Easy way to cut the obsene pensions

[maltaron]

I am surprised that the treasury has no one with the guts to claw back fat cats pensions and bonuses. Its simple, create a new supertax band at, say, £200,000 and tax all income above that at 99%. This would increase the tax take and in the long run make it not worth while to take large salaries and pensions

 

[xerxes]

It's been tried before, and it doesn't work. Dennis Healey imposed a 98% tax during the last failed Labour regime. As he now acknowledges, it doesn't raise any extra revenue. It drives rich people (and their retail spending) overseas. It suppresses enterprise.

Having said that, the present government is so stupid and vindictive that they might be tempted by such an own-goal policy.