The greatest single risk to an Entrepreneur’s wealth is the government

The greatest single risk to an Entrepreneur’s wealth is the government

In the 2009-10 tax year, more than 16,000 people declared an annual income of more than £1M to HMRC. This number fell to just 6,000 after Gordon Brown introduced the new 50p top rate of income tax shortly before the last general election.

The figures have been seized upon to claim that increasing the highest rate of tax actually led to a loss in revenues for the Government.

Whether they emigrated or just re-arranged their financial affairs, the message is clear. Excessive taxation on entrepreneurs costs more in lost jobs and wealth generation than the tax collected.

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