Budget and taxation

Increase tax bands and reduce some spending temporarily to encourage people to spend and boost local businesses and economy

Why the contribution is important

Our economy is in a very bad position compared to a few months ago and this will provide a boost to business which would result in increased cash flow to businesses and reduce the risk of redundancy and insolvency for companies. The govt has taken on a lot more debt and it would be naive to increase taxes, reducing stimulates the economy

by Agourlay on May 05, 2020 at 02:12PM

Current Rating

Average rating: 4.4
Based on: 9 votes

Comments

  • Posted by Boblidd May 05, 2020 at 14:54

    Levelling off the TAX ALLOWANCE and the NI THRESHOLD to something more realistic should be considered earlier than planned in line with a real living wage so somewhere about the £15-20K range and yes this will help to stimulate the economy but we also have to ensure that ALL pair the TAX and NI due this would also be a time to bring the self employed into the fold of NI contributions of 12% but only if they are given the same benefits as the rest of employees sickness pay etc! We must also remove the NI upper threshold of 2% above earnings of £50K and have all income above the new NI lower threshold pay 12% on every penny earned above this!

  • Posted by Dave May 05, 2020 at 18:25

    I agree that something needs to be done about levelling Tax and NI - I would argue that it should be 1 flat percentage rate for everyone using the extra money to make the country/services better for everyone, while revamping the welfare sector to make sure that those who really need help get what they deserve as opposed to those who know how to con the system. Bringing the self employed into the fold of NI contributions is a good idea provided they receive the same benefits
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