The billionaire owner of Phones4U has “threatened” that he will leave the UK and move to Monaco when Jeremy Corbyn becomes Prime Minister, yet the latest millionaire or billionaire to be upset at the prospect of paying their fair share of tax.
John Caudwell, 66, who sold Phones4U for £1.5 billion in 2006 said in an interview with Spear’s Magazine that his “appetite or tolerance to pay much more than I’m already paying is not very big”, threatening to leave the country for Monaco or the South of France.
“We’d just go and live in the south of France or Monaco. Why stay here and be raped?”John Caudwell, billionaire
The Labour Party plan a 50% tax on the highest earners over £123,000 and a 45% rate for those earning over £80,000. Caudwells disgusting comments echo those of other members of the super-rich who don’t seem overly keen on putting their pampered hands into their pockets. The billionaire owned Sun and Daily Mail have described Labour’s tax plans as a “hard-left Socialist blueprint” and “a class war manifesto, while Alan Sugar has also publically (and popularly) stated his intention to leave.
However, the rich seem to have very short memories or simply don’t know their history.
Between 1932 and 1944 the top federal income tax rate in the United States rose from 25% to 94%. The average highest rate of tax between 1932 and 1980 was 81%. The United States is obviously a beacon of Bolshevism with rates such as these! Closer to home Tory Ted Heath had a 75% top rate of tax and even Margaret Thatcher “imposed” a 60% rate of tax on the top earners for most of her time in office.
Labour’s tax plans are in no way radical nor shocking, in fact, they are surprisingly moderate compared to right-wing regimes both at home and abroad. The only complaint that the public can have over a 50% rate is not that it is too high, but rather that it is far too low. Perhaps wishing to be cautious with the 50% rate, Labour stands significantly to the right of the masses, with 56% backing a 75% top rate of tax, 40% of those agreeing being Tories.