Nigel Lawson, for example, can claim to be one of the most redistributive chancellors in history — but for reasons Mr Brown would hate. When he cut the top rate of income tax in his famous 1988 budget, for example — a budget vociferously opposed by Mr Brown — the richest 1 per cent paid 14 per cent of all income tax collected. It has since soared to 23 per cent. The richest now shoulder a far greater share of the burden because Lord Lawson lowered their tax rates. This is a paradox that Labour and the Liberal Democrats, with their zero-sum economics, are incapable of understanding.
Friday, November 14, 2008
How to Cut Spending - And Then Taxes
Fraser Nelson, in this week's Spectator, has a splendid article explaining how to cut spending - and then taxes. I'll leave you to savour the full text HERE, but think about this short excerpt...