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  ... 20 top economists are saying what everyone who have some knowledge of the tax system knows, that the high rate of tax is damaging our recovery and is making life harder for Inland Revenue by reducing the overall tax-take. What is interesting is that these economist are a mixed bag and are not all 'from the right' - many have a 'left' viewpoint and it included Keyseyan and Monetarist acolytes. It is because it is such a mixed bag that they can be taken more seriously than most similar economist 'round robins' we have seen.
  
  This tax rate was never done for economic purposes anyway, it was just a political trap set by Gordon Brown before the election. Deluded as Brown was he too did not expect to get in any extra tax revenue from this high rate either. It was imposed as an act of sheer spite and cynicism.
  
  The evidence is building of the damage it is doing to the economy and to the deficit reduction programme.
  
  There is one and only one reason to keep it and that is political and for appearances sake. If Osborne were to remove it we will have all the rubbish about 'give aways' to the rich totally ignoring the more important point that having this tax levy means there will have to be bigger spending cuts. In other words the less well off get punished just so it can appear that the 'rich' are being taxed more. The truth is that the tax-take from the top 1% of earners is falling because of this tax. If you want them to pay more tax then you reduce the tax rate. Simple really. Then there are the other knock on effects that also reduce the tax HMRC is receiving, due to the damage it does to economic growth.
  
  I doubt that Osborne will drop the 50p rate though, not yet at least. He is too much the political strategist and less the hard headed chancellor who would do what is right.

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