BBC News: Reports that 20 leading economists have argued that the Labour introduced 50p tax rate should be axed. It can be argued that the Conservatives in the Coalition Government would love to ditch the 50p tax rate but the Liberal Democrats love high taxes. Thus the Lib Dems will have to be bought off, the price should not be to high, the axing of the rate should boost business and hopefully, lead to economic growth and higher tax returns. This is a good fight for the Conservatives to have, place pressure on Labour to defend tax hikes in a recession and make the Lib Dems seem out of touch with political reality.
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