I found myself debating with a friend over lunch that this new higher rate for those earning over £150,000 was not that high when put in to an international perspective - but soon realised that I didn't in fact know whether this was the case.
So I began to scour around to see if any table existed to compare the rates of corporate, income and sales tax for the major economies around the world. The best that I have managed to find is this (click for enlarged image):
Apologies for the rather messy graph. Courtesy of Wikipedia.
I was surprised to see that the highest rate of taxation (the new 50% rate) in the United Kingdom is amongst the most punishing in the world. I am a fundamental supporter of ensuring those on the highest incomes are taxed fairly and that our taxation system reflects are desire to see a more equal society. But in a globalised society where capital is footloose and fancy free, how can we expect to keep these earners?
Perhaps we need an American style tax system where being a US citizen means you are taxed on your income no matter where you work in the world?