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Reduce taxes on work, increase taxes on debt, drugs, energy

Comment 2nd July 2010

Increase taxes on debt, drugs and energy and reduce income taxes by the same amount.   Legalising drugs would also allow the drug industry's profits to be taxed and reduce the amount of taxpayer money spent on the criminal justice system.

Why does this matter?

 

Our market economy uses the price mechanism to regulate supply and demand.  Taxes affect the net price and have a major effect on the quantities of goods or services provided and consumed.

It is entirely perverse that labour is one of the most highly taxed activities when we should be encouraging hard work above almost all else.

And the last few years have reminded us of the dangers of excess debt.  And yet we subsidise the use of debt by allowing corporations to deduct interest payments from their taxable profits, and allow lenders to offer their services free of VAT.  Madness!

Prohibition of drugs is an expensive failure.  Legalise recreational drugs and introduce swingeing taxes that would actually work in reducing usage.  As well as cutting tax-payer money spent on the criminal justice system.  And building up UK farming, chemical and retail industries and their taxable profits.

Raise taxes on fossil fuels to shift profits from the Saudis and the Russians to the UK taxpayer and encourage UK development of valuable technologies in energy conservation and alternative energies.

The UK's comparative advantage is its knowledge workers not energy intensive industries.  By increasing taxes on energy, debt and drugs we can reduce taxes on income and so encourage our children to study, and highly paid workers to stay in our country and contribute to our economy and pay our taxes.

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