Tax Man Cometh
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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[^]
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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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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)
They say that children are expensive in the first 18 years. The next 5 or 6 can cost a load too. Driving lessons, Car, Deposit on Flat so he can move in with dollybird for far more sex than you are getting...
--------------------------------- 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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and if they earn the same amount they would pay the same.
How's that different?
There are only 10 types of people in the world, those who understand binary and those who don't.
'Everyone pays the same percentage': person on £10k pays £2k tax, person on £1m pays £200k tax 'If you earn the same, you pay the same': two people on £1m pay the same amount, however they earn it (e.g. dividends, capital gains, earned income, interest), but that could be any amount and doesn't have to be 100 times what the person on £10k pays
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'Everyone pays the same percentage': person on £10k pays £2k tax, person on £1m pays £200k tax 'If you earn the same, you pay the same': two people on £1m pay the same amount, however they earn it (e.g. dividends, capital gains, earned income, interest), but that could be any amount and doesn't have to be 100 times what the person on £10k pays
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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[^]
Dalek Dave wrote:
Either they sell assets
Police sieze all assets that are made from criminal activities anyway, so you would have to make them work while in prison.
Every day, thousands of innocent plants are killed by vegetarians. Help end the violence EAT BACON
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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[^]
Dalek Dave wrote:
Fighting America's Wars
It's the other way around, don't you know. If America weren't there to defend Europe, who would?
The difficult we do right away... ...the impossible takes slightly longer.
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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[^]
Although I can't agree on VAT (also a tax on income that has already been taxed) I'll be sure to pass these recommendations on the relevant policy groups. Some of them however are already covered under the general category of Common Sense, clearly "Invade France" being one of those :-D and some of them are already policy, "Bring back Grammar Schools." for one.
"The secret of happiness is freedom, and the secret of freedom, courage." Thucydides (B.C. 460-400)
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In your scenario the person making 10k pays 20% tax, right? Are you then saying that someone earning 1M should pay more than 20% tax?
There are only 10 types of people in the world, those who understand binary and those who don't.
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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
Nagy Vilmos wrote:
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.
If you want TRULY fair each person pays the same amount not the same percentage. After all, you're paying for government services... no different from a telephone bill or buying milk at the store. You don't automatically pay more for those things if you earn more... why shouldn't the government services (taxes) be the same?
Government is not reason; it is not eloquent; it is force. Like fire, it is a dangerous servant and a fearful master. ~ George Washington
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They say that children are expensive in the first 18 years. The next 5 or 6 can cost a load too. Driving lessons, Car, Deposit on Flat so he can move in with dollybird for far more sex than you are getting...
--------------------------------- 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[^]
Dalek Dave wrote:
They say that children are expensive in the first 18 years.
They are even more expensive after 18.
Dalek Dave wrote:
...for far more sex than you are getting...
That was happening with my oldest when she was sixteen.
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That's the basis of all progressive/redistributionary tax systems.
I know, and it's insane. That is NOT fair. You really believe that taxing people at different percentages is fair? I simply cannot understand that.
There are only 10 types of people in the world, those who understand binary and those who don't.
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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
Nah, get rid of corporate taxes or personal taxes. It results in double taxation.
If your actions inspire others to dream more, learn more, do more and become more, you are a leader.-John Q. Adams
You must accept one of two basic premises: Either we are alone in the universe, or we are not alone in the universe. And either way, the implications are staggering.-Wernher von Braun
Only two things are infinite, the universe and human stupidity, and I'm not sure about the former.-Albert Einstein -
Dalek Dave wrote:
Fighting America's Wars
It's the other way around, don't you know. If America weren't there to defend Europe, who would?
The difficult we do right away... ...the impossible takes slightly longer.
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Quote:
That's the basis of all progressive/redistributionary tax systems.
I know, and it's insane. That is NOT fair. You really believe that taxing people at different percentages is fair? I simply cannot understand that.
There are only 10 types of people in the world, those who understand binary and those who don't.
That's because they see it as unfair that someone else has more money than they.
If your actions inspire others to dream more, learn more, do more and become more, you are a leader.-John Q. Adams
You must accept one of two basic premises: Either we are alone in the universe, or we are not alone in the universe. And either way, the implications are staggering.-Wernher von Braun
Only two things are infinite, the universe and human stupidity, and I'm not sure about the former.-Albert Einstein -
They say that children are expensive in the first 18 years. The next 5 or 6 can cost a load too. Driving lessons, Car, Deposit on Flat so he can move in with dollybird for far more sex than you are getting...
--------------------------------- 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[^]
Dalek Dave wrote:
... for far more sex than you are getting able to...
FTFY :sigh:
"The ones who care enough to do it right care too much to compromise." Matthew Faithfull
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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[^]
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Quote:
That's the basis of all progressive/redistributionary tax systems.
I know, and it's insane. That is NOT fair. You really believe that taxing people at different percentages is fair? I simply cannot understand that.
There are only 10 types of people in the world, those who understand binary and those who don't.
Do you think it's unfair that when you make a bad challenge, you get a yellow card and other people don't? Fairness is about treating people the same when they make the same choices and end up in the same position. Rich and poor are not like male and female, people move between categories and they do so through choices and actions. You can argue that you would prefer flat rate tax, but there is nothing intrinsically unfair about a system where you can end up paying a different amount based on how much you make. As Mike points out above, there isn't really a good argument for a flat percentage. You are using the same services, you should pay the same amount. Obviously that's insanely regressive and impractical, which is why advocates of the right try to push flat percentage. My main justification for progressive taxation is socialist: we need to pay for certain services, and it's better for society if they're mostly paid for by people who can easily afford it. But there is also an economic one: when you get rich, you've done so thanks to the services, protection and regulated labour provided to you by the state.
