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Flat taxes on income; 20% for earnings of £10k plus, 30% for over £50k, and 35%
Ahead of the publishing of ADVFN’s Alternative Budget 2013 we ask legendary trader Robbie Burns, the Naked Trader, for his thoughts on what Chancellor George Osborne should be announcing next Wednesday.
– Cut taxes and introduce flat taxes:
For one year trial a flat tax system and immediately cut taxes for everyone.
I would suggest 20% flat tax for earnings of £10k plus and 30% for over £50k, finally 35% for over 500k.
Do away with all the plethora of tax rules allowing business owners to spend time doing business not filling up forms.
A flat tax would immediately stimulate the economy. Those currently paying 60% taxes taking NI into account would be encouraged to work harder as they would be keeping more of their own money. People would also feel richer, so spending more money and lifting the economy.
Those who create wealth and jobs would come back to the UK. Tax avoidance would cease almost totally as those currently avoiding/evading would just pay it all.
– Set up community banks.
Also I would suggest setting up a “Bank of Dave” in localities. “Bank of Dave” as shown on Ch4 showed Dave Fishwick trying to set up a community bank in Burnley.
The idea is to loan to local businesses that need the money which the main banks refuse to give. Give depositors 5% interest and give any profits to local charities. The local bank manager will know everyone he lends to personally by meeting them and supporting the businesses with advice.
This works well across a lot of Germany. It means local businesses can get their hands on cash at low interest levels, stimulating local economies.
– Cut red tape for small businesses.
As someone who used to run a successful cafe, one reason I quit was the ridiculous red tape/rules I had to work under.
Instead of putting effort into running businesses, enterpreneurs have to sit at their desks for hours on unnecessary paperwork.
– Credit cards to be renamed “Debt Cards”.
Overborrowing on “credit” cards to be discouraged. Savings to be encouraged.
Spending on credit cards under £10 should be banned – using cash instead would make people think whether they can really afford the purchase.
