and by extension his society, a freedom crushed by the illusion of money and it's 'one-upmanship'... the power of the attention consumed by materialism, then worse turning in on itself, it's own brothers, the green eyed monster rearing it's ugly head...
we defecate into a grade of water that would save the lives of 30 thousand children daily, and yet the outrage of someone paying less than 50%...based on 150K lol- not that peole are starving here, with a 110bn welafre bufget- nope, the argument is based on 150k. zzzzzzzzzzzzzzzzzzzzzzzzzzzz

As the Independent might have put it: "George Osborne should scrap the 50p top rate of income tax "at the earliest opportunity" to boost richness, a group of leading rich people have said." Yeah, that's right - cut the revenue take while public sector job cuts are also lowering the revenue take. Who's writing Coalition economic policy - the Chuckle Brothers?

Kenelm: Marcus is right, people like me left.

the Robin Hood or transaction tax get on with it!

nope- nothing on Ireland. Bit like nothing on Darling. We simply don't want something as obvious as a lump of rock and earth called Ireland spoling these carefully crafted tax arguments. nooo way sireeeeeeee... that's not how we do it ... the next election will be won with spin, no probs- the bust will be over in 6 months anyway

I,m intrigued by the concept of a billionaires' voluntary tax. This could possibly be the economic panacea that we have been looking for in the UK. Who could possibly question its fairness ! So lets scrap the 50p rate for all. Then ask all those new billionaires who will be racing to our shores (or off shores) attracted by the lower rate, and, together with those who are already here to repay such generosity by contributing voluntarily to us prols. Can anyone see a snag in this?

Really great article. Discussed your points on the Catch21.co.uk blog. Check it out!

http://www.catch21.co.uk/2011/09/the-fate-of-the-50p-tax

ahahaha
'or as in US, outsource and relocate in favourable low wage and tax regimes abroad'
hahahaahah

Marcus - 'wealth creators'. Wealth creators? In which way?

wealth creators? wealth creators? in which way?
is that areal question? have u heard of an ipad? apple makes 6 biilon profit a quarter, i pad is the ir second biggest item- yes thats right1.5 years ago they didnt exist, 6 billion a quarter profit.
in case u dont know what profit is numpty its agter uve empoled eberyone to design, souce, byuild , distribute the thing, and the tax revenue on thatm the corp tax, income tac, NI tax, road tax, fuel tax, business rates tax, etc
dumbarse-