Yahoo Finance reports that the combination of payroll taxes and income taxes can bring the marginal tax rate on people with incomes as low as $133,000 a year to 60%. The rates reach this high because the UK tax code phases out deductions and credits once a filer hits £100K ($133,000) of income. In this day and age that’s upper middle class and a long way from being rich.

Have these fools in the Labour Party never heard of the Laffer Curve?  Have they never heard the Beatles song “Taxman?”

Bring back Margaret Thatcher.