Libertarian Home

Blog archive from the golden age of London libertarianism

Budget Day Discussion Thread

Simon Gibbs

Moving on from microeconomic matters, it’s bdget day and there is already a lot to talk about.

The budget looks set to focus on attacking the rich and successful but there are tax-cuts to look forward to as well. The starting threshold for income tax is set to increase to £9,000 but will still fall short of the minimum wage which is closer to £11,000. That leaves unresolved the contradiction that it is illegal to pay anyone less than 11,000 but still okay to tax them on two grand of that.

Regional pay, corporation tax cuts, and spending transparency are things to look forward to, even if there will be no line item for ineffective nonsense.

Mansion tax looks to be neatly avoided in a way that might just satisfy the lib dems and a 7% rate of stamp duty is perhaps the least worst option.

So, a little of interest but not exactly a libertarian budget.

What do you think?

Tags:

,

Date:

Up next:

Before:

3 responses to “Budget Day Discussion Thread”

  1. Paul Marks Avatar
    Paul Marks

    If the reduction in the top rate of income tax is delayed for a year it will not happen at all (political circumstances will hardly be less difficult next year than this year).

    A rise in property taxes will be another nail in the coffin of London.

    And a general “anti avoidence rule” would be the end of what is left fo the rule of law.

    For it means people could be punished for “not paying enough tax” even if they obeyed all the thousands of pages of tax regulations.

    The only logical response of someone of wealth to such arbitrary government would be to leave the country.

    Like

    Reply
  2. Tim Carpenter Avatar
    Tim Carpenter

    Introducing such laws on avoidance to me proves, as if it needs further proof, that the administration and MPs are not fit for office.

    Like

    Reply
  3. Andy Janes Avatar
    Andy Janes

    ASI’s summary is pretty good, I don’t much more to add really :

    http://www.adamsmith.org/blog/tax-spending/a-free-market-take-on-the-2012-budget

    Like

    Reply

Leave a comment