So a 100% Tax on something worth £7.2 billion would raise £7.2 billion for public spending, would it?
Short answer: No.
Long answer: Noooooooooooooooooooooooooo.
Here's some content harvested from Wikipedia:
A 100% tax rate will also generate no revenue because at such a rate there is no longer any incentive for a rational taxpayer to earn any income, thus the revenue raised will be 100% of nothing.
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