Thursday, 14 August 2014

List of innovations in “Rethinking Taxation”

In my previous post I explained the main innovations I present in Rethinking Taxation. Some may find it useful to have these presented as a list. I have done this, with page references in brackets:

Primary innovations
1. Lifetime hourly averaging (Part I: page 13-73, see also pages 99-152, 164-68)
2. Comprehensive acquired income (84-97)
3. Only realised capital gains are taxed, and these gains can be untaxed until they are made available for personal consumption expenditure (pp. 88-91)

International taxation

4. International tax proposal (pp. 154-63)

Information Technology proposals

5. Proposals to use Information technology to enable greater fairness or effectiveness within the tax system (3)

a) Proposal to integrate financial and taxation systems to achieve automatic withholding at source (91-2)
b) Proposal to designate the owner of all financial accounts and products and items that are i) valuable, ii) likely to increase in value (92-3)
c) The suggestion of online interaction with the tax authority in order that people can i) provide information, ii) approve or deny ownership and transfer claims made by others, iii) run scenarios in order to help them make decisions about their work. (6-7, 52)

Other innovations, proposals or solutions:

6. Proposal to integrate benefits and tax system using negative hourly tax-rates (26-8, 41, 68)
7. Combining student, disability and caring support into the tax system (37-44)
8. Using the tax system to administer punishments (46-7)
9. Proposal to allow the merging of personal tax accounts to create a joint account (106-7)
10. Lifetime taxation of resources for children (100-3)

I have not listed proposals which are reasonably familiar such as a guaranteed work programme (38-41) and the use of a sovereign wealth fund to ensure that long-term investments are made (72, 120-4)

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