POLITICS Millionaires have cost the Treasury £8.6billion in the five years since 50p income tax rate was slashed By admin - November 19, 2017 0 387 Share on Facebook Tweet on Twitter TAX cuts for millionaires have cost the Treasury more than £8.6billion, a study reveals. About 17,000 people on salaries of over £1 million saw their take-home pay rocket when the 50p income tax rate was slashed to 45p. 1 of 6