My New Tax Scheme

cooperguy

I wasnt sure where to put this but I figure this is best place. We all know that citizens of a country need to be taxed so that everything in the country from health care to roads can be provided.

However we also know that there are serious flaws in the current income tax system. For example many of the top earners in this country pay little or no tax. Now I havent thought about this for too long but if I got the chance to completely over haul the income tax system here is what I would do.

1) Firstly scrap all tax credits

2) Scrap the tax bands of 20% and 42% (possibly the most controversial bit)

3) You would still have to earn a minimum amount before paying tax (I think its around €18000)

4) Everybody pays somewhere around 10% - 15% income tax


This system has a number of benefits. Firstly simplicity, everybody knows what they will be paying. You wont have to sit down with a calculator to figure out what you will be paying after the budget or if you get a pay raise etc.

Second no tax loop holes for the high earners. If you are resident in this country you pay your tax.

Third many people will have some reductions in tax out goings while the top earners will suddenly have to pay tax:eek:

So comments on my wonderous new system:D Does anybody want to suggest improvements

eoin5

cooperguy wrote: »

If you are resident in this country you pay your tax

Thats a loophole in itself

EamonnKeane

cooperguy wrote: »

I havent thought about this for too long

No kidding...

You wont have to sit down with a calculator to figure out what you will be paying after the budget or if you get a pay raise etc.

Yes, the agony of those two minutes working it out

You've basically proposed slashing everyone's tax bill in half, which would destroy the country

cavedave

Here is another idea. Basically it is remove all income tax and replaces it with a sales tax (vat).