tax simplification

Tax Simplification Could Boost GDP by 8.4%

A report from the 2020 Tax Commission calls for taxes to be simplified and for a single income tax rate at 30% to be created in order to boost the economy. The 2020 Tax Commission is a joint project between the TaxPayers’ Alliance (TPA) and the Institute of Directors (IoD). This new report, which has been welcomed by business groups including the Forum of Private Businesses (FPB), presents a radical plan for growth. It makes a number of recommendations, calling for the following changes to be made by 2020: The UK tax system to be simplified with taxes cut to 33% of national income. Eight taxes to be scrapped entirely. A single proportionate income tax to be created at 30%. The personal allowance to rise to £10,000. Taxes on capital and labour income “disguised as business taxes... »