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The poor are hit harder by raises in VAT than the wealthy because a larger portion of their income ends up going to VAT.
I see your point. As percentage of income any taxation other than income tax at current rates will hit low incomes. But the current number out of tax is not desirable because we need the revenue and it does nothing for societal engagement (people can’t contribute). So you could instead roll back Cameron’s raising of the tax threshold, but it won’t raise much revenue. Or you could tax #buyers
Arguments against corporation tax are that it isn’t collected except for small to medium businesses - therefore damaging innovation and revenue is low. Arguments against income tax is it won’t be collected much soon from the largest payers because tech is allowing untaxed accountancy with no geographic location.
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miro_o
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^^ Ease of collection is a very different argument than fairness of application. The poor are hit harder by raises in VAT than the wealthy because a larger portion of their income ends up going to VAT. It is the opposite of progressive taxation. What was Yang's argument against this?