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And the snake oil merchants emerge blinking into the light of Brexit November 3, 2016

Posted by WorldbyStorm in Uncategorized.
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As evidenced by this proposal from the ‘free market’ think tank – the Institute for Economic Affairs in the UK:

National insurance, business rates, stamp duty, the TV licence fee and excise duties on alcohol and tobacco should be among 20 taxes abolished by the government, a free market thinktank has said.
A report published by the Institute for Economic Affairs has proposed a 15% flat rate of income tax and a VAT shakeup as part of a plan that would significantly reduce the size of the state.

And:

If all the proposals were enacted, the richest 10% of the population would see their incomes rise by more than £13,000 a year on average, but the IEA said those on the lowest incomes would see bigger percentage gains from the changes.
It said cutting tax as a share of national output, from the current level of 37% to between 20% and 25%, would lead to stronger growth and a 26% increase in the gross incomes of those in the poorest decile. Those in the top decile would enjoy a 13% increase.

But hold on, what of the revenues forgone by the state? Not a problem for the IEA for…

Mark Littlewood, the IEA director general, said: “The economic evidence is clear: spending is far too high and the tax system is far too complicated. This new report provides a rigorous approach to discovering and documenting the size of the state and how government spending and regulation affect the wider economy.

So that’s okay then.

Comments»

1. sonofstan - November 3, 2016
WorldbyStorm - November 3, 2016

Pity he couldn’t have cut to that from the start.

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Gewerkschaftler - November 3, 2016

Arseburn is positioning himself as next leader after May. Or perhaps next leader but one.

He’ll be all over the shop to that end.

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sonofstan - November 3, 2016

I suspect we might see a fragmentation and realignment within and across the lib dems and tories such as we haven’t seen since the thirties.

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benmadigan - November 3, 2016

add in some Labour MPs and I’ll agree

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