TaxAdministration2020 Tax Commission calls for single income tax

2020 Tax Commission calls for single income tax

In its latest report, the 2020 Tax Commission outlines six steps it believes could lead to a simpler tax system

2020 Tax Commission calls for single income tax

THERE SHOULD BE A SINGLE INCOME TAX to create “conditions for stronger economic growth and more jobs”, according to the Taxpayers’ Alliance’s 2020 Tax Commission.

In a report published today, the Commission recommends six steps through which it says such a tax can be achieved.

These are:

– Taxes should be cut to 33% of national income;
– Marginal taxes should not exceed 30%, and the personal allowance should rise to £10,000;
– Taxes on capital and labour income disguised as business taxes should be abolished and replaced with a tax on distributed income;
– Transaction, wealth and inheritance taxes should be abolished;
– Other consumption taxes need to stay for now, but transport taxes should be cut; and
– Local authorities should raise half of their spending power through local taxes

These measures, it says, will lead to “treating taxpayers more fairly” with taxes themselves becoming “lower, simpler and more transparent”.

Allister Heath, chairman of the commission and editor of City AM, said in his foreword that the proposals while “far-reaching” are also “practical” and added “they are within the realms of what a competent, ambitious and principled government could achieve over the next decade”.

Related Articles

Government should rethink “digitally distracted” HMRC, ATT urges

Administration Government should rethink “digitally distracted” HMRC, ATT urges

1y Fraser Simpson, Reporter
NAO report highlights lessons for HMRC’s future digitalisation plans

Accounting Standards NAO report highlights lessons for HMRC’s future digitalisation plans

1y Fraser Simpson, Reporter
‘Cause for serious concern’: Tyrie expresses Making Tax Digital fears

Administration ‘Cause for serious concern’: Tyrie expresses Making Tax Digital fears

1y Fraser Simpson, Reporter
Taking Stock: Doh! Homer announces exit after securing No 1 spot

Administration Taking Stock: Doh! Homer announces exit after securing No 1 spot

2y Taking Stock
The Financial Power List 2016

Accounting Standards The Financial Power List 2016

2y Accountancy Age, Reporters
New HMRC exec chair outlines priorities to PAC

Administration New HMRC exec chair outlines priorities to PAC

2y Fraser Simpson, Reporter
MPs tell government to reconsider how it appoints OTS chair

Administration MPs tell government to reconsider how it appoints OTS chair

2y Fraser Simpson, Reporter
Parliament to debate digital tax accounts this month

Administration Parliament to debate digital tax accounts this month

2y Calum Fuller, Reporter