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Abolish national insurance

Comment 20th July 2010

Abolish both employers' and employees' national insurance contributions, and replace the lost revenue by raising income tax rates for the equivalent bands of income.

Why does this matter?

The point is to simplify the system by abolishing 2 taxes that require administration both by those paying them and by HMRC. Also the tax burden would be somewhat redistributed from income earned by working, onto income from saving & investments. The additional incentivization of work, and the resulting simplification of the process of creating jobs, should be encouraged.

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