Letter: UKIP tax voodoo
Ironically David Potts seeks to correct South Tyneside Labour politicians on the upper income tax rate (2nd April, Taxation: The Big Picture), whilst himself making an unproven assertion.
His support for the 50p tax cut relies on the theory that the 50p rate is ‘uncompetitive’ and damages the UK economy. This is merely a contemporary twist on the Reagonomics of the 1980s, long discredited as ‘voodoo economics’.
If there was any definitive evidence that the 50p rate was damaging, then UKIP, the Tories and the right wing press would never shut up about it. Instead, David Potts points to a letter in The Times from economic gurus he happens to agree with, which is a bit like relying on the authority of clerics on the number of angels on the head of a pin.
Given that UKIP’s denialist stance on climate change makes them a joke on science, is there any reason to take them seriously on economics either?