Quote:
Originally Posted by Damien
I don't see how that would raise enough money without massively hitting the less wealth off.
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Not really ,if there was a ceiling of eg 15-17 K before tax was due ,scrap NI's altogether and take 28-30% of income for tax .No loopholes, no schemes,no dodging
---------- Post added at 11:05 ---------- Previous post was at 10:59 ----------
Quote:
Originally Posted by Osem
The thing is there's less reason to go to the bother and risk of avoiding/evading tax if what you're paying is less. I may be wrong but seem to recall that higher rate tax cuts during Thatcher's time actually yielded more revenue. Of course there's a big difference between the super rich, rich and just plain well off so we shouldn't lump them all in together. Having said that if the tax system was simpler, there'd be far fewer ways to avoid/evade it and more resources available to chase those who were doing so.
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Exactly, if someone is going to pay an accountant firm to save a million in tax and work out what tax they have to pay after various schemes have been used it will become cheaper to just pay the tax because there will be no loop holes .Earn a million ,owe £330,000 simple ,HMRC would be a quarter the size ,the government would have a better idea of how much they have to spend and tax receipts would go up .