It is a wonderful summer day in Brussels. The sun is out, streets deserted, and all is well.
The Belgium Model – Feed the Rich, Kill the Middle Class
Ah, but there still is income tax is still kicking in at around 50%. The government is still bailing out their friends at Dexia, a crony run bank of Belgium ruling class parisites. And, I can not forget that tax regime for that same ruling class (who all seemed to make their money on the back of fleecing the Congo) that makes Switzerland look like a high wealth heavy taxer.
Why Labour Needs to be the Radical Party on Tax
The weather reminds me of May 1 1997. A glorious day when New Labour swept to power. The whole nation wept with joy. But, as Tony Blair, Labour’s most successful Primeminister points out, the revolution did not go far or deeply enough.
Now, I wanted to put out there, a genuinely radical proposal for my Party. A new tax code of one page, that everyone can understand, which is fair, encourages hard work and industry, and by the way makes the nation solvent and propserous.
Now what would that New Labour tax code look like?
-
Income for firms is taxed at 25% – no doing an Irish – you earn it here, you pay it here.
- Income for people is taxed at 25% – no non doms – you earn it here, you pay it here.
- No tax paid on the first 20K earned by firms or people – that should get rid of the working poor, students and part time workers from paying income taxes all together.
- No exemptions or write offs for anything – yep none – it gives a chance to have a longer tax form – you want to give money away , fine, do it. You want to buy a house, good luck to you. You want to invest or buy a company, enjoy, but no write offs for dinner with friends erm sorry potential clients. Trusts will be angry but who the hell cares.This is not a tax against the rich, it is a tax scheme against the indolent. Hard work will be rewarded, the poor will be removed from the oppression of taxation.
- Balance the Books – Ah, before I forgot, we’d adjust revenues to be in line with spending. Now, I know that is a novel idea, but its worth a try. We can start paying off the national debt.
Live Within Your Means?
Now, I know this will mean less government spending. It will mean an immediate end to corporate welfare bailouts of firms (banks that means you). We should end the limited liability protection for the wholesacle fraud being carried out today by some industries. We will need to reform pensions, support for the poor, and health care, but that does not mean we can not first act on making our tax code just and fair for all.