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The president has no intention of reducing spending. He wants to expand the welfare state, raise taxes even more and "level the playing field," as he likes to say, meaning everyone should take home the same lower amount of pay for their work.
Many rich people have left Britain to avoid the 50 percent income tax. In the 2009-10 tax year, more than 16,000 people declared an annual income of more than 1 million pounds. That number fell to 6,000 after then-prime minister Gordon Brown introduced the new top rate.