Need an research paper on should the uk government restore the 50% additional income tax rate. Needs to be 6 pages. Please no plagiarism.

Need an research paper on should the uk government restore the 50% additional income tax rate. Needs to be 6 pages. Please no plagiarism. However, the tax rate was increased to 50p in 2010.

There are differing opinions regarding the effect of the 50p tax rate with some supporting the decision while others firmly against it. A number of high profile economists have advised the government to not adopt the 50p tax rate because it will be responsible for long-lasting adverse effects on the economy (Midwinter 1993). In a study conducted in 2010, it was noted that the 50p tax rate affected around 310,000 people. Criticism has been put forward regarding the effect the tax rate will have on UK’s ability to be able to compete in the international market. The tax rate will have the effect of making the UK a less desirable destination for workers in the local environment and for foreign investors.

One of its major disadvantages, as presented by critics, is that the UK was suffering because of the 50p plus marginal tax rate as evidenced by its chief creators have admitted that it was established in the absence of a logical economic purpose. Analysis by HMRC suggests that the policy if instituted again is going to lead to a loss in growth for a period of ten years coupled with lost revenue in the region of £ 350 billion. Evidence gathered from other countries such as France, Russia, Hong Kong and India in 2012, asserted that the punitive tax rate failed to yield any public revenues and was damaging the economy. The UK had would essentially succumb to a non-competitive regime of tax. A study was conducted by KPMG in 2010 when the country was using the 50p rate showed how badly the country compared to other European nations with reference to personal income tax rates where the UK was ranked number 83 out of 86 countries.

A number of high rates taxpayers are regarded as creators of wealth due to other ability to forecast economic trends and pursue economically viable investments (Bell 1995).

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