UK scraps tax cut for wealthy that sparked market turmoilBIRMINGHAM, England (AP) — The U.K. government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows.In a dramatic about-face, Treasury chief Kwasi Kwarteng abandoned plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year, a policy that had drawn near-universal opposition.But Kwarteng said the government would push ahead with the rest of its tax-cutting stimulus package — though further changes of plan may be looming.We have a plan and we need to get on and deliver it.”The turnaround came after a growing number of Conservative lawmakers, including former ministers with broad influence, turned on the government’s tax plans.Paul Johnson, director of the Institute for Fiscal Studies think tank, said that unless Kwarteng “also U-turns on some of his other, much larger tax announcements, he will have no option but to consider cuts to public spending: to social security, investment projects or public services.”Kwarteng has promised to set out a medium-term fiscal plan on Nov. 23, alongside an economic forecast from the independent Office for Budget Responsibility."