Friday, June 22, 2007

Do we see a trend here?

Either the U.S. is beginning to resemble the U.K. or the U.K. is beginning to resemble the U.S.

The super-rich are using loopholes to avoid paying £2billion a year in income tax, official figures have revealed.

Only one in six of those earning more than £10million a year is paying tax on their earnings - with the rest using loopholes to dodge the burden.

The revelation will fuel anger over the private equity tycoons who are making vast fortunes while the gap between rich and poor widens.

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