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are cuts necessary?



 
 
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  #1  
Old August 15th 10, 11:15 PM posted to uk.finance.stockmarket,uk.finance,uk.politics.economics
Doug[_6_]
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Posts: 1
Default are cuts necessary?

Stew wrote:
Doug wrote:
mick wrote:
The alternative to cuts are rising taxes.VAT to say 25%, income tax and
NI.Probably better in the long run to stop spending so much.


Whoa! You're just a radical aren't you?


Yes, VAT will undoubtedly increase because it's instant - no waiting
around for year end assessments. To soften the blow, it might be
accompanied by the phased introduction of the 10k income tax limit
- say 1000/year over five years.


So how much is VAT going to increase? The recent temporary drop to 15%
didn't seem to have much effect, so they might conclude that an increase
to 20% wouldn't frighten the horses, and it would bring in 13
Billion/year. Combined with the 6 Billion already announced, it will
certainly reduce the deficit significantly - and still leave the UK in the
middle ranks of VAT rates.


I'm sort of optimistic that other spending reductions will occur, so that
we don't over-tax ourselves and stop the recovery.


What though, would the effect of applying a 98% land value tax and
correspondingly reducing other taxes be, I wonder? :-)


Good Heavens! All these radicals about!

98% of what?

I can imagine a proposal for 98% inheritance tax, for those who hate
inherited wealth (and since I never had any inherited wealth, I can look
upon such a proposal with equanimity).

But normally tax is collected on transactions, and a 98% land tax would
presumably be applied when someone buys or sells land. That would
certainly slow things down a little - which the banks are doing now by
simply hoarding the money given to them by the government on our behalf,
soon to be repaid by cutting the DHSS payments. It's not radical in
other countries (Latin America, Africa) to rob the poor in order to
reward the rich, but we haven't done it for a while. I think it's part
of our natural progress to become another Third World country.

--

Doug

  #2  
Old August 16th 10, 12:41 AM posted to uk.finance.stockmarket,uk.finance,uk.politics.economics
S G
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Posts: 9
Default are cuts necessary?

On 15 Aug, Doug wrote:
Stew wrote:
What though, would the effect of applying a 98% land value tax and
correspondingly reducing other taxes be, I wonder? :-)


Good Heavens! All these radicals about!
98% of what?


See he http://homepage.ntlworld.com/janusg/inlrc.htm

--
Stew
http://janusg.co.nr
 




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