Scotland announces new 45% income tax band for high earners and 48% on top earners. Really!

Confiscatory taxation is as stupid as it gets! History is littered with examples where this approach failed! 

Adam Smith is wildly spinning in his grave! A long time ago there was a Scottish Enlightenment!

"... The Scottish government has raised income tax rates for higher earners, widening the gap between what is paid by better-off Scots and by their counterparts in the rest of the UK.

Shona Robison, the ruling Scottish National Party’s finance secretary, on Tuesday used tax raising powers handed to the Holyrood government in 2016 to announce a new 45 per cent income tax band for people earning between £75,000 and £125,140 a year.

The top rate of tax paid by those earning above £125,140 will also rise from 47 per cent to 48 per cent from April 2024. A 42 per cent rate will remain in place for those earning between £43,633 and £75,000 — and the £43,633 threshold will be frozen. ..."

Scotland announces new 45% income tax band for high earners