(THE NEW AMERICAN) — The British government has tried to raise tax revenues by raising tax rates on the highest income Britons. The January 2012 self-assessed tax returns were anticipated to provide more revenue because it was the first reporting period of the new, highest 50% tax rate for the highest earners. The Treasury, however, has reported that instead of tax revenues rising during that reporting period, revenues actually dropped from £10.86 billion in January 2011 to £10.35 billion in January 2012.

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