Tuesday, April 28, 2009
Britain Brings Back the 50 Per Cent Bracket
The creeping skulk toward socialism worldwide continues, as Britain has reinstated a 50% tax bracket, much to the chagrin of some of its more wealthy citizen. Supported by 68% of those polled (naturally, since very few of them will ever have to pay it), Britons will realize its stupidity not when their economy continues to tube due to brain drain, but when the quality of play in the English Premier League dips as athletes decide to take their soccer skills elsewhere.
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I remember reading something about this very topic in Sir Michael Caine's autobiography. He was just starting to have a measure of success when reality hit him. PM Harold Wilson was on TV railing about taxing the stuffing out of the "rich" and making them pay, etc. It was then that Sir Michael took stock of what his earnings were and what he was paying out in taxes. He promptly moved to the United States.
So we're moving full-circle only when it's all said and done we could wind up with extremely punitive tax rates.
I wish I had recorded the impromptu interview with the black NFL player (name escapes me but I think it might have been Clinton Portis) who, prior to the election, was asked what he thought of Barack Obama. His response was refreshingly genuine: "Well, as a black man, obviously, I am pretty energized at the possibility that he might be elected President. But I guess most everyone in the NFL is in that "wealthy" tax bracket and that's making me and my fellow players think a little closer on how we'll vote. Kind of funny how all that is working out. I mean, who would of thought it would come down to this?" Who indeed.
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