Labour and other parties of the Left are playing a dangerous, and hypocritical, populist game with their Non Dom and other tax hike plans. Will they ever understand that soaring taxes can easily lead to less revenue as incentives to pay tax and earn income in Britain are reduced?
The lessons from Japan, Euroland, and the UK are instructive. Governments need to learn that higher tax rates may be self defeating. They may lower output and incomes and may even lower revenues. Who knew?