"Here's the truth. The proposed top rate of income tax is not 50 per cent. It is 50 per cent plus 1.5 per cent national insurance paid by employees plus 13.3 per cent paid by employers. That's not 50 per cent. Two years from now, Britain will have the highest tax rate on earned income of any developed country"
- Andrew Lloyd Webber
About this Quote
This quote by Andrew Lloyd Webber is referring to the recommended top price of revenue tax obligation in Britain. He is pointing out that the price is not really 50%, however rather a mix of 50% plus 1.5% nationwide insurance coverage paid by employees as well as 13.3% paid by companies. This means that the complete rate of tax is in fact 64.8%, which is dramatically higher than the 50% rate that was initially proposed. Lloyd Webber is alerting that if this rate is carried out, Britain will certainly have the highest possible tax price on gained revenue of any developed country in 2 years time. This can have an adverse impact on the economic situation, as it might discourage people from working as well as earning money.
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