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re: regressive taxes

Posted by jj on October 31, 2011 at 17:36:59:

In Reply to: re: regressive taxes posted by Troy McClure on October 31, 2011 at 15:31:53:

Well the argument for it been progressive and where the surprise is as follows:

If you are spending 100 a week, then a higher proportion of your spend is on items with zero rate, so proportionally it affected you less.

If you spend 1,000 a week, then more of your spending is on items not exempt, and therefore proportionally it affects you more.

That was some of the theory, but this report disproves it (or goes a long way to disproving it).

Th positive of VAT is it is equitable as applies to everyone and easy to collect.

I agree wholeheartedly with your second last comment.

On the last, I have published on tax incentives several times (but remember, mortgage relief and personal allowances are the biggest reliefs there are).

Re: corporation tax - the tax rate is 12.5% - the difference is because there is a difference between reported profit and taxable profit. Some has to do with allowances, and some have to do with questionable accounting principals.

And we have commented on tax exiles issues - you have to balance the inflow of capital from these individuals who no longer live in the country and the tax earnings from these investments, versus, frankly not sure what the alternative is, given income is charged locally.

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