At present the income tax system consists of a confusing raft of bands and allowances. Flat Tax gets rid of all the bands and taxes everyone at the same percentage of their salary. This means that whilst the rich still pay more, the system is proportionate, cheaper and easier to understand.
10 solid reasons for Flat Tax.
- Achieves simplicity and economic efficiency.
- Eliminates double taxation on savings and investments.
- Offers individuals more control over their money.
- Reduce the time and cost of completing tax forms.
- Reduces the bureaucracy of collecting tax.
- Reduces interest rates.
- Reduces tax evasion.
- Exempts the poor from paying any tax.
- Makes the British fiscal system more attractive to foreign investment.
- Increases government revenue.
Conservative Way Forward believes that the UK should be leading the way amongst major western economies on Flat Tax, in the same way we led on tax cuts and privatisation in the 1980’s. At the next election the Conservatives will offer a progressive vision for a better country, with Flat Tax in the manifesto it will offer a dynamic and modern economy to match. Flat Tax is the future and we must embrace it with both hands.
