For the well, duh file:
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.
Raising rates lowers revenue? Taxing something discourages it? Wealthy people find ways to beat the system? Alert the media! In other Government Behemoth news:
The $16.4 trillion debt ceiling could be reached just weeks after Election Day, according to a new report.
The analysis raises the possibility that lawmakers might have to raise the nation's borrowing limit before the election, a scenario they took pains to avoid in the debt deal passed in August.
Now, partially due to lower than expected tax receipts, the nation could reach the $16.4 trillion debt limit as early as late November, according to an analysis from the Bipartisan Policy Center (BPC) to be released Friday.
Just a few weeks ago, the Center has estimated the debt-limit wouldn’t be reached until the spring of 2013.
Another shocking revelation. Government always spends more than it says it will faster that the experts predict it will, and yet the chuckleheads seem surprised every single time. And the continuing fraud of calling something a "limit" that's raised every time it's reached is getting more tiresome all the time.
