News comes that Gordon Brown's tax credit system has cost £14billion in fraud, error and overpayment in just four years say the National Audit Office.
The tax credit system was created by Brown in 2003 to give otherwise unemployable people something to do. People on low incomes apply for tax credits to get back some of the money they have paid in tax. What company/government would take money from people, then employ other people to read forms filled in by the first people to get back some of the money they had originally paid? Utter madness.
Here's a radical idea. Change the tax system to introduce just three bands of tax that everyone can understand.
Band 1 for earnings up to £9,999.99 - 0p
Band 2 for £10,000 to £99,999.99 - 25p
Band 3 for £100,000+ - 40p
And that's it. Taxed at source so need for self-assessment - you know when the tax was collected by the Inland Revenue not the bodged HM Revenue & Customs.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment