Reform the taxation system: Increase the number of tax bands & abolish NI & VAT

Background

Abolish National Insurance contributions & added-on taxes. Increase the number of tax bands, the first starting at 6.5% for incomes of £20000 & the top set at 49.5% for incomes over £2million. Increase the income tax personal allowance to consider the average rent, utilities and council tax.

Additional details

Top earners pay 2% on NI when the bottom earners pay 8%. We think this negates the higher income tax rate. We think a higher number of tax bands would ensure fairer tax burdens. Average monthly rent is £1271 whilst yearly average utilities is £1800, water bill £445 & council tax £1500 adding up to £18997. Making the personal allowance consider these costs may mean some people could meet their basic obligations. Taking home more means people could support local businesses supporting local town centres.

Where it’s popular

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