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£2.88 Gallon ($4.72) and rising; The Price of Petrol
Topic Started: Sep 21 2003, 12:15 PM (169 Views)
ds9074
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Admiral
Take a look at this:

http://news.bbc.co.uk/1/hi/business/3125634.stm

We really should be looking at a fairer way to raise revenue, for example Income Tax.
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Lilac
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Painting the board red
.Blackadder said it best - "I feel like a Pelican. Whichever way I turn I have a huge bill in front of me."

This is utterly ridiculous. Almost as ridiculous as when we had to pay so Prince Charles could do up his living room <_<
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Admiralbill_gomec
UberAdmiral
I paid $1.53 (93p) for premium unleaded (it was $1.43 (87p) for regular) on Friday.

Your income tax rates are already much higher than ours.

Sounds like you need to start thinking of either 1) cutting services, or 2) cutting taxes (lower tax moves the aggregate demand curve to the right, increasing demand, which leads to greater production, which leads to more revenue).
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ANOVA
Vice Admiral
The value added tax (VAT) is the worse thing to happen in the U.K.

Whlie I believe in taxing the consumption of wealth (sales tax) versus the production of wealth (corporate and individual income taxes) the mess over across the pond sound like a recipe for high inflation and a lowering standard of living.

All in good fun
ANOVA
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ds9074
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Admiral
We HAVE to have VAT of at least 15% the EU has so decreed. :angry:. Petrol prices have VAT charged and then Fuel Duty charged on top of that.

I personally think we would be better just have income tax and corporation tax and scrapping the rest. It would be a much fairer way of collecting revenue, especially if you just had 1 income tax rate. Think of the admin savings as well. The trouble is you would probably need an income tax rate of 40% for everyone, not just the highest earners as now.

The policies of cutting spending and cutting taxes have lead to huge problems here AB. We have a backlog of investment and a lack of capacity in services such as health, education and transport. Those policies also caused huge deficits which we are only now recovered from. The spending IS needed, but less needs to be wasted on ministers pet projects and layers and layers of Government.
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Admiralbill_gomec
UberAdmiral
The UK has had a VAT (a tax that penalizes every level of production) since the 70s, hasn't it?

I remember being on a plane flight back in 1977. I was sitting next to a Brit who was complaining that it wasn't fair that stuff cost less in the US. I remember this clearly... he said, "What you need is a VAT like we have, to make things fair." My comment (remember, I was 17, and a smartass) back to him was, "Who says things have to be fair?"
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ds9074
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Admiral
Since 1973 I believe.
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