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Friday, 31 August 2012

Claire Khaw's recommendations for UKIP on taxation


http://en.wikipedia.org/wiki/Flat_tax#Countries_reputed_to_have_a_flat_tax


Hong Kong: Some sources claim that Hong Kong has a flat tax, though its salary tax structure has several different rates ranging from 2% to 20% after deductions. Taxes are capped at 16% of gross income, so this rate is applied to upper income returns if taxes would exceed 16% of gross otherwise. Accordingly, Duncan B. Black of Media Matters for America, says "Hong Kong's 'flat tax' is better described as an 'alternative maximum tax.'"  Alan Reynolds of the Cato Institute similarly notes that Hong Kong's "tax on salaries is not flat but steeply progressive." Hong Kong has, nevertheless, a flat profit tax regime.

This system should be followed as it seems to be working OK for the Hongkongese.  This is considerably lighter than what we currently have at
http://en.wikipedia.org/wiki/UK_income_tax#Income_tax

I see no reason why corporation tax should not mirror this proposed regime on income tax.

http://en.wikipedia.org/wiki/Khums

Taxes that are constitutionally guaranteed not to exceed 20% appear to have the blessing of the Islamic God, it would appear, so we might as well make use of it in the hard times ahead.  UKIP can thus appeal to the Muslim swing voter instead of being accused of Islamophobia yet again.

No taxes levied by the government shall exceed 20%.

http://en.wikipedia.org/wiki/Performance_fee 20% is a sort of magic number in that it seems to be the most you can make a person willingly pay without resorting to evasion or avoidance.  

Inheritance and capital gains tax shall be abolished.

Come on, UKIP, grow a pair at your conference this September!


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