Clegg Prepared to Swap 50p Tax Rate for Wealth Squeeze

Wednesday, March 7, 2012 Print Email

NICK CLEGG is ready to support axeing the 50p top rate of income tax in this month's Budget in return for taxes on the wealthy, possibly on their mansions or pensions.

The Deputy prime minister has told David Cameron that he is not ideologically wedded to the 50p tax rate on earnings over £150,000 but that he could support its abolition only if it was offset by measures to extract even greater revenues from the wealthy, the Financial Times reported.

The big stumbling block to the abolition of the 50p rate could be David Cameron, who has signalled his instinctive opposition to new taxes on the wealthy, while many Conservative MPs also oppose any new taxes on principle, the FT reported.

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