From the TUC

Vote for fair tax!

20 Mar 2009, by in Economics

Have you seen It’s a Labour Party site aimed at getting discussion going among web users on the political issues that interest them most. It’s open to anyone, Labour supporters or not – you can declare your party allegiance, or keep people guessing. If you’ve got an idea, you can set up a campaign page, and open it up to people to support, oppose or discuss.

We’re coming a bit late to this – there’s only 12 days to go – but we’ve decided to stake our own little piece of Labourspace by starting a campaign page on an issue we think could be popular – minimum tax rates.

It’s a simple idea. Rather than putting up tax top rates (not that there’s anything wrong with that), we say limit the allowances and loopholes they can claim by imposing a minimum tax rate on those earning more than £100,000 – say 32% over £100,000pa and 40% at £200,000.

Brendan’s written on this before on this blog, and at a stroke you limit the tax avoidance scams the super-rich can use.  Our research from last year found tax avoidance by the super-rich and corporations is costing the Exchequer £25 billion pounds – that’s very nearly a bankful!

Rather than having that money squirreled away into off-shore tax havens, it could be used to put a bit more back into the pockets of those on low incomes – the people who are most likely to spend it in ways which will help counter the recession.

What do you think? Thanks to Labourspace, you can now vote for it (or against it) on our new Minimum Tax Rates Campaign page. Give it a go if you get a moment. It would be great if a Labour backed site sent a clear call for tax fairness to ministers.

One Response to Vote for fair tax!

  1. Will the rich pay more? | ToUChstone blog: A public policy blog from the TUC
    Apr 22nd 2009, 5:48 pm

    […] Richard Murphy says it means integrating anti-avoidance measures – as we do with the TUC’s minimum tax rates […]