Feb 25, 2012 10:59 PM GMT
As others point out there will still be those who think it's worth it because of some nebulous concept of "fairness" - economy and tax revenues be damned.
As taxes assume a leading role in U.S. policy debate ... the first receipts on a new wealth tax in the U.K. have brought disappointing results to British Treasury officials.... [S]ome observers, political conservatives among them, are taking the recent experience in the U.K., which last year raised its top rate on high income earners from 40% to 50%, as a demonstration of the ineffectiveness of a tax-the-rich policy.
Britain’s Telegraph newspaper reported that the U.K. Treasury–in the first test of the wealth tax policy introduced last year–received 509 million pounds less for January than the same month in 2011. The Treasury had projected that monthly revenues would actually increase by more than 1 billion pounds. ...
The disappointing results could move Chancellor of the Exchequer George Osborne to drop the tax after an official analysis is completed next month, but the Tory official’s Liberal Democrat coalition partners remain strongly committed to higher rates for Britain’s highest earners.