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“City of London protests: You’ve picked the wrong target, comrades” de Daniel Hannan

Alright, all you demonstrators, we get what you’re against: capitalism, banks, rich people, free trade, wealth creation and property rights. But what exactly are you for? The closest thing to an answer came from Peter Tatchell, who told protesters in the City of London that the solution to our economic woes was punitive taxes for the wealthiest ten per cent of people.

And what proportion of our taxes do you suppose those traitors in the top decile pay, Peter? Go on, have a guess. Five per cent? Ten? Fifteen? Here is the answer, according to the Inland Revenue: That’s right: the richest ten per cent pay 53.3 per cent of all income tax. Now reasonable people can disagree about what constitutes a fair share, but it is difficult to avoid at least one firm conclusion: if you impoverish, exile or otherwise disincentivise the people who pay more than half our taxes, our economy will collapse.(…)

Please understand, my Leftie friends, that what has taken place since 2008 is anything but capitalism. In a capitalist system, incompetent banks would have been allowed to fail, their profitable operations sold on to their competitors. Shareholders, bondholders and some depositors would have lost money, but taxpayers would not have contributed a penny. Don’t blame ‘the rich’; blame those in the Bank of England and the Treasury who, despite the palpable failure of their bailout-and-borrow policies, are determined to carry on doing the same thing.

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