So back in September I did a piece rebutting an article in the Telegraph suggesting the best way to make the rich pay more tax was to – wait for it – cut their taxes.
The basic argument goes something like this:
Since taxes on the richest have been relaxed the richest have ended up paying a greater share of the nation’s tax revenues. The Right’s reason for this is ‘tax cuts for the rich mean more entrepreneurship, wealth creation etc and so more tax revenue from them’.The reality is it means a more unequal society where wealth is more concentrated in the hands of the wealthiest… and so, even if they’re paying a lower rate of tax, they’re still paying more of it as a percentage than the rest of us.
To say – after giving the richest a larger percentage of the nation’s wealth, they’ve ended up paying more as a percentage in tax – is sort of pointing out the obvious… but that’s basically the content of Fraser’s article… oh, and to use that logic as justification for cutting the taxes of the rich… obviously… why write an idiotic article when you can make it doubly so?
Anyhoo, it seems this may well become something of a zombie idea for the new far-right libertarians that the Tories, UKIP, Telegraph and Spectator all seem happy to accommodate. As Liam Fox showed, no idea is too crazy for these people, and I think they should be viewed as just as dangerous to the country and it’s inhabitants as the traditional far-right of the NF, BNP etc.