Clegg, Taxing the Rich more won’t Help

Deputy PM Nick Clegg has stated he feels that the UK’s wealthiest citizens should pay more tax for a limited period in these economically difficult times we are currently facing.

I’m not so keen on this announcement, yes when times are tough and money is tight it’s easy to look to those better off and those who seem unaffected and say you should be contributing more, but when you look at the figures those better off are more than paying their share.

HMRC figures show that the wealthiest 11% in Britain pay more than 75% of all tax collected and the top 50% pay around 90%, so all Clegg’s idea will do if implemented is drive the rich abroad and ensure their money and expertise is lost.

Instead of lazily saying oh tax the rich some more, I would urge Clegg and the rest of the cabinet to be a bit more creative with their policies to dig the country out of the hole they and the previous government have dug.