- Well, Chancellor... -

:: Posted :: 2017-10

We need to find more ways to collect taxes so we can fund essential public services. Traditional taxation of earnings and profits captures only part of our 'real' economy. Companies easily circumvented such taxes by claiming employees are 'self-employed', paying bonuses in share options or moving their profits off-shore.

What about the £6 trillion tied up in private property? I suggest a 0.1% annual property tax - £200 for an average house; £1,000 for a mansion. The 'take' would be a modest £6 billion, but it would send a message to people sitting pretty astride immovable assets. And how about a 0.25% company turnover tax, pulling in a further £10 billion. You can move profit off-shore, but not turnover.

Such taxes wouldn't solve every fiscal problem, but they'd flag a move towards greater fairness. The 'have-nots' can't easily duck PAYE, but middle- and upper-class punters have ways to evade payment if they have a 'good' accountant.

What I'd really like to see is micro-taxation of all financial transactions, perhaps just 0.001%: enough to be 'felt' by those whose major occupation is moving money between commodities and countries to squeeze out the last drop of income. After all, people pay taxes on gambling - why shouldn't the dabbling of the well-off be taxed too?



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