When I did a little report on the FTT I was taken to task thusly:
Third Worstall assume that marginal rates of tax in Europe are between 40% and 50%. That’s not true. Average overall rates in Europe are less than 40% based on research I will publish very soon and since most tax systems are regressive at the higher end where the impact of this tax is likely to be rates should be lower than he forecasts. That’s lazy on his part.
In Richard\’s report of today we get told what the average tax rate is in Europe (page 3):
And anyone at all who believes that marginal tax rates are going to be lower than average tax rates really should hand in their accountant\’s secret decoder ring at once.