Taxes do NOT stimulate the economy. They make the highest income earners (who are already paying huge taxes), the best and brightest, the ones who contribute millions to the local economy, head for the door.
Via The Telegraph:
The world's most powerful investment bank has asked an internal team to examine various strategies, including whole divisions being uprooted and taken offshore.
The review, which is in its very early stages, could also recommend making no changes to the status quo. The review is a blow to government efforts to sustain the Square Mile as a global financial centre.
Before the government instituted this ridiculous Bonus Tax did they consider how to make up for the 1.1.BILLION POUNDS Goldman paid in corporate taxes annually??? That is not to mention the millions of pounds in income tax GS staff also pays.
The election cannot come soon enough, but I fear it will make little difference.