Bill (Scotland) Oh, I'd love to see this, too! And all the 'services' these taxes fund cut too!
On the other hand unless you take into account the effect of inflation, compounded over the years since the 'nirvana' years you speak of, then you get a very false picture of the economic impact of such cuts. The best I think one could hope for with any of the political parties we have, and the political climate that exists, is for rises in taxes to be pegged somewhat below inflation for several years - and even that would be highly optimistic.
22 May 2007, 19:26:16 GMT+01:00 – Like – Reply
David Farrer Mr E,
Good point.
And if we went back to government expenditure levels of not too much earlier, just think what other taxes could be cut.
22 May 2007, 19:02:43 GMT+01:00 – Like – Reply
Mr Eugenides David,
A quick back-of-the-envelope calculation:
Income taxes make up around 30% of the annual tax take in the UK (footnote 1).
Total public spending for 2007-08 will be £552 billion (2)
Abolishing all income tax would therefore require us to cut public spending back to £390bn - which is more than was in the 2001-2 budget.
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Bill (Scotland)
Oh, I'd love to see this, too! And all the 'services' these taxes fund cut too!
On the other hand unless you take into account the effect of inflation, compounded over the years since the 'nirvana' years you speak of, then you get a very false picture of the economic impact of such cuts. The best I think one could hope for with any of the political parties we have, and the political climate that exists, is for rises in taxes to be pegged somewhat below inflation for several years - and even that would be highly optimistic.
22 May 2007, 19:26:16 GMT+01:00
– Like – Reply
David Farrer
Mr E,
Good point.
And if we went back to government expenditure levels of not too much earlier, just think what other taxes could be cut.
22 May 2007, 19:02:43 GMT+01:00
– Like – Reply
Mr Eugenides
David,
A quick back-of-the-envelope calculation:
Income taxes make up around 30% of the annual tax take in the UK (footnote 1).
Total public spending for 2007-08 will be £552 billion (2)
Abolishing all income tax would therefore require us to cut public spending back to £390bn - which is more than was in the 2001-2 budget.
Can anyone explain why we couldn't do this?
1. http://www.hm-treasury.gov.uk/media/A50/29/publicfinancedatabank250706.xls
2. http://www.hm-treasury.gov.uk/media/2E7/A0/pfd_260407.xls
21 May 2007, 15:16:39 GMT+01:00
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David Farrer
Kevin,
I've added the link to Lew Rockwell's site.
20 May 2007, 10:19:43 GMT+01:00
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kevin sim
Great video, where did you find it.
20 May 2007, 02:26:08 GMT+01:00
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