Reply to: Fair Tax System

[SueEllen]

If successive governments hadn’t wasted the north sea oil, sold off all the gold at the bottom of the market, run deficits for years, but instead had run surpluses by controlling government spending, Britain could now lend money to the USA and the rest of Europe and probably live off the interest without anyone paying any tax.

Norway still taxes their population.

You can tax your population but don't waste the money gained from the sale of your assets.

[Spacecadet]

Could be worse.. you could be in singapore.

Singaporeans get no rebate for income tax this year

Why no income tax rebate?

For those of you who aren't familiar with the singaporean tax system. If the government there makes too much of a surplus then they pay some of the tax back to the citizens.

[al_cam]

For once I actually agree with you in principle, but I'd go further and extend that to all tax. There's no good reason for it to be complicated, other than keeping accountants in work.

"Tax doesn't have to be taxing" - yeah right.

They could start with simple things - why is there separate employers and employees NI? In fact, why is NI separate from income tax at all? and why do we have tax discs? - just add a bit to fuel duty and save £millions in printing and administering discs.

[meridian]

The point I'm making is the "Don't tax income" bit. One or the other but not both.

Sheesh! You looking for some sort of utopia?

It's easier to tax a little bit of everything rather than a great wodge of only one or two things. More fair, you see, and people don't squeal as much. Sort of like boiling a frog, if you let the water heat up gently he won't jump out.

If it moves, tax it. If it doesn't move, kick it until it moves and then tax it.

[OwlHoot]

:::

Source: US Treasury (Sminki)

I know, I know, I know that it doesn't quite mean what it says ........

It looks like the UK doing its remora imitation - Hanging on for dear life to the underside of the US shark, for safety and to catch any scraps it can.

[HairyArsedBloke]

If successive governments hadn’t wasted the north sea oil, sold off all the gold at the bottom of the market, run deficits for years, but instead had run surpluses by controlling government spending, Britain could now lend money to the USA and the rest of Europe and probably live off the interest without anyone paying any tax.

Well, as it happens.......

                                         MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES
                                                     (in billions of dollars)
                                                   HOLDINGS 1/ AT END OF PERIOD
 
 
                                                                                             New 5/  Old 5/
                                                                                             Series  Series
                       Mar     Feb     Jan     Dec     Nov     Oct     Sep     Aug     Jul     Jun     Jun     May     Apr     Mar
Country               2010    2010    2010    2009    2009    2009    2009    2009    2009    2009    2009    2009    2009
                     ------  ------  ------  ------  ------  ------  ------  ------  ------  ------  ------  ------  ------
China, Mainland       895.2   877.5   889.0   894.8   929.0   938.3   938.3   936.5   939.9   915.8   776.4   801.5   763.5
Japan                 784.9   768.5   765.4   765.7   754.3   742.9   747.9   727.5   720.9   708.2   711.2   677.2   685.9
United Kingdom        279.0   233.5   208.3   180.3   155.5   108.1   126.8   104.3    97.1    90.8   213.5   163.7   152.7
Oil Exporters         229.5   218.8   218.4   207.4   208.3   209.0   205.9   209.8   209.9   211.8   191.2   192.9   189.6

Source: US Treasury (Sminki)


I know, I know, I know that it doesn't quite mean what it says ........

[Mich the Tester]

The point I'm making is the "Don't tax income" bit. One or the other but not both.

If successive governments hadn’t wasted the north sea oil, sold off all the gold at the bottom of the market, run deficits for years, but instead had run surpluses by controlling government spending, Britain could now lend money to the USA and the rest of Europe and probably live off the interest without anyone paying any tax.

[Churchill]

That's what VAT is (and the old Sales Tax).

In NZ and Oz it's called GST, Goods and Services Tax because it's a tax on goods and services. Not too sure why it's called Value Added Tax here, where's the added value (as opposed to the added cost to the consumer)?

The point I'm making is the "Don't tax income" bit. One or the other but not both.

[Moscow Mule]

That's what VAT is (and the old Sales Tax).

In NZ and Oz it's called GST, Goods and Services Tax because it's a tax on goods and services. Not too sure why it's called Value Added Tax here, where's the added value (as opposed to the added cost to the consumer)?

Because if you don't add value, you don't have to charge it. Solicitors who pay fees for you don't add their own VAT on top.

[meridian]

Better still, don't tax income, tax expenditure...

That's what VAT is (and the old Sales Tax).

In NZ and Oz it's called GST, Goods and Services Tax because it's a tax on goods and services. Not too sure why it's called Value Added Tax here, where's the added value (as opposed to the added cost to the consumer)?

[HairyArsedBloke]

A lot less government expenditure => a lot less need for tax (and for many of the poorest, none at all).

[Churchill]

What Bunk said, flat rate for every individual would be better, somewhere in the region of 10-15% for anyone earning over X (X being a bit higher than national average), zero for anyone below X

Corp rate should be the same

You might think that would lower tax revenue but so many would stop loopholeing or offshoring overall tax revenue would probably go up

Better still, don't tax income, tax expenditure...

[Not So Wise]

What Bunk said, flat rate for every individual would be better, somewhere in the region of 10-15% for anyone earning over X (X being a bit higher than national average), zero for anyone below X

Corp rate should be the same

You might think that would lower tax revenue but so many would stop loopholeing or offshoring overall tax revenue would probably go up

[lukemg]

Not only do I agree - that was my idea !
IR35 is fine except for the 5% allowance, permie benefits must be worth 30-50%, 20% looks very generous from us and we get to sleep at night...

[gricerboy]

Any VAT?

What about any software sales / disbursements?

That's easy to do yourself though