While most of us don’t eat, sleep and dream about taxes we just can’t get away from them. Of course there is a need for them as we need to make sure we live in a fair society; I am sure nobody disagrees, but why is there always so much debate about tax (especially with an upcoming election). So we have this dilemma – everybody agrees that we all should pay a fair share of tax and yet so much energy and effort is used to avoid paying tax.
I think a key step in resolving the problem is to make taxes ‘simpler and more transparent’; this does not mean to tweak a few rules here and there (and then introduce new tweaks to fix the mistakes in the original tweaks). It means a simple and straight forward taxation system – for example an idea I read last week was for a flat IHT of 10% with no ifs and buts.
Tax should not be used to ’bash the rich’; wealth creators are important for the economy. But reading that Britain has now 100 or so billionaires I just wonder how many of them do pay income tax in the UK. If they all do then brilliant and if they don’t, well not so brilliant.
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