50p tax rate harming economy, say 500 entrepreneurs
Published 1 March 2012
Released 1 March 2012
The 50p tax rate is damaging the economy and harming recovery from recession, over 500 business leaders have claimed.
In a letter to The Daily Telegraph, the heads of small and medium sized companies from across the UK say the tax has caused expansion plans to be shelved and recruitment drives to be frozen.
They accuse George Osborne of putting “populist politics before sound economics”. Calling for it to be scrapped, they add that the ongoing imposition of the 50p higher rate of tax has left “wealth creators” in a “very awkward position”.
According to the Scrap the Tax Campaign – who organised the campaign – the 50p tax rate affects nearly 320,000 taxpayers earning over £150,000, 1% of the total number of taxpayers.
Full details are available from The Daily Telegraph website.
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