Summary
The great advantage of taxes on companies is that most voters think somebody else is paying them. It would take a brave government to write them off as a lost cause. Likewise, National Insurance has persisted long past its useful life, because voters like the idea of a contributory scheme. Yet it would be far more efficient to merge National Insurance with income tax, given that both are treated alike by the Treasury as sources of revenue.
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Extract
A Giant Headache for the Next Four Years
If our newly victorious representatives think they will have no more need of the Nurofen once they have got rid of their post-election hangovers, they are wrong. For Treasury ministers in particular, Britain's tax system will present a giant headache over the next four years. The public sector now absorbs more than 40 per cent of national income and will do so for the...
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