UK to raise Taxes on Rich to 50% to Finance Budget.

The Brown government in London announced a plan to increase the top income tax rate by 5 percentage points to make it 50%. The people most affected by this increase are people who earn about $216,750 or more a year. Although , I tend to support a tax for the highest income earners but with the tax rate at 50% is risky. It suprising that in the 1970s , when Labour was in power they had the marginal tax rate for the wealthy at the lofty 90% , which led to the emigration of some of the wealthiest. See and listen to the Stones Exile in Main Street as your historical guide. NYT US tax rate for the top income group is 33-35%. Wiki