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The Miraculous Magic Money-Making Machine!

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5/17/2011 2:18:01 PM
Posted: 5 years ago
Why not introduce a flat tax system?

"A flat tax system is one that charges a single marginal tax rate above the personal allowance. This means that above a certain level, everyone pays the same proportion of their income regardless of how much they earn."

What could be fairer than that? After all, everybody's a winner with flat taxes!

Just think, instead of paying the 50% rate of tax on earnings over £150,000 per annum, people on higher incomes will pay the same rate of tax as people on low incomes: 20% in the UK.

That's great news for those on higher incomes: it means an individual earning £1,000,000 a year will pay £300,000 a year less tax. *

And since a flat tax system does not rely on reducing public spending to make up for the shortfall in tax receipts from the rich or on increasing the burden of tax on people on low and middle incomes, a flat tax system must rely on some sort of magic money-making machine to balance the budget.

It must be magic because the advocates of the flat tax surely wouldn't be disingenuous enough to gloss over the fact that poorer members of society would pay more under the system, either directly, in terms of higher percentage of income tax, or indirectly through the withdrawal of publically-funded services - the supporters of a flat tax system would disguise that if it were true, would they?

So why doesn't our goverment get one of the magic money-making machines and intoduce a flat tax system without any further delay?

* Actually slightly under that amount once income tax allowances on the first £150,000 have been taken into consideration.
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5/17/2011 3:19:46 PM
Posted: 5 years ago
At 5/17/2011 2:18:01 PM, brian_eggleston wrote:
Why not introduce a flat tax system?

If you're going to be against the flat tax system at least be against it for reasons that make sense. The fact that it doesn't redistribute wealth is not a reason to be against it.

Double Taxation
Disincentives for buying goods
Tariffs on domestic goods
Incentive to buy foreign goods
Incentive to move out of the country when retired

There are plenty of good reasons against it. The fact that people are taxed the same rate is not one of those reasons.
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5/17/2011 6:11:16 PM
Posted: 5 years ago
At 5/17/2011 6:04:27 PM, djsherin wrote:
"The Miraculous Magic Money-Making Machine!"

Central Banks?

No, dell printers.
"Wanting Red Rhino Pill to have gender"
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6/6/2011 9:14:35 PM
Posted: 5 years ago
I could care less if a flat tax made more or less revenue for the government. Forcing poor people to hold the government accountable for stupid spending is an amazing thing for any society where poor people vote.