Saturday, 5 May 2012

Dealing with the Deficit

Michael Meacher, Labour MP for Oldham West and Royton writes in the Guardian:

The increase in wealth of this richest 1,000 has been £315bn over the last 15 years. If they were charged capital gains tax on this at the current 28% rate, it would yield £88bn, enough to pay off 70% of the entire deficit.

Typical socialist bollocks, but also perfectly demonstrates the scale of government overspend - that even if it was feasible and/or possible to tax all gains made by the mega-rich in the last 15 years, it would only reduce the budget deficit by 70% FOR ONE YEAR. After that one-off, it would rise back to £125B again.

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