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The Clubhouse Bar
A Political Thread pt. 2
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<blockquote data-quote="Bada-Bing!" data-source="post: 1021898" data-attributes="member: 70552"><p>I am also all for a UBI. I think tax system wise the system definitely. </p><p></p><p>Per my CTA notes and to give you an idea how much the Govt raised in tax revenue. In the 2017/18 tax year the Government raised £594B from the tax system; made up of: </p><p></p><p>31% was income tax or £184B; </p><p></p><p>22% was NIC or £131B</p><p></p><p>VAT accounted for: 21% or £124B</p><p></p><p>CT : accounted for 10% or £59B</p><p></p><p>8% or £48B made up of duties - on alcohol, Petrol and tobacco and levies coming into UK pre Brexit. </p><p></p><p>Remaining 8% from capital taxes and green taxes or another £48B on CGT, Annual tax on Enveloped dwellings, IHT, SDLT. Green taxes included aggregates levy and air passenger duty. </p><p></p><p>How much of that is spent on interest and the rest of Govt. expenditure on borrowing to fund this pandemic, especially as tax receipts have taken a massive hammering this 2020/21 tax year we'll find out on 3 March. </p><p></p><p>Interest rates being at an historic all time low means this is the time if borrow to get the economy back on its feet. Read in the ST today CT rates for companies will start increasing to 23% for the rest of the parliament from 19%.</p></blockquote><p></p>
[QUOTE="Bada-Bing!, post: 1021898, member: 70552"] I am also all for a UBI. I think tax system wise the system definitely. Per my CTA notes and to give you an idea how much the Govt raised in tax revenue. In the 2017/18 tax year the Government raised £594B from the tax system; made up of: 31% was income tax or £184B; 22% was NIC or £131B VAT accounted for: 21% or £124B CT : accounted for 10% or £59B 8% or £48B made up of duties - on alcohol, Petrol and tobacco and levies coming into UK pre Brexit. Remaining 8% from capital taxes and green taxes or another £48B on CGT, Annual tax on Enveloped dwellings, IHT, SDLT. Green taxes included aggregates levy and air passenger duty. How much of that is spent on interest and the rest of Govt. expenditure on borrowing to fund this pandemic, especially as tax receipts have taken a massive hammering this 2020/21 tax year we’ll find out on 3 March. Interest rates being at an historic all time low means this is the time if borrow to get the economy back on its feet. Read in the ST today CT rates for companies will start increasing to 23% for the rest of the parliament from 19%. [/QUOTE]
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