Lower U.K Income Tax Rates Across All Bands
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Income Taxation has been subject to controversy since it’s inception. This is greatly due to the fact that people believe they have the right to keep what they had worked for. Reducing income tax rates would do many great things such as incentivise greater work ethic and stimulate economic growth.
Statistics shows us that the economy always grows following a dramatic tax cut. In 1971, the Top Rate in income Taxation was cut to 75%. Resulting in almost an 8.00% growth in GDP. The greatest growth between 1949-2011. However, in 1974 this cut was partially reversed and raised to 83%. The U.K. GDP experienced a 1% decrease. The greatest decrease since 1949. Furthermore, in 1988 the Top Rate in Income Tax was cut to 40%. Resulting in close to a 5% GDP growth. The greatest since 1971.
Here are some reasons as to why Lowering Income Tax Rates would be beneficial:
-It incentivises greater work ethic:
Due to Income Taxation, many people are discouraged to work to their greatest potential as they believe that their income does not reflect the work that they had put in. Lowering income tax rates would incentivise greater work ethic as people would be keeping more of their earned income, resulting in greater work ethic.
-Stimulates Economic Growth
Not only would lowering income tax rates encourage more individual spending, it would provide more jobs and services for the nation. Higher Paid earners would have more money to be able to invest in businesses which would provide more jobs, products and services.
Income Tax cuts would allow individuals and families to retain more of their income which allows them to spend more on goods and services. This generates more indirect taxation through VAT and promotes or generates further growth.
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