Chancellor says figures vindicate decision to reduce top rate of income tax,but Labour’s John McDonnell says data is distortedGeorge Osborne has said the tax take from Britain’s highest earners has increased by £8bn despite his reduction in the top rate of income tax.
The chancellor’s decision in 2012 to slit the 50p top rate for taxpayers earning more than £150000 was regarded at the time as a political misjudgment. But he has always insisted that the 50p rate, introduced by Labour’s Alistair Darling as he struggled to shore up the public finances following the financial crisis, and brought in puny extra revenue.
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Source: theguardian.com