How can the Government raise money, without raising taxes
Discussion
Clearly the Government will be looking down the back of the sofa, hoping to find the odd billion to pay for the recent Covid-19 spending promises.
However, standard tax increases are both generally badly received and politically unpleasant.
Therefore, what are some of the more ingenious ways the Government can raise income without raising taxes.
However, standard tax increases are both generally badly received and politically unpleasant.
Therefore, what are some of the more ingenious ways the Government can raise income without raising taxes.
For me, the two most obvious are:
Legalisation (and taxation) of illicit substances. The obvious is marijuana, but why not go a little deeper and legalise psychedelics, which might also help bring some much needed unity to the country.
Change limited liability laws to make directors personal liable for VAT, Corporation Tax, PAYE and NIC when companies go bust. Clearly there is a vast amount of pisstaking going on with people winding up their companies having taken out all the money, dissolving them and waiting to be struck off.
Legalisation (and taxation) of illicit substances. The obvious is marijuana, but why not go a little deeper and legalise psychedelics, which might also help bring some much needed unity to the country.
Change limited liability laws to make directors personal liable for VAT, Corporation Tax, PAYE and NIC when companies go bust. Clearly there is a vast amount of pisstaking going on with people winding up their companies having taken out all the money, dissolving them and waiting to be struck off.
The obvious answer is to grow the economy... They are currently in the process of doing the opposite so there will have to be some quite drastic measures to get things resurrected I think.
They really need to properly tax online retailers like Amazon, as if we are not careful there is going to be little of the high street left soon to be paying any tax.
They really need to properly tax online retailers like Amazon, as if we are not careful there is going to be little of the high street left soon to be paying any tax.
CzechItOut said:
For me, the two most obvious are:
Change limited liability laws to make directors personal liable for VAT, Corporation Tax, PAYE and NIC when companies go bust. Clearly there is a vast amount of pisstaking going on with people winding up their companies having taken out all the money, dissolving them and waiting to be struck off.
Yeah, right. Thats going to encourage business. Why would anyone even contemplate running a business under those arrangements?Change limited liability laws to make directors personal liable for VAT, Corporation Tax, PAYE and NIC when companies go bust. Clearly there is a vast amount of pisstaking going on with people winding up their companies having taken out all the money, dissolving them and waiting to be struck off.
You have no idea do you?
Jasey_ said:
Lower the age you can access your pension lump sum to 50.
Should inject some much needed cash for some families.
Would need 3 / 4 / 5 years at least to recover surely - anyone taking that any time soon going to find there is significantly less there to draw down than 2 months agoShould inject some much needed cash for some families.
Inflation....inflation and well a bit more inflation.
Has to impact wages too so Minimum wage will need to go up alot as will all other wages and prices too.
So your cleaner now gets 40k a year and you 80k for example but a coffee is £6 not £2.50 and the pound is worh less but you get paid more and the debt is fixed or in a large part with low interest rates.
Has to impact wages too so Minimum wage will need to go up alot as will all other wages and prices too.
So your cleaner now gets 40k a year and you 80k for example but a coffee is £6 not £2.50 and the pound is worh less but you get paid more and the debt is fixed or in a large part with low interest rates.
Jasey_ said:
Lower the age you can access your pension lump sum to 50.
Should inject some much needed cash for some families.
Also relax the rules about Defined Benefit pension schemes. If a citizen is prepared to sign a piece of paper saying "I know what I'm doing, let me exchange my Final Salary scheme for a lump sum now, and I promise not to sue anyone if it goes wrong", then that is what should happen. You should not need to seek financial advice; let people access their own money. Just like we do already with Defined Contribution schemes.Should inject some much needed cash for some families.
The current barriers to this are crazy, and are locking up funds which the economy will really need very soon.
Gecko1978 said:
Inflation....inflation and well a bit more inflation.
Has to impact wages too so Minimum wage will need to go up alot as will all other wages and prices too.
So your cleaner now gets 40k a year and you 80k for example but a coffee is £6 not £2.50 and the pound is worh less but you get paid more and the debt is fixed or in a large part with low interest rates.
This is how we eventually paid off WW2 debt. (Dec 2006)Has to impact wages too so Minimum wage will need to go up alot as will all other wages and prices too.
So your cleaner now gets 40k a year and you 80k for example but a coffee is £6 not £2.50 and the pound is worh less but you get paid more and the debt is fixed or in a large part with low interest rates.
MX6 said:
The obvious answer is to grow the economy... They are currently in the process of doing the opposite so there will have to be some quite drastic measures to get things resurrected I think.
They really need to properly tax online retailers like Amazon, as if we are not careful there is going to be little of the high street left soon to be paying any tax.
Companies don't pay tax.They really need to properly tax online retailers like Amazon, as if we are not careful there is going to be little of the high street left soon to be paying any tax.
To fix the problems you first need to understand and accept that fact. Then work on adjustments to the system to accommodate it (if felt desirable to do so).
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