Any thoughts on this site poll on the budget

Masomnia

Cleaver wrote: »

Was that Hamish getting owned by Martin?

The question is, 'Martin: Bull or Bear?'

the_flying_pig

Cleaver wrote: »

Was that Hamish getting owned by Martin?

Yup. As with all his crackpot theories a little [or more accurately miniscule amount of] knowledge is a dangerous thing.

I guess with all tax increases you ask yourself a handful of basic questions, such as:

(1) will it actually raise a decent amount of money [including by being difficult to evade]?;
(2) what impact will it have on incentives [e.g. to pollute less or to, less helpfully, work less]?; and
(3) would it be 'fair' [moving into hopelessly subjective territory]?

Unfortunately there's no unanimous answer, e.g. an increase in inheritance tax would be hugely fair, and not distort incentives one iota, but would raise a fairly piddling amt of cash.

On balance I think that increasing the high [40%, not 50%] rate of income tax by a percentage point or so might be best. I won't hold my breath though.

Stamp duty is an awful tax - it disincentivises moving, which is ridiculous. I'd look to raise a similar through a much smaller mansion tax on all owned, rather than just bought, pwoperdee.

macaque_2

MSE_Martin wrote: »

Any suggestions or thoughts to make it fair before we put it up tomorrow... (needs a proof). Anything missing?




Fantasy Chancellor

Poll Started 22 March 2011. It’s budget week, if you were sitting in George Osborne shoes, which taxes do you think should bear the brunt of the raises – you must pick at least one (max five)


Fuel – ie petrol or diesel
Wine
Beer
Spirits
Cigarettes
Stamp Duty – when buying houses
Inheritance tax
VAT
Vehicle tax
Corporation tax
Capital gains tax
Income tax basic rate 20%
Income tax higher rate 40%
Income tax top rate 50%

Oi! Martin! MSE Martin! You missed all the juicy ones.

The 70% club choice

Removal of stamp duty on house purchase
Capital gains on the sale of all property
Removal of tax relief on BTL loans
Double council tax on all empty homes
Triple council tax for Jeremy and Vanessa's bolt hole in the Costwolds.
Automatic £200 fine for landlords who brag in the pub

Thrugelmir

A new Vehicle Arrival Tax ( Similar to passenger departure but for HGV's arriving in the UK)

Generali

Carbon tax
Wealth/land tax
'Super tax'
Tax on unearned income (dividends, coupons and interest)
Windfall taxes on banks/utilities/anyone else that appears to be making money
Increased charges for public services
Advertising on BBC TV/radio/websites with the cash raised going to the Government (so as to maintain the 'unique way the BBC is funded').
Asset sales (eg the 'analogue TV' part of the spectrum, closed courts/police buildings/barracks)
Forcing pensions to buy more gilts thus reducing the cost of financing the national debt
Incorporate NI into income tax so it becomes payable on interest etc.

I'm not saying these are a good idea they're just ways of raising more money, potentially at least.

HAMISH_MCTAVISH

MSE_Martin wrote: »

Also the key here is the govt will be looking to raise tax revenue - this is an attitudinal poll not a economic one.

OK, fair enough.

Just thought I'd mention it as George Osborne did state today the government had ruled out any further tax rises in this budget....

George Osborne rules out cuts and tax rises in the budget.

George Orborne, the chancellor, has promised not to announce any new tax increases or spending cuts in this week’s Budget.

Taxes levied on businesses will be simplified and reduced while planning law will be streamlined.

The Chancellor said he had already “asked what is required” to turn the economy around.

He would now seek to “move on” and focus on securing economic recovery.

http://www.telegraph.co.uk/news/politics/8394109/George-Osborne-rules-out-cuts-and-tax-rises-in-the-budget.html

Previously announced tax cuts and rises will still take effect of course.

If we must raise something new, removing loopholes on private jet travel to fund a freeze on air passenger duty would be a good idea IMO and has already been rumoured.

the.ciscokid

MSE_Martin wrote: »

thanks for all the suggestions folks - do keep em coming - ill round them up in the morning

Increase tax on second homes.
Remove tax relief on ownership of multiple properties.
Land value tax.

blueboy43

Thrugelmir wrote: »

A new Vehicle Arrival Tax ( Similar to passenger departure but for HGV's arriving in the UK)

would be against EU rules.

The proposed 'vignette' for 2014 will be applied to all trucks - foreign or otherwise.

chewmylegoff

introduce a charge for using the NHS
tax household rubbish

a new tax to tax the tax on the tax on fuel.

chewmylegoff

blueboy43 wrote: »

would be against EU rules.

The proposed 'vignette' for 2014 will be applied to all trucks - foreign or otherwise.

impose import duty on the imported fuel in commercial vehicles' tanks.