The Deputy Prime Minister says he has uncovered evidence that hundreds of millionaires are paying a tax rate of less than 20 per cent on their earnings by using an “army of lawyers and accountants”.
In an interview with The Telegraph, Mr Clegg indicates he is willing to support the scrapping of the 50p top rate of income tax provided that millionaires are “properly” taxed in Britain.
A wide array of tax loopholes and reliefs are exploited by the wealthy to reduce their tax bills, leading to them paying overall rates on annual earnings beneath those faced by ordinary workers, he said.
Mr Clegg, who will be at Saturday's Liberal Democrat spring conference in Gateshead, believes that thousands more millionaires pay tax at a rate of less than 30 per cent, depriving the Exchequer of hundreds of millions of pounds a year.
He believes that a specific minimum rate of tax should be written into law to ensure people are “paying their fair share” and not “massaging” the system. The Deputy Prime Minister says he decided on the need for a tycoon tax after Mitt Romney, who is expected to be the US Republican Presidential candidate, disclosed he was paying just 13.9 per cent tax on his multi-million-dollar earnings.
Source: Nick Clegg goes after the ultra-rich - Telegraph
What an idiot - first it's none of his business what Romney pays under US laws, secondly Romney paid very close to what CGT on his investment was meant to be - it's the fooking CGT law designed to encourage long term investment which Darling ($%!$) removed.
In an interview with The Telegraph, Mr Clegg indicates he is willing to support the scrapping of the 50p top rate of income tax provided that millionaires are “properly” taxed in Britain.
A wide array of tax loopholes and reliefs are exploited by the wealthy to reduce their tax bills, leading to them paying overall rates on annual earnings beneath those faced by ordinary workers, he said.
Mr Clegg, who will be at Saturday's Liberal Democrat spring conference in Gateshead, believes that thousands more millionaires pay tax at a rate of less than 30 per cent, depriving the Exchequer of hundreds of millions of pounds a year.
He believes that a specific minimum rate of tax should be written into law to ensure people are “paying their fair share” and not “massaging” the system. The Deputy Prime Minister says he decided on the need for a tycoon tax after Mitt Romney, who is expected to be the US Republican Presidential candidate, disclosed he was paying just 13.9 per cent tax on his multi-million-dollar earnings.
Source: Nick Clegg goes after the ultra-rich - Telegraph
What an idiot - first it's none of his business what Romney pays under US laws, secondly Romney paid very close to what CGT on his investment was meant to be - it's the fooking CGT law designed to encourage long term investment which Darling ($%!$) removed.
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