I’ve made a petition – will you sign it? Click this link to sign the petition: https://petition.parliament.uk/petitions/193546/sponsors/bme0kFSJnCd60z46wbfq My petition: Fundamentally change the structure of the UK-HMRC Taxation System to a flat 15% In light of Brexit, we need to start redefining our position Globally. We can easily improve the lives of working Britons and better support those in need, whilst encouraging corporate billions into our Country by introducing flat tax and by no longer punishing people for doing well. https://www.theguardian.com/money/2...eport-abolish-20-taxes-income-tax-15-per-cent Pure, unmitigated sense.
I won't sign it, because they're advocating massive tax cuts for everyone, which translates to massive public spending cuts on top of what we've been putting up with for the last 7 years. This kind of idea is basically arguing that the US low tax system with its massive inequalities, social problems and harebrained privatised healthcare is what we want for our country, and that's exactly the opposite of what we need. Good ideas though re: land value tax at 75%.
Depends on how you view it; as an island, it's about creativity in encouraging investment now the shackles are off and there's a likely corporate short-fall. If you're encouraging people to simply pay the tax instead of avoidance, you're reaping more rewards. It's also about balancing the wealth better and moving from a really ignorant method of punishing the successful. More money would be invested, saved, pensioned, reaping cuts in the NEED for public spending further down the line. It's about seeing a bigger picture not just saying "less tax = less spending". It's not that at all.
1. We will only attract investment if our goods and services have decent trade access to the rest of the world, including to Europe. 2. People don't need to be encouraged to pay tax, they need to be forced. Nobody pays it out of the goodness of their heart. 3. Tax isn't a punishment, it's an obligation which comes as part of living in a nation state. 4. You're being utopian when you suggest that when people have their taxes cut, they'll invest, save and pay into pensions; we're not that responsible as a society.
I'd love a tax cut but playing devils advocate I understand why I need to pay so much tax. The people of Sunderland cannot rely on Geldof or the people of Ethiopia bailing them out all the time. we have to do our bit. #feedthemackems On second thoughts I'll sign it.
Sounds like the goverment is going to end up with a lot less money to fund the NHS, infrastructure and a badly needed increase in community housing. As I read it there will be no corporate tax - instead company shareholders will be taxed on dividends. So how would that work if shareholders in a UK company are foreign citizens? While I can see a benefit of simplifying taxation dont see how this system will benefit the poorest in our society. How you treat them is a measure of the system. It doesnt work in the States and it wont work here.
I haven't paid much tax at all in the last couple of years, and to be honest if I had had to I would probably have had to fold the business. However, in previous years I was paying at the 40% rate and more than happy to do so. It's a price that's more than worth paying to live in a society where basic needs such as healthcare and proper safety nets are in place (unlike in the States). I do think we should be doing far more to enforce payment of taxes and clamp down on tax avoidance which is just theft from all of us. I would hate to see our society become less compassionate to those in need, and I'm not sure we would ever attract enough inward investment with such an ultra-low tax rate to compensate for the drop in tax revenue from tax cuts. There have been so many examples of companies playing one country against another to avoid tax that I'm not sure new companies would add that much to the tax pot. We need to be harder on those companies and start taxing them for the business they do in this country. Some might decide they don't want to do business here if they have to pay their way, but that just leaves a hole that a British company could fill. If they want our business then they should pay our taxes.
Well put Nev. Being harder on the Corporations would be a good start to accrue more tax revenue. You get used to the 40% rate, and personally I don't mind paying it at the end of the day. Going down the US method for healthcare would be a disaster for the UK, with it more than probable that the average family would be the ones to suffer. The NHS for its supposed flaws needs to be paid for, so cutting taxes cant possibly be the answer. I've cost the NHS in excess of £100k at a conservative estimate, but I've paid my dues for nigh on 40 years. Also bearing in mind the ageing population, heaven knows how that issue would be dealt with down the line.
In my experience the majority of those paying higher tax rates feel the same. We all like to moan about it, but when it comes down to picking alternatives we know that we don't want a country where people aren't covered for healthcare, where pensioners don't receive an income or where no safety nets exist. I know some don't agree with it and wonder why they should have to supplement the unemployed and the sick, but none of us are ever more than one redundancy, one health scare, one bad government policy, one bit of bad judgement or one new innovation away from the dole queue.
Agree with you and Nev. Like I said I don't mind paying it either as I understand why it has to happen. The only gripe I do have is that I have private healthcare with work which attracts a P11D value of around £2k BIK. If anything goes wrong I'll therefore go private and NOT use the NHS... yet It gets taxed as a BIK... it shouldn't be taxed at all in that way as I'm saving the NHS money ffs.
And supporting NUFC home and away.... I dread to think what I spend a year.... on tickets, travel, hotel and cans...
People that pay 40% tax can afford to pay 40% tax and live comfortably. Kind of see the argument that you're punished for earning more, but you're only taxed on excess so you'll always be earning more take home than someone on less than you. It's a bugger seeing it come out of wage packet but it's a necessity that makes sure that the vast majority of us have a decent standard of living. Also, with this proposed 15% flat rate, is that for all money? So someone earning less than the current threshold will have to start paying? Really are screwing over the low earners then!
They reckon that the lower payers will be better off and there is still a threshold of 10Kquid. Presumably their gains come from abolishing council tax, lowering VAT, abolishing NI and other direct duties (alcohol and tobacco tax). I cant figure out where the extra money to fund the whole thing is going to come from unless its from the estimated 24% rise in output and consequent increase in tax collection associated with that. Would be interesting to know how they would treat UK citizens like me who are not tax resident in the UK as we don,t spend 90days in UK in a year. I always argue that I am paying into UK as I am paying NI contributions (at a lower rate) and all the other taxes (council tax, VAT, fuel tax etc and of course the NUFC supporters punishment tax). Under this system a lot of these would go.
