Tories reject flat tax

Britain's Conservative Party has just published the 200-page report of their Tax Reform Commission today. Though presented as an 'independent' report, the Commission was headed by former Cabinet minister Michael Forsyth and was stacked full of Tories.

Tax Matters: Reforming the Tax System (PDF) covers a lot of ground, including cutting the main rate of corporation tax from its current level of 30% to 25%. This would be funded by scrapping a range of reliefs and exemptions for business. But what caught my eye was the report's rejection of proposals for a flat tax. The authors argue that a flat tax "is the right direction but not the right solution for the UK":

While theoretically attractive, moving directly to a “pure” flat tax in the UK would not in practice be viable. Financing current levels of government expenditure would require a flat tax rate which would entail either undue risk with the public finances or major cuts in expenditure or a steep increase in tax rates for those on low incomes or for middle earners. Nevertheless, many of the features of flatter taxes – simplicity, stability, a broader base, higher thresholds, fewer rates – can and should be actively pursued.

Precisely. Let's hope that Britain's flat earth tax advocates read and digest these findings.

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The Finance Minister says that the salaried class pays the maximum taxes and the honest tax-payer need not worry about any harassment.The new income tax code that will simplify and replace the nearly five decades-old law will be introduced in Parliament in the next four months amidst indications that there may be “finetuning” of taxes but no “radical” changes in them.
Over the weekend, Finance Minister P Chidambaram has been working on drafting the code, which after being tabled in Parliament, will have to go through a process that will take quite some time before it is passed.
Read more: The new income tax code

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