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British May Soon Pay 50% Income Tax Rate Print E-mail
by Tom McGregor    Sun, Jan 26, 2014, 09:39 PM

The Labor Party is expecting to sweep into power in the United Kingdom with upcoming elections, and they have already enbarked on a plan to enforce a 50 percent tax rate on income.

The Daily Telegraph of London reports that, "Senior business figures have launched a strong and united attack on Labour’s pledge to raise the top rate of tax to 50p. In the strongest criticism so far, the heads of 24 of Britain’s most successful companies warned in a letter to The Telegraph - copied below - that Ed Miliband’s policy would threaten the recovery and cost jobs."

Meanwhile, London Mayor Boris Johnson, a Conservative Party member, is calling for the British Parliament to cut taxes.

According to the Telegraph, "Ed Balls, the shadow chancellor, has been severely criticised by rival politicians, industry figures and some members of his own party since announcing the policy. Mr Balls insisted that his party was “pro-business” but claimed it was needed to close the budget deficit, which is forecast to be £78 billion at the next election."

Boris Johnson is quoted as saying that, "The real instincts of the Labour Party, now way to the left of New Labour: populist, anti-capitalist and anti-business."

To read the entire article from the BBC News, link here:

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