Background: In England's recent elections the Liberal Democratic Party won enough seats in Parliament to force the need for a coalition government between their party and the Conservative Party. This made the leader of the Liberal Democratic Party, Nick Clegg, a powerful force in British politics and subsequently he became Deputy Prime Minister.

From the Telegraph:



Nick Clegg today demands the introduction of a “tycoon tax” which will mean that wealthy Britons have to pay a minimum rate of tax on their total annual earnings of more than 20 per cent. The Deputy Prime Minister says he has uncovered evidence that hundreds of millionaires are paying a tax rate of less than 20 per cent on their earnings by using an “army of lawyers and accountants”.



The Deputy Prime Minister says he decided on the need for a tycoon tax after Mitt Romney , who is expected to be the US Republican Presidential candidate, disclosed he was paying just 13.9 per cent tax on his multi-million-dollar earnings.

Mitt Romney so flagrantly and absurdly gamed his taxes they are changing the law in England???

Seems like a common problem certainly in countries that embraced Neoliberalism in the 80s as Thatcher and Reagan did. What ignited the controversy?... what?

Deputy Prime Minister Clegg continues vis a vis Romney:

Mr Clegg said: “You hope that kind of thing doesn’t go on in this country. So I looked into it. There are hundreds of people earning millions per year who are barely paying 20 per cent tax, forget 40 per cent, forget 50 per cent, forget 30 per cent. They are not even paying 20 per cent. Therefore, I think it’s time that we look at what I call a tycoon tax.

Thank you Mitt Romney you are truly embarrassing us now.

PS: Congrats on sweeping the Tax Havens yesterday.