What if…there were £130B of tax cuts?

What if…there were £130B of tax cuts?

The Government is vastly extending a state-backed mortgage guarantee scheme to support £130B of mortgages for families struggling to raise a deposit.

But what if the Government initiated a £130B of tax cuts instead? It would eliminate Corporation Tax (£39B), Council Tax (£27B), Business Rates (£27B), Stamp duty (£11B), CGT (£5B), IHT (£3B) Petroleum Revenue Tax (£2B), APD/IPT [£6B] and still leave £10B left over. The economy would boom and people would become more wealthy.

[Current Receipts: OBR forecast, Mar13 ]

But, according to George Orwell’s book, 1984, this will not happen because an all-round increase in wealth would lead to the destruction of a hierarchical society with the privileged elite being swept away. [p 154]

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