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A thread on how the Government could reduce the deficit by £34.5bn without hurting the poorest at all.
Amend the 1961 Land Compensation Act so that the government doesn’t have to pay as though land has planning permission when it doesn’t. Estimated saving of £9bn.
Legalise and Tax Cannabis. Estimated saving of £800mn and £2.5bn in tax.
Legalise and Tax Cannabis. Estimated saving of £800mn and £2.5bn in tax.
Taxing Winter Fuel Payments & withdrawing from higher rate taxpayers. Estimated saving of £450mn.
Eliminated the upper rate of national insurance and tax at full amount. Estimated tax raise of £7.5bn.
Adopt an alternative minimum tax. Estimated revenue of £11bn.
Eliminated the upper rate of national insurance and tax at full amount. Estimated tax raise of £7.5bn.
Adopt an alternative minimum tax. Estimated revenue of £11bn.
Ending the 0% VAT rate on food, books and children’s clothes and charging 5%. Offset unfairness with child benefit and child tax credit increases. Estimated revenue of £3bn.
Sources:
https://www.lse.ac.uk/News/Latest-news-from-LSE/2020/f-June-20/Reform-UK-tax-to-rebuild-post-COVID-19-public-finances
https://www.ifs.org.uk/budgets/gb2004/04chap4.pdf
https://www.vice.com/en_uk/article/pp4e9b/this-is-how-much-the-uk-would-actually-make-if-it-taxed-cannabis
https://www.independentage.org/news-media/press-releases/new-research-shows-poorest-most-likely-to-lose-out-if-winter-fuel-payment
https://www.lse.ac.uk/News/Latest-news-from-LSE/2020/f-June-20/Reform-UK-tax-to-rebuild-post-COVID-19-public-finances
https://www.ifs.org.uk/budgets/gb2004/04chap4.pdf
https://www.vice.com/en_uk/article/pp4e9b/this-is-how-much-the-uk-would-actually-make-if-it-taxed-cannabis
https://www.independentage.org/news-media/press-releases/new-research-shows-poorest-most-likely-to-lose-out-if-winter-fuel-payment
