50p tax for high earners 'should be scrapped'
www.moneynews.co.uk > Pensions calculator > 50p tax for high earners 'should be scrapped'
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50p tax for high earners 'should be scrapped'
Mon 26th Sep 2011
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Yvonne Goodwin, managing director of Yvonne Goodwin Wealth Management, said it is important the government is not putting high earners in a position where they take lower salaries, as this will ultimately result in lower national insurance contributions in the Treasury's coffers.
She commented: "As most retirees who have been higher rate taxpayers are still higher rate taxpayers in retirement, you could argue that it is only tax-deferred."
Ms Goodwin added that people in higher tax bands are generally those running businesses and it is therefore unfair to over-tax them in this way.
According to recommendations in a report by Lord Dick Newby from the Liberal Democrats, the 50p tax rate for higher earners should be dropped as soon as the economy recovers.
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