Ross Miller
- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,707
Frankly whichever party has the balls to scrap the whole of the current tax code and introduce a flat rate tax of 20% on ALL earnings (including share divis, loan interest, bank interest etc.) with a personal allowance of £15k gets my vote
"Dream as if you'll live forever. Live as if you'll die today." - James Dean
"Being deeply loved by someone gives you strength,
While loving someone deeply gives you courage" - Laozi
Guest 730- Registered: 5 Nov 2011
- Posts: 221
Yes, flat rate tax, that's what I think. It's been tried successfully elsewhere.
Guest 698- Registered: 28 May 2010
- Posts: 8,664
It's always been like that in Hong Kong.
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
a strong body of opinion says that lowering the top tax rate there would be a bigger take.
this does not apply lower down the scale, lowering the rate to 20% and leaving the first 15 grand free of tax would leave the cobbled together people short of funds.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Not necessarily Howard. Experience shows that a flatter, lower, simpler tax system generates considerable extra revenues. There has been experience of that in Eastern Europe.
As I have said before I would start with a 30p flat rate, with NI merged with Income Tax and employer's NI (renamed employment tax to say what it actually is) down to 10% with a nil rate band of £12,000 (roughly equal to the min wage). Everyone would pay less tax helping the lower paid the most. I would also combine it with dropping tax credits. That rate of tax would just be a step towards pulling it down to 20p over time.
Guest 730- Registered: 5 Nov 2011
- Posts: 221
Our politicians are too scared to even talk about it though aren't they, apart from UKIP, they have a flat tax policy.
Guest 725- Registered: 7 Oct 2011
- Posts: 1,418
Ha, ha, ha, ha it's stuff like this that makes boy George look like a bigger fool than even I could imagine. All this talk of taxing the rich, bankers bonuses and everyone getting their collective knickers in a twist about tomorrow's budget and then we get this nonsense:
http://www.telegraph.co.uk/finance/newsbysector/energy/9155255/National-Grid-and-Petrofac-plan-1bn-Scottish-carbon-capture-and-storage-plant.html
Vote blue get red and green.
Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
barryw;
whilst some tax's are legally avoidable its the morality of it that s causing such distrust of this govt
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 725- Registered: 7 Oct 2011
- Posts: 1,418
The sad thing is that people are so deluded that tomorrow's budget is going to make a "real difference" and will pave the way to either destruction or the first step on the road to recovery some will actually make a point of hanging on every word of the chancellor and find themselves glued to the rolling news channels hoping for some expert insight into what the budget means for them and the nation. Helicopters following Gideon's walk from the treasury to the palace of Westminister, John Peinar (sorry too lazy to correct the spelling), Robert Peston, Union leaders, heads of industry the whole circus will excite all those sorts who fail to see the bigger picture.
Listen folks it's just another budget. Booze and fags will go up in price. Petrol will cost more. The poor will be gifted a little more earning power before they have to pay tax. Energy bills will rise due to stupid climate levies.
Tories will say how wonderful George is like the poodles they are. Labour will talk of class war and life will go on but most of us will be poorer.
Then it's back to Big fat gypsy wedding and it'll all be forgotten.
More trees have been killed in the process of opinion on this budget than is healthy for the rainforest.
Just another shindig down in ol' Westministaayaee.
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
It is perfectly moral and reasionable to legally take advantage of schemes to minimise your tax bill and pay only what you have to.
Have you never invested in a pension or ISA Keith? That is just one minor example.
Guest 640- Registered: 21 Apr 2007
- Posts: 7,819
Ah yes indeed Phillip you may be a tad cynical there but there is a lot in what you say. We will be all hanging onto George's every word hoping for this or that. But this is the most trailed Budget ever. There was a time when secrecy was the thing but now this time around the media has been briefed. For example it is almost a racing certainty that the 50p tax rate will be scrapped, and the latest leak this morning suggests that basic rate of income tax will rise to £9,000, welcomed by all, its not the £10,000 hoped for but still...pretty good move. This no doubt to appease the outcry that will surely follow the dropping of the tax on the rich.
Willie Walsh, Chairman of the group that runs British Airways etc, was quoted on the radio this morning as he has given an interview to one of the national papers..he is just back from China and he said the Chinese are laughing at our measures. We see little prospect of growth in the UK..say the Chinese.. as the UK is a nation overburdoned by taxes and hamstrung by government red tape.
Guest 698- Registered: 28 May 2010
- Posts: 8,664
It's immoral to structure the tax regime so that many loopholes are only available to the high rollers. Non-Dom status for example; putting property in the name of offshore companies is not something Joe Bloggs can do either.
I'm an optimist. But I'm an optimist who takes my raincoat - Harold Wilson
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
Peter - the problem we have is indeed the complex tax code that creates anomalies backed by excessive taxes.
PaulB - The Chinese are spot on, this is not the first time the UK has been laughed at by them. The boss of their big sovereign debt fund pointed out our weak economic system and was highly critical, rightly, of our absurd Welfare State system. He was also rightly very scathing towards the whole European social/business model.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 671- Registered: 4 May 2008
- Posts: 2,095
Peter. #72
That was my point earlier, in my post to BarryW, he knew that of course but answered in his usual manner, only his opinion counts.
"My New Year's Resolution, is to try and emulate Marek's level of chilled out, thoughtfulness and humour towards other forumites and not lose my decorum"
Guest 655- Registered: 13 Mar 2008
- Posts: 10,247
More personal digs Gary....
I have covered these points in a very full and clear manner.
Guest 640- Registered: 21 Apr 2007
- Posts: 7,819
Guys guys no personal stuff now....new rules etc..user friendly etc
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
being my usual friendly self
garyc;
we have to accept that we have a number of posters with differing levels of expertese or even posting, and barryw will never change so thats to be accepted.
unlike barryw i do try to see all sides
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 725- Registered: 7 Oct 2011
- Posts: 1,418
Interesting take on tax from this piece in the commentator:
http://goo.gl/QDrHI
Make of it what you will.
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
Well PhilipP,
CE and the blogger can argue amongst themselves over whether you can get blood from a domiciled stone easier than from a non-domiciled blood-sponge, or not, 'till the cows come home. For I am sure a use could be found for the heat thus generated even in the darkness they both fail to address.
If the only way to address the deficit is to abandon a large proportion of the population to the vicissitudes of the elements there are yet cultures of Bubonic Plague around to quicken 'our' journey back to good fortune.
If, on the other hand, there is another way to square the circle that too should be openly addressed.
Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
