Ed reckons that it is perfectly sensible to argue that the 5p reduction in top rate tax means that 8,000 millionaires will now not pay an extra £ 107,000, or and that this will cost the Government £ 856 million a year (£ 107k * 8,000).
Let us apply that logic to the last Labour Government.
Labour put up the tax by 10p in the last 36 days before the GE, which means that for the 4717 days of Labour Government before that it was at 40p. This means that those 8000 people got away with £214,000 a year for just under 13 years, which equates to more than £ 22 billion.
During that same time Labour lowered the capital gains tax rate to 18% (it now stands at 28% thanks to the Lib Dems in Government) and allowed billions of pounds to slip out of this country to tax havens, or through dodgy tax avoidance schemes by big international businesses.
Labour’s record of taxing the poor to fund the rich was bad enough as it was, without Ed Balls making it worse by pointing out the revenue Labour lost by taxing millionaires at 40% for the vast majority of their term of office.