Tax Man Cometh
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I absolutely agree, although I suspect DD may not, as he currently (I suspect) makes a proportion of his income advising folk how to exploit such exemptions.
If the morons that run the country are incapable of making sensible laws, it is the duty of the wise to exploit them. It was, I believe, Thomas Jefferson who said that it was every citizen's duty to pay the minimum amount of tax he was legally obliged to pay. I like Jefferson, my kinda guy!
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^]
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He needs a nice treat to cheer him up. Being stuck in a job you're not remotely qualified, trained or even skilled to do is an unenviable position.
The Peter Principle in action again
Rhys "If you ever start taking things too seriously, just remember that we are talking monkeys on an organic spaceship flying through the Universe"
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Personally I would like to see as many exemptions as possible removed so that one and all have the same tax burden.
Reality is an illusion caused by a lack of alcohol
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Personally I would like to see as many exemptions as possible removed so that one and all have the same tax burden.
But the point of some tax exemptions are to help those who have other "burdens." For example, in the US, if I donate a lot more money than another person with the same income and expenses isn't it fair to give me a tax break? Or, if I have more kids my expenses are higher so it could be called fair to give me a tax break. However, I do somewhat agree with you. I think they should get rid of every single exemption and everyone pays the same percent of tax. That's the only way to be fair.
There are only 10 types of people in the world, those who understand binary and those who don't.
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Quote:
Personally I would like to see as many exemptions as possible removed so that one and all have the same tax burden.
But the point of some tax exemptions are to help those who have other "burdens." For example, in the US, if I donate a lot more money than another person with the same income and expenses isn't it fair to give me a tax break? Or, if I have more kids my expenses are higher so it could be called fair to give me a tax break. However, I do somewhat agree with you. I think they should get rid of every single exemption and everyone pays the same percent of tax. That's the only way to be fair.
There are only 10 types of people in the world, those who understand binary and those who don't.
To an extent I agree with this however who chose to make the donation, who had the children? As you note if there where no exemptions all would start out equal and choose where their money went. My personal view is that purchase and corporate taxes should be much higher and personal taxes lower with greater allowances before tax has to be paid. Apart from that, tax breaks can take a flying hike.
Reality is an illusion caused by a lack of alcohol
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If the morons that run the country are incapable of making sensible laws, it is the duty of the wise to exploit them. It was, I believe, Thomas Jefferson who said that it was every citizen's duty to pay the minimum amount of tax he was legally obliged to pay. I like Jefferson, my kinda guy!
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^]
How about if everyone pays their FULL share each individual's tax would go down? By avoiding paying a particular piece of tax, though legal, you are placing a higher burden on the rest of society.
Reality is an illusion caused by a lack of alcohol
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See This[^] There is a line I draw your attention to... "(This text has been withheld because of exemptions in the Freedom of Information Act 2000)" The Tax Man is deliberately hiding information from the Tax-payer. Information that would, if released, mean that more tax-payers would be LEGALLY allowed to reduce their tax burdens. I would say "Unbelievable" but alas, all too believable!
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^]
Dave, If I were wanting to set up a trust, with a minor as the beneficiary, in such a way that the funds could be used exclusivey on the minor's behalf by the trutees until he/she reached their majority and then he/she would recieve the remaining funds? Would this be something you would recognize as possible/legal and who would I go to, to get something like that done? Sorry to drop a piano on you out of the blue but if you don't ask you don't get and all that.
"The secret of happiness is freedom, and the secret of freedom, courage." Thucydides (B.C. 460-400)
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To an extent I agree with this however who chose to make the donation, who had the children? As you note if there where no exemptions all would start out equal and choose where their money went. My personal view is that purchase and corporate taxes should be much higher and personal taxes lower with greater allowances before tax has to be paid. Apart from that, tax breaks can take a flying hike.
Reality is an illusion caused by a lack of alcohol
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How about if everyone pays their FULL share each individual's tax would go down? By avoiding paying a particular piece of tax, though legal, you are placing a higher burden on the rest of society.
Reality is an illusion caused by a lack of alcohol
Sounds like communism to me. How about NO taxation beyond defence and social care costs (Medical care, road up-keep, policing etc). If we weren't paying for Foreign Aid, The EU, Feckless Breeding, Prisons, Elective medical services, Fighting America's Wars and The Arts we could reduce Income Tax to Zero.
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^]
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He needs a nice treat to cheer him up. Being stuck in a job you're not remotely qualified, trained or even skilled to do is an unenviable position.
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Sounds like communism to me. How about NO taxation beyond defence and social care costs (Medical care, road up-keep, policing etc). If we weren't paying for Foreign Aid, The EU, Feckless Breeding, Prisons, Elective medical services, Fighting America's Wars and The Arts we could reduce Income Tax to Zero.
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^]
with no prisons not only would your tax be zero but your wealth as well
You cant outrun the world, but there is no harm in getting a head start Real stupidity beats artificial intelligence every time.
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Dave, If I were wanting to set up a trust, with a minor as the beneficiary, in such a way that the funds could be used exclusivey on the minor's behalf by the trutees until he/she reached their majority and then he/she would recieve the remaining funds? Would this be something you would recognize as possible/legal and who would I go to, to get something like that done? Sorry to drop a piano on you out of the blue but if you don't ask you don't get and all that.
"The secret of happiness is freedom, and the secret of freedom, courage." Thucydides (B.C. 460-400)
Both possible and legal, and, more importantly, tax efficient. I would recommend your first port of call is your local bank. There are several different types and it would be best to discuss your options with someone expert in the field. Junior ISA's are a start, but there are also Child based plans, Parent based plans and even Grandparent based plans. You can allocate part of your tax free savings allowance to help them build a tidy sum quite quickly.
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^]
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with no prisons not only would your tax be zero but your wealth as well
You cant outrun the world, but there is no harm in getting a head start Real stupidity beats artificial intelligence every time.
There would be plenty of prisons. I just said they would not be paid for out tax. I suggest we make the Prisoners pay their own keep. Either they sell assets or work within the prison system. It is their choice to break the law, so it was their choice to go to prison. Whilst there they could choose whether they want a nice single cell with three meals from a menu each day, or get crammed in 4 deep in a 8 by 12 box with gruel slopped into a bucket twice a day. It would a) save us a fortune, and b) reduce the crime rate.
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^]
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Sounds like communism to me. How about NO taxation beyond defence and social care costs (Medical care, road up-keep, policing etc). If we weren't paying for Foreign Aid, The EU, Feckless Breeding, Prisons, Elective medical services, Fighting America's Wars and The Arts we could reduce Income Tax to Zero.
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^]
Better to reduce VAT to 0, role NI income tax and flatten it to 20p in the pound for the top 75% of earners only, stop borrowing and stop paying for the things you mentioned. Invest heavily in incentives for innovation and reward success while ensuring that no corporation or group is above the law simply because they have lots of money. I don't claim credit for thinking of all these things of course I'm just memorizing a certain party manifesto at the moment in preparation for a 1 hour debate on local radio next week. :)
"The secret of happiness is freedom, and the secret of freedom, courage." Thucydides (B.C. 460-400)
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Quote:
Personally I would like to see as many exemptions as possible removed so that one and all have the same tax burden.
But the point of some tax exemptions are to help those who have other "burdens." For example, in the US, if I donate a lot more money than another person with the same income and expenses isn't it fair to give me a tax break? Or, if I have more kids my expenses are higher so it could be called fair to give me a tax break. However, I do somewhat agree with you. I think they should get rid of every single exemption and everyone pays the same percent of tax. That's the only way to be fair.
There are only 10 types of people in the world, those who understand binary and those who don't.
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My favourite recently is that they castigate labour for calling the bedroom tax a tax, while themselves referring to it as the "spare room bonus". I really don't see how being charged for a spare room can be considered a bonus!
The 'spare room subsidy' (I think that's what they were calling it) is the current situation where the state pays for a house with extra rooms. The Tories claim they are removing a subsidy, not introducing a tax (which to be fair is really bad terminology) or penalty.
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No no no! Fairness doesn't mean everyone pays the same percentage. Fairness means that everyone plays by the same rules, and if they earn the same amount they would pay the same.
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Both possible and legal, and, more importantly, tax efficient. I would recommend your first port of call is your local bank. There are several different types and it would be best to discuss your options with someone expert in the field. Junior ISA's are a start, but there are also Child based plans, Parent based plans and even Grandparent based plans. You can allocate part of your tax free savings allowance to help them build a tidy sum quite quickly.
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^]
Thank you. :thumbsup: I'll pass that information on where it can do some good. If you run into any experts in that field on your travels don't hesitate to point them in my direction. The fund raising is about to begin and it will need water tight legal and financial backing.
"The secret of happiness is freedom, and the secret of freedom, courage." Thucydides (B.C. 460-400)
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There would be plenty of prisons. I just said they would not be paid for out tax. I suggest we make the Prisoners pay their own keep. Either they sell assets or work within the prison system. It is their choice to break the law, so it was their choice to go to prison. Whilst there they could choose whether they want a nice single cell with three meals from a menu each day, or get crammed in 4 deep in a 8 by 12 box with gruel slopped into a bucket twice a day. It would a) save us a fortune, and b) reduce the crime rate.
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^]
What about legitimatly innocent people that are thrown to jail? I know the percentage of those is low, but still. If we could assure a 100% of the inmates are guilty, then I would support your idea, since we can't, I don't.
If you think you can do a thing or think you can't do a thing, you're right. - Henry Ford
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Better to reduce VAT to 0, role NI income tax and flatten it to 20p in the pound for the top 75% of earners only, stop borrowing and stop paying for the things you mentioned. Invest heavily in incentives for innovation and reward success while ensuring that no corporation or group is above the law simply because they have lots of money. I don't claim credit for thinking of all these things of course I'm just memorizing a certain party manifesto at the moment in preparation for a 1 hour debate on local radio next week. :)
"The secret of happiness is freedom, and the secret of freedom, courage." Thucydides (B.C. 460-400)
I would say VAT at 20% is fine, it enables everyone to contribute and those that consume more, pay more. It is a progressive tax. I would abolish all NI, it is a con and ERs NI stops employers from hiring as it adds 12% onto the salary bill. Annual tax free allowance of £12,000, then 25% until income reaches £500,000 pa (This encourages entrepreneurship and rewards those who work hard and innovate by having no 40% band at the point where life starts becoming easy. After £500,000 a straight 50% would be fine. Raise inheritance tax to £2,000,000 as this is a pernicious tax that taxes wealth on which tax has already been paid. Reduce Capital Gains Tax to 10% and have larger allowances, again to encourage growth and investment. Abolish Stamp duty on housing. Abolish Road Tax. Abolish Airport Tax. Give tax credits to start-ups and exporters. Encourage share ownership. Abolish State pensions but enforce private pensions in law. Bring back Grammar Schools. Invade France. Reverse decimalisation and re-introduce the Guinea, the Groat and the Half Crown. (For no other reason than it would annoy Johnny Foreigner). Re-nationalise the Trains but make those in charge legally responsible for them. Bring back hanging. Bring back corporal punishment in schools. Reclaim the Empire. Rule Britannia!
--------------------------------- I will never again mention that I was the poster of the One Millionth Lounge Post, nor that it was complete drivel. Dalek Dave CCC Link[^]
