Yet again, we were right all along. There are so many perfectly legal means of avoiding the 50p tax rate that it is raising little or no revenue, although it is worth reminding ourselves that the proposal of such a rate, currently being implemented as the policy of David Cameron's and George Osborne's party, caused John McDonnell to be hounded from the Labour Leadership contest as "Loony Left".
Pensions, benefits, student funding and minimum wage legalisation (with corporation tax reorganised accordingly) should be combined to ensure that no one's income fell below half median earnings, and twice that guaranteed minimum income, called and delivering Social Security, should be made the personal tax allowance.
Above that, income should be taxed at a flat rate with no further allowances or exemptions other than the fiscal recognition of marriage abolished by the UnConservative Party and shamefully not restored by New Labour despite their having voted against its abolition, and the fiscal recognition of fatherhood abolished by New Labour and shamefully not restored by the UnConservative Party.
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A flat rate of tax would be easy to administer, efficient and just.
ReplyDeleteSo long as it is paid and not 'planned' out of existence.
Who was it who once said 'We must tackle abuse of the tax system. For those who can employ the right accountants, [it] is a haven of scams, City deals and profits.'