Hundreds of millionaires working in Britain\’s banks will receive an average tax cut of almost £54,000 when the top rate of tax is abolished this weekend, according to figures compiled by the Labour party.
The changes mean that 643 bankers, each earning more than £1m, could get a combined tax cut worth at least £34.6m.
The tax cut is from 50 p to 45 p. A 10% cut in hte rate therefore. If a 10% cut in the rate leads to a £34 million cut in the bill then the total bill must be £340 million then, yes?
It is at least vaguely possible to put forward the idea that gouging £340 million in tax out of only 643 people is enough tax to be gouging out of only 643 people.