Teal (total economic activity levy)

[cityfanlee23]

So the tax take would be £1.5 trillion which is a pretty high % of current GDP, the measure of income. So the government would pretty much hoover up everything, sounds more communist than communism

Hoovering up 1% of every transaction is much less to the electorates pocket that hoovering up 60% of peoples income through direct and indirect taxation. 

It's nowhere near communism. 

 

Not really sure how you think someone paying 1% on all of their transactions is somehow more communist than paying 20% income tax

[Webbo]

Hoovering up 1% of every transaction is much less to the electorates pocket that hoovering up 60% of peoples income through direct and indirect taxation. 

It's nowhere near communism. 

 

Not really sure how you think someone paying 1% on all of their transactions is somehow more communist than paying 20% income tax

If it was that easy don't you think somebody would have done it already?

[cityfanlee23]

If it was that easy don't you think somebody would have done it already?

 

It's not easy, it's just not in the interest of the elite. 

Banks would be the worst hit, can you see anything against the interest of banks coming in with the conservatives in power?

 

It's not been done because it's against Neoliberalism and we have been trapped in that since 1979.

[Webbo]

It's not easy, it's just not in the interest of the elite. 

Banks would be the worst hit, can you see anything against the interest of banks coming in with the conservatives in power?

 

It's not been done because it's against Neoliberalism and we have been trapped in that since 1979.

First describe to me what neo liberalism is and then tell me why it's more against it than VAT or income tax.

[Dodgy Bob]

Why would banks be worst hit? They'd just pass the cost on like any other business.

[cityfanlee23]

First describe to me what neo liberalism is and then tell me why it's more against it than VAT or income tax.

 

Neoliberalism cannot be described in a single post unless you want an essay, but to put it in very basic terms, it's the transfer of economic controls from state to private sectors.

The point being most private sectors are not affected by VAT or income tax as much as the public are.

 

Not really sure where you are going with this. 

[cityfanlee23]

TEAL put very basically is similar to the conservative idea that if more people are in work, and more people pay less tax, you collect more through people being able to invest and expand (and the fact more people are paying it)

[cityfanlee23]

Take into consideration we have Stamp Duty already.

[Webbo]

Neoliberalism cannot be described in a single post unless you want an essay, but to put it in very basic terms, it's the transfer of economic controls from state to private sectors.

The point being most private sectors are not affected by VAT or income tax as much as the public are.

 

Not really sure where you are going with this. 

Neoliberalism is just a meaningless buzz word, it's just capitalism. Businesses are affected by VAT and corporation tax if not income tax.

[cityfanlee23]

Neoliberalism is just a meaningless buzz word, it's just capitalism. Businesses are affected by VAT and corporation tax if not income tax.

 

Businesses can claim VAT back if they are registered, corporation tax is avoided to the tune of 30bn a year on the lowest estimates. 

Again, the point being we already have Stamp Duty, Gordon brown in 2008 suggested a Financial Transactions tax at the G8 of course Central banks hated the idea because they have conflicted interests.

 

As I said, the idea of the TEAL Tax, is that is we tax all transactions by 1% either side, the vast majority of the population will become wealthier, the only ones that will pay more than they do now are businesses that are over leveraged or working on ridiculously small margins (which are damaging to small and medium business anyway)

 

Do you believe in income tax rises? 

It's the same concept as reducing taxes, it IS reducing taxes.