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Topic for November 2024 - The Future of Taxation
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Our discussion topic this month is: The Future of Taxation
Agenda
Is our tax system fit-for-purpose in the 21st century? Is it fair? What is right with it and what is wrong with it? Why do we resent tax?
Are there good and bad examples from the recent budget in this regard? IHT,CGT etc.
Why is it so complex? Are stealth taxes dishonest? Are windfall taxes a good thing? Are usage taxes better?
Are UK companies disadvantaged against international companies by the UK tax system?
What should the goals and principles of a tax system be in the modern world?
i.e. one that is increasingly digitally based, where technology and AI is increasingly transformational and in which trade is increasingly international?
What should tax be funding? Should we separate Insurance from Tax. How can we ensure more visibility that our money is spent effectively and efficiently?
Should redistribution of wealth or reducing the wealth gap in society be part of it?
Is GDP growth the best measure or would productivity be better?
Can a tax system be engineered to be fair to all stakeholders?
Will AI ‘Job Disruption’ and a possible AI ‘Net Job Loss’ Tipping Point undermine the tax system? Do we need a ‘robot tax’? How should we tax AI and AI deployment?
Impact of increasing costs of short-term benefits and costs of retraining due to job disruption
Impact of decreasing personal tax-take by Government
What transformations could we make to deliver the above goals and principles? Can tax be seen as positive by all stakeholders in our economy? Can we gradually reduce tax?
Have we got the right levers? What new ones could we create?
Can we envisage a range of new digital taxes?
Should Government invest/take a stake in the success of companies or trade to build wealth for all? Should we have an entrepreneurial arm of Government?
Can we incentivise productivity through the tax system?
Can we incentivise good company behaviour through the tax system?
Can we institutionalise differential tax rates based on value/harm to society i.e. lower taxes for things that are proven to have no harmful side effects on society or doing things the country currently wants and higher taxes for those that have harmful side effects e.g. Social Media harms?
Could we allow/enable the Public Sector to generate wealth e.g. DWP monetising a digital jobs assistant for the rest of the population?
What role should the charity sector play?
Should very successful companies make a bigger contribution?
What about much discussed Land, Wealth and Second Homes taxes?
What more do we need to do about Tax avoidance (a) by companies (b) by individuals?
Useful Information
The History of Taxation in the UK | Alexander & Co.
Tax statistics: an overview - House of Commons Library. The following is an extract:
This post was edited by # Probably42 at November 30, 2024 1:02 PM GMT