I might not agree with all the advice Andy Haldane is publicly giving Andy Burnham (as he heads towards No.10), but I completely concur on the simplification of the tax system:
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I might not agree with all the advice Andy Haldane is publicly giving Andy Burnham (as he heads towards No.10), but I completely concur on the simplification of the tax system:
The UK tax code is way too complicated, offers much too much scope for gaming the system, is too often skewed towards 'incentives' for the wealthy & under-taxes capital gains (relative to income).
The system needs a radical overall to make it much fairer & simpler. Not an easy job, but necessary!
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I might not agree with all the advice Andy Haldane is publicly giving Andy Burnham (as he heads towards No.10), but I completely concur on the simplification of the tax system:
The UK tax code is way too complicated, offers much too much scope for gaming the system, is too often skewed towards 'incentives' for the wealthy & under-taxes capital gains (relative to income).
The system needs a radical overall to make it much fairer & simpler. Not an easy job, but necessary!
Hear Hear...
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I might not agree with all the advice Andy Haldane is publicly giving Andy Burnham (as he heads towards No.10), but I completely concur on the simplification of the tax system:
The UK tax code is way too complicated, offers much too much scope for gaming the system, is too often skewed towards 'incentives' for the wealthy & under-taxes capital gains (relative to income).
The system needs a radical overall to make it much fairer & simpler. Not an easy job, but necessary!
And if you wanted an example of why I advocate (in the above post) for a simplified & fairer tax system with less 'incentives'... here is an account from @openDemocracy of how Palantir has (perfectly legally) harvested a range of tax breaks to reduce its effective tax rate to below 10%.....
And, yes this also just adds to the reasons the UK Govt. & its associated agencies should not be issuing contracts to Palantir.
https://www.opendemocracy.net/exclusive-how-palantir-harvested-millions-in-uk-tax-breaks/
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I might not agree with all the advice Andy Haldane is publicly giving Andy Burnham (as he heads towards No.10), but I completely concur on the simplification of the tax system:
The UK tax code is way too complicated, offers much too much scope for gaming the system, is too often skewed towards 'incentives' for the wealthy & under-taxes capital gains (relative to income).
The system needs a radical overall to make it much fairer & simpler. Not an easy job, but necessary!
@ChrisMayLA6 by the way, sir, do you know if there's any serious advocacy for continuous mathematical functions for taxation? Tax bands are a ridiculous thing to me. Politically enforced discontinuous functions make people's behaviours cluster around the discontinuities, for examples see https://danluu.com/discontinuities/
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And if you wanted an example of why I advocate (in the above post) for a simplified & fairer tax system with less 'incentives'... here is an account from @openDemocracy of how Palantir has (perfectly legally) harvested a range of tax breaks to reduce its effective tax rate to below 10%.....
And, yes this also just adds to the reasons the UK Govt. & its associated agencies should not be issuing contracts to Palantir.
https://www.opendemocracy.net/exclusive-how-palantir-harvested-millions-in-uk-tax-breaks/
@ChrisMayLA6 @openDemocracy Palantir get out !
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@ChrisMayLA6 by the way, sir, do you know if there's any serious advocacy for continuous mathematical functions for taxation? Tax bands are a ridiculous thing to me. Politically enforced discontinuous functions make people's behaviours cluster around the discontinuities, for examples see https://danluu.com/discontinuities/
That's a really interesting point; I am unaware of (and do not recall ever reading) and tax commentary or research that has gone down that route.... other the the simplistic notion of flat taxes?
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And if you wanted an example of why I advocate (in the above post) for a simplified & fairer tax system with less 'incentives'... here is an account from @openDemocracy of how Palantir has (perfectly legally) harvested a range of tax breaks to reduce its effective tax rate to below 10%.....
And, yes this also just adds to the reasons the UK Govt. & its associated agencies should not be issuing contracts to Palantir.
https://www.opendemocracy.net/exclusive-how-palantir-harvested-millions-in-uk-tax-breaks/
@ChrisMayLA6 @openDemocracy Isn't it fun to read online about all the restrictions on tax breaks that they're trying to introduce for UK citizens who are actively saving for their future (ISA changes, pension caps and taxation) which will remove the burden of support from the State... yet foreign companies can avoid investing in the very country that they're making their revenue from.
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Maybe, but would just lead to new work-arounds.... better to tax them on turnover, perhaps?
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I might not agree with all the advice Andy Haldane is publicly giving Andy Burnham (as he heads towards No.10), but I completely concur on the simplification of the tax system:
The UK tax code is way too complicated, offers much too much scope for gaming the system, is too often skewed towards 'incentives' for the wealthy & under-taxes capital gains (relative to income).
The system needs a radical overall to make it much fairer & simpler. Not an easy job, but necessary!
@ChrisMayLA6 I seem to remember someone once saying that something like a 30% tax rate across the board - no special cases, no deductions, same for everyone - would easily cover the costs of a civilized society, in part because it would eliminate speculation & in part through saving a shit-ton of money on tax administration etc.
Maybe oversimplified, but worth a thought...?
