Its one of those "politics of envy" things that plays out fantastically well in the North Islington maxist commune, but makes very little economic or wider political sense.
First off, on the economics side, those super high earners (big players
in the City, big players
for City) can either structure their finances to avoid such a punitive tax rate or simply move away to another country (Europe, the US or even Ireland) to avoid it. This will hit our economy at a time it needs as much stimulus as possible.
As for the politics, the one question every Labour Cabinet Member, MP or spokesdroid will be asked from now until Brexit is "what level is the earnings cap going to be set at?" Its a classic Corbyn "back of a fag packet" policy that's as well thought through as his "women only carriages" one...
---------- Post added at 12:42 ---------- Previous post was at 12:38 ----------
Quote:
Originally Posted by Mr K
Did say I 'wasn't sure' about the wage cap idea, but something needs to be done. The gaps between those at the top and bottom in wages and wealth are becoming larger and more obscene year by year. We clearly aren't 'all in it together'.
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However a wage cap won't really do much to makes things better for Mr J. Bloggs on the Clapham Omnibus. Its like complaining your neighbour is taller than you, and that you should be allowed to trim 6" off his legs to make up for it...