London to be Income Tax Capital of the World

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If you think taxes are high here in the U.S., London is about to impose the highest taxes of any financial capital in the world.

Those making make 150,000 pounds a year ($225,000) or more will soon be facing a top income tax rate of 50 percent.

However, some critics like Terry Smith, chief executive of broker Tullett Prebon, are blasting the tax. He told the London Daily Mail the U.K.'s economy is already weak and that this will simply drive businesses and workers out of the country.

Graeme Leach of the Institute of Directors also weighed in expressing doubts the tax will actually raise any new money.

'We suspect that little or no money will be raised and we urge the next government to reverse the increase as soon as possible,' Leach said.

The new income tax goes into effect April 6.

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