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mmurray's Avatar Jump to comment 16 by mmurray

Comment 12 by Mark Ribbands :

Were I in charge, there would be a £15,000 threshold then 20% (flat) income tax thereafter, plus 15% VAT. No other taxes at all. CGT and IHT abolished. Sack the huge bureaucracy that supports the current, absurdly complicated, system.

Except that would be a 20% tax on a person's taxable income. So you have to have someone whose job is to decide what a person's taxable income is. For suckers like me on a salary that is easy. For people with a lot of money or money tied up in businesses there is usually great scope for varying what your taxable income is. I think you would quickly find you where rehiring the huge bureaucracy to sort this all out. Of course you can simplify business taxation as well by removing all the deductions. Just don't plan on holding office for to long!

Michael

Sat, 14 Jul 2012 01:20:01 UTC | #949150