Simon Cowell backs tax cut

 
Music mogul Simon Cowell has spoken out saying that he backs a controversial tax cut for the wealthy. Chancellor George Osborne announced in last week’s Budget that he will cut the 50 per cent tax rate, which affects those earning over £150,000, to 45 per cent from April 2013. Some have criticised the move, saying it favours the rich when many are struggling on low or no wages at the moment. However, Cowell, who is said to be worth as much as £200 million, says that the move will encourage entrepreneurs to stay in the UK. Cowell is quoted by The People as saying, "I'm proud of being British and don't have a problem paying taxes. If you want some of the big entrepreneurs to stay in the country then you have to lower the tax rate a bit. Otherwise you will find them going out of the UK and working elsewhere." Serial entrepreneur Alan Sugar has also backed the top rate cut. He said a 50p rate has a psychological effect, even if the cut is not much less than this. He told the BBC a 50p rate makes people immediately think of half their income going on tax.

http://www.50percenttax.co.uk/index/2012/3/26/simon-cowell-backs-tax-cut.html