The Labour grandee Denis Healey, chancellor of the exchequer from 1974 to 1979, once declared that he wanted to “tax the rich until the pips squeaked.” The result of this squeezing — a top tax rate of 83% on earned income and 98% for investment income — was predictable: The rich fled, companies stagnated and the country fell apart. In 1979, Britain voted for a Tory prime minister who promised to cut taxes and encourage entrepreneurs, Margaret Thatcher.
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Labour is Reviving the Harmful Politics of Envy
