Scrapping the 50p tax would be both unfair and bad economics, says TUC

Midlands TUC Regional Secretary, Rob Johnston

Commenting on calls from business leaders that the Chancellor should speed up plans to scrap the 50p income tax rate, Midlands TUC Regional Secretary Rob Johnston said: "This is no more than a bunch of very rich people saying that they should make the ultimate sacrifice of paying less tax to help the economy.
"The truth is that giving more cash to the rich is not just unfair but bad economics as they are least likely to spend it in ways that boost jobs. Any plan for growth should ease the position of low to middle earners, not the super rich."

For more from the TUC on the arguments against scrapping the 50p tax, see this Touchstone blog from TUC Head of Economics Nicola Smith http://touchstoneblog.org.uk/2011/09/what-are-the-arguments-against-scrapping-the-50p-tax-rate/