The BBC article is what caused me to revisit the "Inequality In Britain" thread. In theory I am in favour of the 50p bracket, as well as the VAT rise - it seems fair that cuts in services are offset to an extent by increased taxation. However, I think the main reason it hasn't brought in a lot of extra revenue is because most wealthy people have ways of obfuscating their real income. In practise, if it is not working and there is genuine evidence it is harming the economy, then reluctantly I would agree that it should be abolished. There has been a bit of discussion on here about wealth tax - I see Italy are introducing one as part of their austerity package. However, it is means tested on income, so may suffer from a similar problem.