Higher tax rates, wealth creation and taxes on emissions

The Chancellor of the Exchequer, Mr Darling, has given fair warning that income tax will rise to a rate of 50% for those who earn more than £150,000 a year. I should point out that these high earners will also have to pay about 11% of their income in National insurance – a tax with a different name, so that the highest marginal rate will be 61%. Since the announcement the newspapers have been full with reports from extremely wealthy people complaining about this tax. Continue reading