Would you support a policy in which Her Majesty's Inspectors of Taxes move almost 100% towards investigating the richest people in society? Everybody on modest income and not on PAYE will simply have their tax return accepted and rubber stamped.
After all - We are constantly being told that "the actual tax take is the only thing that matters".
Not at all. The tax system works on the basis of trust and fear. You are trusted to pay what you owe because you fear the consequences if you get caught lying. If you know you will not be investigated for fiddling then the fear goes away.
What you are suggesting already goes on to a greater extent, HMRC targets resources where they are likely to produce the best results.
Making excuses for these greedy, selfish individuals and companies, while choosing not to condemn such people, is not a position that I will ever stoop to. As I do not accept cash in hand deals then I have no need to feel any shame as, unlike some, I choose to abide by the law.
So you have never accepted or offered a cash in hand deal?
Never bought some cheap alcohol or cigs?
Never sold something for a profit and not declared a capital gain?
Never given someone a financial gift without declaring it?
Very very few people have never set foot outside the tax legislation (even if they might not have realised it).
..but it's OK since he's doing it for the love of his private island rather than to dodge any taxes.
I wonder which politicians will dare go after Branson? It's one thing to criticise evil bankers and newspaper owners but Beardy has always been a popular figure, especially on the left.
you may roll your eyes but its actually true that lowering taxes increases total take
That's not true actually.
It is argued that there is a point where raising tax leads to decreased government revenue from such. There is however, no set known level for such a point and of course (if we presume it exists) it varies from economy to economy etc. No one can truly say what the level is, how far taxes have to be risen to hit this level of decreasing returns.
However, just saying lowering taxes automatically increases government tax revenue, is total and utter nonsense.
Comments
Not at all. The tax system works on the basis of trust and fear. You are trusted to pay what you owe because you fear the consequences if you get caught lying. If you know you will not be investigated for fiddling then the fear goes away.
What you are suggesting already goes on to a greater extent, HMRC targets resources where they are likely to produce the best results.
So you have never accepted or offered a cash in hand deal?
Never bought some cheap alcohol or cigs?
Never sold something for a profit and not declared a capital gain?
Never given someone a financial gift without declaring it?
Very very few people have never set foot outside the tax legislation (even if they might not have realised it).
I'd say very little of the population will have done any of those things. I think you need a better set of friends.
No to all questions as (unlike the selfish people who choose to cheat the rest of us) I respect the law and am neither greedy nor selfish.
Do you condemn or condone the people that are cheating the rest of us out of such huge sums of money?
I plead the 5th
You probably have never smoked and had friends go on holiday.
I've had friends go on holiday what's that got to do with anything?
It usually mean they bring back cheap cigs that they sell. It's the way of the world.
If you are a smoker and your friends don't do this, perhaps you need better friends.
A lot of people don't drink, or smoke.
good for them.
http://www.telegraph.co.uk/finance/businessclub/10376341/Ive-been-a-tax-exile-for-seven-years-says-Branson.html
..but it's OK since he's doing it for the love of his private island rather than to dodge any taxes.
I wonder which politicians will dare go after Branson? It's one thing to criticise evil bankers and newspaper owners but Beardy has always been a popular figure, especially on the left.
If it's uncollected, that's a serious reflect on the HMRC to do their job and collect taxes.
That's a good question. I also wonder how much effort goes into catching those who don't pay tax, compared to those who defraud the benefits system.
Those who avoid paying tax are more likely to defend themselves with an accountant or lawyer.
Those who defraud the benefit system are likely to be poorer and not have an accountant. Plus benefit fraud makes better headlines.
perhaps you have the numbers?
Under 5bn.
Indeed. What about lowering the Income Tax rate to about 2% for those earning over £150k?
The tax take will increase dramatically. :rolleyes:
you may roll your eyes but its actually true that lowering taxes increases total take
I know its counter intuitive but as you raise rates rich people find ways to not pay it
as its in there interest not to
I have always advocated A flat tax system based on VAT
you pay no income tax at all
have VAT at 30% on everything but food and Govt spend at 30% of GDP
sorted
That's not true actually.
It is argued that there is a point where raising tax leads to decreased government revenue from such. There is however, no set known level for such a point and of course (if we presume it exists) it varies from economy to economy etc. No one can truly say what the level is, how far taxes have to be risen to hit this level of decreasing returns.
However, just saying lowering taxes automatically increases government tax revenue, is total and utter nonsense.