Richard Wellings argued against Nick Clegg's proposed wealth tax, saying it would be hugely damaging economically.
The top 1% of earners pay 28% of income tax. Moreover, they pay a great deal and don't rely on public services so they tend to put more in than they take out. These people are often entrepreneurs with wealth tied up in companies. These are the people creating growth and it would be madness to tax potential investors even more. There is also the risk that investors and high earners would move elsewhere and take crucial capital out of the UK economy.
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