As The Guardian tells us:
Now, I love Adele. But that doesn\’t exactly endear you to her, does it? Let\’s look at it again.
\”I\’m mortified to have to pay 50%!\” The Beatles had to pay 95% – as did all the highest earners under two successive governments (Wilson and Heath) in the mid-60s. George Harrison wrote a song about it, can\’t remember what it\’s called, sorry.
Erm, yes, but I\’m pretty sure the top income tax rate never went above 83%. The 95% comes from the lyrics to the song, not reality.
However, the more important point is, well, what actually happened to all those rock type people who should have been paying those tax rates? The Stones, Led Zeppelin, Rod Stewart, Elton John and so on: they all buggered off didn\’t they? Mansions in France and Ireland and……
No point in hanging around to collect some pittance so they didn\’t.
There really is a Laffer Curve you know?