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Why high tax doesn't work
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A lesson for all you pinko's out there that just want to grab every penny off everyone.
If you do that, those that can will avoid it just like amazon.
We need a fair and simple tax regime, one that does not have tiers, encourages work and makes it uneconimical to pay vast sums to accountants to find loop holes. But I guess all you lefties out there just wont be able to get your heads round that.
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If you do that, those that can will avoid it just like amazon.
We need a fair and simple tax regime, one that does not have tiers, encourages work and makes it uneconimical to pay vast sums to accountants to find loop holes. But I guess all you lefties out there just wont be able to get your heads round that.
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sorry folks, C/P frenzy from last post went wrong.
Here is correct link
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Here is correct link
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Have a look at the Hong Kong system - that's what I would like to see being modelled here in the UK.
(i) Flat rate of 15% that used to start at £10k back in the 90. 50% paid on the past 50% on antiicpated earnings going forward
(ii) No exemptions - except for housing disabled or very old OAPs.
(iii) Government bonds available for accruing tax during the year - or to when tax was due - I waited 3 years before my first payment and the bond was yielding 9 to 12% per annum at the time
(iv) High excise duties for anything with alcohol in it or tobacco.
(v) Nominal CGT.
No one avoids the tax and HK has the lowest proportion of IR employees to the population.
(i) Flat rate of 15% that used to start at £10k back in the 90. 50% paid on the past 50% on antiicpated earnings going forward
(ii) No exemptions - except for housing disabled or very old OAPs.
(iii) Government bonds available for accruing tax during the year - or to when tax was due - I waited 3 years before my first payment and the bond was yielding 9 to 12% per annum at the time
(iv) High excise duties for anything with alcohol in it or tobacco.
(v) Nominal CGT.
No one avoids the tax and HK has the lowest proportion of IR employees to the population.
Yes it is more important to the left to clobber the "rich barstewards" than the actual tax take. Take the 96p rate in the early seventies, took very little in actual cash in the scheme of things but did indeed clobber the rich so they mostly went to live somewhere else. There should just be one flat rate, the more you earn the more you pay no need for higher rates at all, tighten up the obvious loop holes and lets simplify the whole thing.
Oh and stop buying Starbucks everyone, they are taking the proverbial!
Generally low direct taxation should be the aim.
Oh and stop buying Starbucks everyone, they are taking the proverbial!
Generally low direct taxation should be the aim.
The trouble is, youngmaf, even if the tax rate was only 1%, large multi-national companies will seek to reduce their bill. There is no reason to believe that lowering corporate tax rates will reduce avoidance.
I do not blame anybody, company or individual, for seeking to reduce their tax bill by any legal means possible. The level of tax take in the UK has reached ridiculous levels and large amounts of the revenue is not spent wisely - it is simply wasted. The government should concentrate its efforts on reducing expenditure (which it is not doing despite tales of "the most vicious cuts the world has ever seen"). Only when they see their hard-earned spent more wisely will people be less inclined to avoid payment. But I still do not think that will apply to the large multi-nationals.
I do not blame anybody, company or individual, for seeking to reduce their tax bill by any legal means possible. The level of tax take in the UK has reached ridiculous levels and large amounts of the revenue is not spent wisely - it is simply wasted. The government should concentrate its efforts on reducing expenditure (which it is not doing despite tales of "the most vicious cuts the world has ever seen"). Only when they see their hard-earned spent more wisely will people be less inclined to avoid payment. But I still do not think that will apply to the large multi-nationals.
I suspect the desire to get the rich to pay a higher proportion of taxes has less to do with clobbering folk than asking each individual to pay back an appropriate part of society's wealth that they've managed to attract to themselves. Some folk are under the delusion they they deserve to have umpteen times the income of someone else because they are so much better than they.
NJ, I disagree. Countries have done this and it does work, maybe not 100% but it does go a long way.
If you simplify your tax system it becomes difficult to actually avoid taxes and if you reduce the overall tax burden then it simply does not pay. In addition companies with a public face, such as Amazon would not consider the reputation risk if the 'profit' was not great enough.
I do agree that the Government should concentrate on reducing expenditure, unfortunately they seem to have wimpled out of everything they promised on that, for instance how many Quangos ?
Humbresloop, perhaps you would also like to take the issue up with sky who also think it is news.
If you simplify your tax system it becomes difficult to actually avoid taxes and if you reduce the overall tax burden then it simply does not pay. In addition companies with a public face, such as Amazon would not consider the reputation risk if the 'profit' was not great enough.
I do agree that the Government should concentrate on reducing expenditure, unfortunately they seem to have wimpled out of everything they promised on that, for instance how many Quangos ?
Humbresloop, perhaps you would also like to take the issue up with sky who also think it is news.
Having now flipped through that second link it appears more to do with allowing companies to get away with things that it has any bearing on the level of taxation applied. If you make a profit in a particular country then regardless where you are nominally based you should contribute fairly to the tax coffers of the country where you made the profit.
And how much tax revenue does your system generate compared to what is generated today?
40%? 20%?
To make ends meet you then end up abolishing the NHS and social provisoin for the less well off
That's why this is a political issue, not a administrative one - it favours the most well off.
It takes proportionally least from those that have benefitted most from living in this country
40%? 20%?
To make ends meet you then end up abolishing the NHS and social provisoin for the less well off
That's why this is a political issue, not a administrative one - it favours the most well off.
It takes proportionally least from those that have benefitted most from living in this country
I don't quite see why the ongoing problem of multinationals and their efforts to avoid corporation tax have anything much to do with the tax structure as a whole - And Amazons mechanism for making a profit out of the VAT system is a good example of how ingenious corporations can be.
Whilst high turnover does not automatically equate with high profits, companies like starbucks have arranged things in a way that means the billions of pounds of business done in the UK results in a loss.
Reducing the national debt and the deficit by cutting back on public expenditure is obviously something that is needed - but a tax system with less loopholes would go some way to plugging the gap in the govt receipts and offer some much welcomed revenue.
Whilst high turnover does not automatically equate with high profits, companies like starbucks have arranged things in a way that means the billions of pounds of business done in the UK results in a loss.
Reducing the national debt and the deficit by cutting back on public expenditure is obviously something that is needed - but a tax system with less loopholes would go some way to plugging the gap in the govt receipts and offer some much welcomed revenue.
Companies get away with it because they are taxed after the event. A pleb has to pay his taxes with PAYE. When he purchases something it is taxed at source with VAT.
Big companies use their multinational status to pay the taxes where the rate is lowest and by sleight of hand do this quite lawfully.
The only real solution is to also tax them at source. Any item or service here in the UK should have an additional tax added to it but obviously transparent to the user.
Big companies use their multinational status to pay the taxes where the rate is lowest and by sleight of hand do this quite lawfully.
The only real solution is to also tax them at source. Any item or service here in the UK should have an additional tax added to it but obviously transparent to the user.
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