Tax high earners (but not me) says Ronald Cohen
Ronald Cohen, friend of Gordon and multi-millionaire founder of Apax Partners, would like to put something back into society. More accurately, he’d like those who are trying to replicate his own career to put something back into society, in the form of higher taxes.
Plugging his latest private equity venture, which promises to look at social as well as financial returns, in the Sunday Telegraph, he is quoted as urging “higher levels of taxation for very high levels of remuneration.”
Curiously, he doesn’t seem to be advocating a tax on the wealth (his own is reported to be over 200 million pounds) which he accumulated in a period of low taxation on income, coupled with a grotesquely inappropriate tax break on the sort of deals that Apax did.
There may be a case for punitive taxes on seven or eight figure bonuses (although clever people like him would quickly find ways round them) but it ill behoves Cohen to suggest cutting off lower rungs on the ladder he has so successfully climbed.