What 50p top rate?

To: Editor, The Times

Sir,

Why all the headlines about a 50% top rate of income tax? The effective maginal rate on those earning between £100,000 and £150,000 is being increased to _60%_ if you take account of the withdrawal of allowances. It seems the Chancellor has not learned from the debacle over the abolition of the lower rate. Either that or he doesn't understand what he's doing.

Yours faithfully

Guy E.S. Herbert