Surtax on wealthy in UK results in lower revenue
Speaking of reality, the UK did exactly what Obama and the Democrats propose to do here — pass a surtax on high-income earners. The new tax rate of 50%, which took effect at the beginning of the year, was expected to raise a billion pounds in extra revenue each month. So how did that work out? Tax revenues dropped by more than £500 million:
Duh, this is called common sense.
Progressive response? “Nothing to see here, just move along”.
