Monday, 21 June 2010

Budget suggestions

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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