For the UK and the US. The best solution to both fiscal deficits is to raise income tax, progressively, to the levels required to cover problems.
Perhaps also we should have a 1/20th take on all fixed wealth over the median+20% of house prices. [The ...US could also do with a national VAT and gas/petrol tax.]
The basic rule is this. 2-3% of the population own 90% of the wealth.
TAX THE RICH UNTIL THE PIPS SQUEAK.
[The picture is of the great Labour politician who used this phrase in an election *that Labour won* in 1973].
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Nope. The World in 1973 was vastly different, in particular, the way that the very rich had a franchise in this country. They no longer have that franchise, as it has been pissed away to party political arse-lickers (I am talking about the House of Lords here)or the Media (The BBC in particular has undergone a sea change in terms of its internal demographic) and Higher Education.
In all three cases, the privileged classes, or The Establishment, has been lanced from its position at the top of the pile.
That's why they have either cleared off already or they will do if the 50p rate is applied. It isn't the money, it's their loss of influence. Couple that with the fact that it is far easier to live abroad and still have interests here (I can remember when you could only take a few hundred quid out of the country)and your formula will be a recipe for leaving behind a country run by drones and public sector busibodies.
The rich are often rich because they are clever and imaginative, not just greedy. Decapitate them and they will grow a new head by the balmy shores of Lake Geneva.
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