Saturday 13 October 2012

New fair tax and benefits system. Looking for ideas. Discussion.

The tax and benefits system is so complicated that we have people who should be doing something of value dedicating their lives to manipulating it.

Could we actually get a decent system down to two pages of A4? A system that motivates and rewards productive work, facilitates a less consumer / debt based economy and renders our highly intelligent time wasters in tax avoidance and gambling redundant so they can become doctors, work in a recycling plant or, if they are so clever, innovate and lead others into private enterprise.

I've got it down to one side of A4. Thoughts greatly received.

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Flat 30% tax on all incomes (including unclaimed trust growth, capital gains on stocks and shares etc.
Exclusions are Capital gains on your primary residence and share holding in Ltd businesses that are predominately productive (productive definition, most revenue comes from turning physical goods into physical goods of higher physical value.

0.5% wealth tax on all world assets for UK citizens. assets (including trust stakes) over  200,000 x the minimum hourly wage. (about £1m).

1% wealth tax on all UK based assets. Assets (including trust stakes) over  200,000 x the minimum wage (about £1m). (instead of 0.5% for UK citizens)

No individual may transferee internationally more than 10,000 (about £50k)  x the minimum hourly wage worth of assets in any given year.

No death duty,

All citizens will have the right to work in the national service should they be unable to find work within the private sector. This will be 30 hours per week and 20 days of holiday. until the age of 65 and 15 hours per week and 60 days of holiday until the age of 75.

National service work will include house building, recycling, food production, defence (home soil only), utilities. These services will be managed by private contracting managers.

All citizens will be provided with health care.

All Citizens will be provided with free childcare and education up until the age of 18.

All national service citizens will be provided with appropriate accommodation up to home suitable for two children.

All citizens over 75 will be provided with suitable accommodation should they so need it.

National service citizens will have a food card, electricity and gas that reflects modest requirements they will also receive 2x minimum day wage / month to use how they see fit.

One parent per national service household is allowed not to work their 30 hours if there is an infant  below school age. Once parent with one more children will be expected to work 1 hour after school starts and one hour before school finishes.

Disabled people will have their work suitability assessed and be provided with work that meets their specific needs.

People who must unfortunately leave the private sector after not less than two years of private self sufficiency and own a home  may receive monitory value of their national service work for up to one year should they so wish.

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