Time to completely overhaul out Tax system

[Obelix]

True, but that would be made up by those avoiding tax. I'd settle for 30% of their Billions any time. Just think of a world where no fancy corporate accountants were necessary...

 

Are you going to make any effort to understand how the tax system works or just more how terrible things are..?

 

Or are you indeed thinking about a wealth tax

[altus]

I may be being a bit thick this evening but I don't understand your idea...can you be a but clearer?

poppet2 is essentially arguing we should switch to the system they have in tax havens such as the Cayman Islands.

 

Over £8.50[1] for a pack of 12 fish fingers anyone?

 

 

[1] Cayman Island prices in 2016. They don't have much in the way of welfare in the Cayman Islands so VAT, and hence prices, would likely be far higher here.

[truman]

poppet2 is essentially arguing we should switch to the system they have in tax havens such as the Cayman Islands.

 

Over £8.50[1] for a pack of 12 fish fingers anyone?

 

 

[1] Cayman Island prices in 2016. They don't have much in the way of welfare in the Cayman Islands so VAT, and hence prices, would likely be far higher here.

 

That's what I thought poppet meant..I did point out that particular flaw in my post #9...I was after clarification really..

[ENG601PM]

Are you going to make any effort to understand how the tax system works or just more how terrible things are..?

 

Or are you indeed thinking about a wealth tax

 

Wealth taxes are certainly progressive in that they redistribute wealth away from the country with wealth tax to other parts of the world which don't.

[Obelix]

Wealth taxes are certainly progressive in that they redistribute wealth away from the country with wealth tax to other parts of the world which don't.

 

A point that France found out when Hollande tried such a trick...

[Jeffrey Shaw]

Back on topic:

HMG could try an alternative approach. Set-up a Royal Commission to review/redesign the entire UK tax system.

For instance, it could suggest abolishing all existing taxes and tax reliefs. Instead, there might be just these three:

1. EST- Earned salary tax: fixed rate of 25% on all earned income that exceeds NMW.

2. IIT- Investment income tax: fixed rate of 25% on the lot.

3. GPT- Goods purchase tax: fixed rate of 20%.

[Car Boot]

There is only one fair way to do this, so that everybody pays regardless.

 

Put tax on every product like VAT, then it will go directly to the government.

 

No middle man, no accountant needed, no companies or people avoiding tax.

 

This will also prevent all those companies that make a profit in this country, pay tax on their profits made in this country, rather than sending the profits to their head office in a country requiring less corporation tax.

 

You want the poorest in society to pay more tax? They already pay, as a percentage of income, a much higher proportion of tax than the wealthy.

 

Why should everybody pay tax? This will only hurt those least able to afford it the most. Tax the rich, especially their incomes, but leave the poor alone!

[Calahonda]

You want the poorest in society to pay more tax? They already pay, as a percentage of income, a much higher proportion of tax than the wealthy.

 

Why should everybody pay tax? This will only hurt those least able to afford it the most. Tax the rich, especially their incomes, but leave the poor alone!

 

Yes, if the rich were not taxed on their income, they could then determine how much tax they paid, the poor don’t have that choice as their income primarily goes to house, feed and cloth them.

[truman]

Back on topic:

HMG could try an alternative approach. Set-up a Royal Commission to review/redesign the entire UK tax system.

For instance, it could suggest abolishing all existing taxes and tax reliefs. Instead, there might be just these three:

1. EST- Earned salary tax: fixed rate of 25% on all earned income that exceeds NMW.

2. IIT- Investment income tax: fixed rate of 25% on the lot.

3. GPT- Goods purchase tax: fixed rate of 20%.

 

Where does any company tax come in to this?

[El Cid]

You want the poorest in society to pay more tax?

 

He said -

 

25% on all earned income that exceeds NMW

 

But we still have the same issue, what about someone that is an international traveller, and earns income in various countries, they will just choose the country with the lowest taxes.