More than 500 business leaders have called for the 50p top rate of tax to be
scrapped in next month's Budget.
The entrepreneurs accused Chancellor George Osborne of putting "populist politics before sound economics".
Mr Osborne has said the 50p rate is a temporary measure and has asked officials to assess how much extra revenue it actually brings in.There is speculation that wealthy tax payers find ways of avoiding it.
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The letter, from the owners of 537 small and medium-sized businesses, said: "Given the current state of the UK economy, we urge the chancellor to urgently consider scrapping the top rate of tax in his forthcoming Budget.
"The tax, which is in effect a 58p tax after national insurance is taken into account, puts wealth creators like us in a very awkward position.
"We believe the richest should help the poorest in society. 1% of taxpayers are forecast to contribute nearly 28% of income taxes."But penalising high earners through an unfair, politically-motivated tax puts populist politics before sound economics."The letter adds: "The result is that the 50p tax is set to reduce government income and damage the economy, the public services and charitable giving."
The entrepreneurs accused Chancellor George Osborne of putting "populist politics before sound economics".
Mr Osborne has said the 50p rate is a temporary measure and has asked officials to assess how much extra revenue it actually brings in.There is speculation that wealthy tax payers find ways of avoiding it.
The letter, from the owners of 537 small and medium-sized businesses, said: "Given the current state of the UK economy, we urge the chancellor to urgently consider scrapping the top rate of tax in his forthcoming Budget.
"The tax, which is in effect a 58p tax after national insurance is taken into account, puts wealth creators like us in a very awkward position.
"We believe the richest should help the poorest in society. 1% of taxpayers are forecast to contribute nearly 28% of income taxes."But penalising high earners through an unfair, politically-motivated tax puts populist politics before sound economics."The letter adds: "The result is that the 50p tax is set to reduce government income and damage the economy, the public services and charitable giving."
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