Darling - Amateur Night at The Treasury
It's GCSE economics: high taxes don't work | Eamonn Butler - Times Online
Given the damage that the new 50 per cent tax rate will probably inflict on the UK economy, the Chancellor seems to have been very cavalier about it. When the House of Commons Treasury Select Committee asked how he decided to impose the new rate on everyone earning £150,000 or more, he replied: “There was no science behind it. It was simply my judgment.”
No science? If there is one part of economics that lends itself to scientific analysis, it is tax policy. Taxation has been under the microscope ever since Adam Smith first distilled the principles of good and bad taxation in the 18th century. Two hundred years of evidence later the science is clear: high taxes don't work. They bring the Treasury less revenue, not more. And on the way, they really mess up your economy.
So Darling admits he hasn't got a clue, we knew he didn't have a clue but for him to admit he is just guessing what to do is astonishing. And the cost to the country, read the rest of Eamonn's piece, is too high to forgive such amateurism.