Tomorrow is UK emergency budget day. I quite like the idea of no spending cuts but instead increase taxes.My suggestions?
- raise capital gains tax (CGT) to 40% from 18%
- eliminate the £10k+ CGT tax-free allowance
- scrap the £40k cap on NI so everybody pays NI all the way to the top
- land tax: say £100 per hectare?
- carbon tax on areas not covered by the ETS, eg transportation fuels
- auction (or sell) the carbon allowances currently given to electricity producers under the ETS
Note: ETS is the EU Emissions Trading Scheme for CO2
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