Posted on 05/20/2009 9:36:17 PM PDT by bruinbirdman
Gordon Brown told Britain's business leaders last night: "You are in the eye of the storm of the recession."
Addressing the CBI's annual dinner at the Grosvenor House Hotel in London, the Prime Minister said that by working together Britain "can be one of the great economic powers", once the world emerges from recession.
Speaking without a script, he defended the Government's decision to introduce a 50p tax rate for higher earners, saying that it was necessary to bring the public finances back under control. "We have a duty to act," he said. That provoked the only heckle of the speech, with one guest shouting "nonsense".
Mr Brown also defended spiralling government borrowing, saying that if the Government did not spend now there would be higher debts and deficits further down the line. "If this is not understood in Britain, it is understood in the US and most of Europe," he said.
He hailed the G20 summit as "not just an event but a process that will make the global economy work", adding that "Britain can lead the way".
The Prime Minister spoke immediately after Martin Broughton, the out-going president of the CBI, who launched a scathing attack on the 50p tax rate, describing it as "economic vandalism".
Mr Brown ended his speech saying: "These are difficult times, challenging times, testing times and Britain has to respond to a completely new world. I hope that we can work together." He said that he had a great deal of confidence about Britain's future post-recession.
Alistair Darling, the Chancellor, was also present at the dinner.
(Excerpt) Read more at telegraph.co.uk ...
Only a moron adds more burdens onto the remaining producers that are hanging on by a thread in a recession.
Brown’s a moron.
Britain is likely to completely implode economically with brilliant thinkers like Brown at the helm...
I’ll add that the west could use a good example of a once wealthy modern country going into complete economic ruin as a lesson on the true cost of socialism.
Too many people today have a totally devoid of reality understanding of basic economics. How wealth is produced and how countries collect it or lose it. That you can’t endlessly tax, regulate and micromanage the producers and at the same time expect to raise the standard of living of everyone else.
That’s outrageous. It certainly won’t encourage more business and revenues. It appears that western governments have either a default wish, or so much pride, that they can’t see the likely consequences.
Yes. Adding a 50% tax hike on the high earners...the same high earners who are keeping the limey economy afloat. Then PM Brown adds it’s their ‘duty” to accept this farce. Simply mind-boggling...
This makes me recall once about 30 years ago driving a Swedish businessman who had been visiting our company President to the airport....we got to talking....he told me the tax rate for him in Sweden was....somewhere around 90%....this was in about 1979....hmmmm....wonder what Sweden’s tax rate is now....??? Britain is KILLING THE GOLDEN GOOSE!
paying higher taxes is supposed to be patriotic or something, right?
Note to Gordon Brown. Have you stopped or even slowed down your open borders immigraton policy that provides cradle to the grave welfare and free housing to people who will contribute nothing to society or your economy? You might want to think about that before actually adding more taxes to those who actually work and run businesses.
The comical thing is that all the richest from all these euro countries setup residency in Monoco or Switzerland so they avoid paying 50% or more of their yearly incomes in taxes.
I know under the Schroder administration in Germany, there was a huge exodus of German business people, pro-athletes, biggest wage earners, etc...who moved to Switzerland to escape the ever increasing taxes they were being forced to pay by residing there. Many of them were very vocal about how they were becoming disgusted with soo much of their incomes funding all the 3rd world immigration that was wrecking their countries economies and national identites. Michael Schumacher and Stefi Graff were publically trashed and called traitors by the liberal German press for taking up residency in Switzerland.
so when’s the next election
It is a flaw of democracy. They learn enough, or are bribed enough, to vote the treasury as their own.
It never bothered Keynes, "In the end your dead." Straight from Marx.
yitbos
"Sweden's personal income taxes are the highest in the world. In 2002, personal income tax rates, the combination of state and local rates, were 31% on the first increment of taxable income up to 232,600 Krona (about $173,065); 51% on the next increment up to 374,000 Krona (about $278,000); and 56% on increments of income above 374,000 Krona. Personal deductions vary between 8,600 and 18,100 Krona ($6,364 and $13, 400). A health tax is levied at 1.5%. There is also a real estate tax.
In contrast, corporations are taxed relatively lightly in comparison with those in many other countries. The national income tax rate on corporations was 28% in 2002 (separate municipal income tax on corporations was abolished as of 1985), with no distinction between distributed and undistributed profits. Capital gains are taxed like other corporate income at 28%. The withholding tax on dividends is 30% and on royalties, 28%, but these rates are often reduced or eliminated in bilateral tax treaties. Interest income is not subject to withholding."
That was 2002. Things haven't changed much since:
2009 Index of Economic Freedom
"Sweden has a very burdensome income tax rate and a moderate corporate tax rate. The top income tax rate is effectively 57 percent (when both national and municipal taxes are taken into account), and the corporate tax rate is 28 percent. Other taxes include a value-added tax (VAT) and a capital gains tax. The wealth tax was abolished in January 2007. In the most recent year, overall tax revenue as a percentage of GDP was 49.7 percent."
yitbos
Then she married Andre Agassi with whom she lives in Las Vegas. No state income tax, top marginal federal income tax rate 35%+/-. They are two of the most charitable people in the state.
yitbos
“this was in about 1979....hmmmm....wonder what Sweden’s tax rate is now....??? “
Round about that time in the UK, the top rate was similar, and the Thatcher govt progressively brought it down to to 40% where it stayed until this year.
People are always saying they’re paying too much tax over here as well. Let’s compare with 50 years ago...
http://www.portfolio.com/interactive-features/2008/03/Tax-Brackets
Most interesting is the income required to be taxed at top rate. In 1917 it was $32.9 million. In 1991 Bush 41 not only raised the top rate but lowered the qualifying income by half to $76,404.
One could define "rich" as anyone qualifying for the top marginal rate which kicked in last year at $350,000.
yitbos
Thanks....
Tax increases in a bad economy worked so well in 1929.
Way to state things that clear: “You are ... in a recession” therefor YOU PAY (not government).
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