It is a common misconception that, at some point, increasing tax rates will lead to lower revenues from taxes.
I leave you with this formula:
Tax revenue = Taxable income x tax rate
I see only one variable in this formula - the tax rate.
Therefore maximum revenue occurs at a tax rate of 100%. However this ignores the tax gap, which I have calculated to be in the region of £20,000,000,000,000,000,000,000.
In order to recover some of this gap, I propose a tax rate of 244%.
I think you've got one ZERO too many there.
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