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Old 03.02.2018, 10:12
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Re: The Brexit referendum thread: potential consequences for GB, EU and the Brits in

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Why not? Lower tax rates will see higher revenue, don't you remember what happened in 1979 when income tax was reduced from 98% to 60% in one go?
Yep. In absolute terms national debt doubled from roughly 100 billion in '79 to 200 billion by '90. And the continuation of that approach sees it approaching 2 trillion now.

OK, more correctly measured as % of GDP it was roughly stable at 50% through the 80s compared to closing in on 100% now.

Oh and BTW for most income the top rate went from 80% to 60%. 98% only applied to certain classes of unearned income.

Last edited by baboon; 03.02.2018 at 13:21.
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