S
Scoobz1
VIP Member
National insurance on pension receipts - for something you already paid for or wont get as you have to be working / younger to benefit from ! It is there to pay for pensions.What are the options to cut a deficit and reduce debt?
VAT
Income tax
National insurance
Cuts in public services
What else?
From what I recall, pension contributions are made before tax and NI.
Tax but not NI is payable on pension income.
One simple way to raise revenue would seem to be to charge NI on pension income.
This time next year we should be free of EU restrictions on VAT bands. Could we see a proliferation of VAT bands, perhaps more foods, like cake and tortilla chips, with VAT? An even higher rate of VAT on super luxury items like private aeroplanes?
Gift taxes to close loopholes in intergenerational wealth transfer?
What other ways could government pluck the goose with the minimum amount of squealing?
National Insurance: introduction
National Insurance - your National Insurance number, how much you pay, National Insurance rates and classes, check your contributions record.
VED, new vehicles (perhaps drop the threshold to £30K ; fuel tax (don't pass on the benefits of oil price decreases); bicycle tax (for road usage - fishermen pay for a rod licence and even aero-modelers require a licence now and have to pay a yearly fee for using the air); inheritance tax (lower thresholds stop the use of trusts ); stamp duty particularly on higher value houses or those purchased by foreign nationals ; partial payment of NHS costs where the recipient/ patient can afford it ( say 25% up to a maximum of £X0000 - paid as a lump sum or collected from salary at source - perhaps where the problem could have been avoided by different lifestyle choices - tricky - but would encourage people to look after themselves better); foreign / holiday travel (not generally environmentally or economically friendly); duty on alcohol (particularly at supermarkets / off licences - to level the playing field for pubs which were struggling anyway prior to all this ); wider roll-out of congestion charges ; child benefit being completely means tested and limited to the first say 2 children); increase the state pension age again
The two I would favour if i had a choice: is the correct taxation of multinationals (especially US companies - Amazon; Google; Starbucks - who all get away with murder when it comes to tax which results in unfair competition) and the other, which isn't a tax at all, but would arguably raise vast amounts for the state and help reduce criminality significantly at the same time is abolishing "cash payments" / cash.
In this day and age it is possible for everyone to have a bank account, for benefits etc. to paid into them and for those accounts to be used for all payments (a few meters etc. might need to be adapted) . This would help eliminate the black market and ensure taxes get paid where they are due !
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