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Intellectually bankrupt and economically incoherent
That's what I call this package.
I've explained why at http://www.taxresearch.org.uk/Blog/2006/10/19/intellectually-bankrupt-and-economically-incoherent/ so I hope I'm forgiven for not doing so again here.
CT Rate
"Turning to business, the main rate of corporation tax should be slashed from 35%(????) to 25%, the commission recommended, to ensure the UK is "competitive internationally".
and they want us to trust them on tax????
Corporation tax
Robert, that was my error and not the commission's! Many apologies. I have corrected it.
Dan Martin
Business Editor
AccountingWEB
Noble causes
I'm sure that noble causes get great headlines, however the problem with behaviour altering taxes on 'pollution and carbon emissions' is that when people stop doing those things you don't have a tax base.
At what point is a politician going to explain that if you want services you have to pay for them and the fairest and best way to do that is via income tax.
I shall now sit back and wait for hell to freeze over.
NeilW
oh dear
the commission have missed the point of direct taxation.
left to their own devices, rich get richer relative to the poor. income/profits tax restricts this drift. There are differences of course between the parties as to how much this drift should be slowed.
this report proposes a massive shift to indirect taxes e.g. environmental and goods tax (VAT). people will definitely not like it if it ever happens.
what everyone seems to ignore is the imperative to actually reduce in real terms the overall cost of government - national and local because then the total (massive) tax burden can be reduced. rearranging the deck chairs is a diversion..?