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21/05/2012
Report Calls For Extension of Austerity Measures Until 2020
A joint report published by the Taxpayers' Alliance and the Institute of Directors has said George Osborne should prolong the coalition's spending cuts by an extra five years to allow for dramatic tax reductions, with a single rate of income tax set at 30%.
The TaxPayers' Alliance, whose director Matthew Elliott was recently sounded out for a job in No 10, says in its 2020 Tax Commission report that tax cuts are vital to promote growth and help hard-pressed families.
The most eye-catching proposal in the 417-page report is a call for a "single proportionate income tax rate" of 30%.
This would be achieved by cutting the ratio of spending and taxation to 33% of national income, forcing Osborne to maintain the current level of spending cuts until 2020.
Elliot said: "Right now the government's first priority has to be strong economic growth to create jobs and ease the pressure on families struggling to make ends meet. Tax reform is essential to make that possible. At the same time, the tax system has to be fair, and seen to be fair.
"Our current, complicated tax code where income is too often either taxed repeatedly or not at all doesn't pass that test. The single income tax is a serious plan for a tax system that can restore Britain's economic fortunes and leave more of their money in taxpayers' pockets."
In his original fiscal mandate, outlined in his emergency budget in June 2010, Osborne had expected the austerity plan to continue until 2015. But in his autumn statement last year Osborne announced that the cuts would be extended for a further two years.
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The TaxPayers' Alliance, whose director Matthew Elliott was recently sounded out for a job in No 10, says in its 2020 Tax Commission report that tax cuts are vital to promote growth and help hard-pressed families.
The most eye-catching proposal in the 417-page report is a call for a "single proportionate income tax rate" of 30%.
This would be achieved by cutting the ratio of spending and taxation to 33% of national income, forcing Osborne to maintain the current level of spending cuts until 2020.
Elliot said: "Right now the government's first priority has to be strong economic growth to create jobs and ease the pressure on families struggling to make ends meet. Tax reform is essential to make that possible. At the same time, the tax system has to be fair, and seen to be fair.
"Our current, complicated tax code where income is too often either taxed repeatedly or not at all doesn't pass that test. The single income tax is a serious plan for a tax system that can restore Britain's economic fortunes and leave more of their money in taxpayers' pockets."
In his original fiscal mandate, outlined in his emergency budget in June 2010, Osborne had expected the austerity plan to continue until 2015. But in his autumn statement last year Osborne announced that the cuts would be extended for a further two years.
(H)
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VAT Slashed In Pre-Budget Report
Drinkers, smokers and drivers will fill the 'economic void' expected to be created by today's widely anticipated 2% VAT reduction - through increased taxation, it has been announced. Presenting his pre-Budget report to the House of Commons, the Chancellor unveiled radical plans to slash VAT from 17.5% to 15% for 13 months.
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