Great Britain has instituted a 50 pence tax assessment on incomes and it failed to generate the expected revenue.
Duh.
Telegraph:
The Treasury received £10.35 billion in income tax payments from those paying by self-assessment last month, a drop of £509 million compared with January 2011. Most other taxes produced higher revenues over the same period.
Senior sources said that the first official figures indicated that there had been "manoeuvring" by well-off Britons to avoid the new higher rate. The figures will add to pressure on the Coalition to drop the levy amid fears it is forcing entrepreneurs to relocate abroad.
Read more: http://www.americanthinker.com/blog/2012/02/this_is_what_raising_taxes_on_the_rich_will_get_you.html#ixzz1nCmK1kgT
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