XBrettKennyX wrote:I already did, but to name a few:
1. The costs of administration will be massively reduced.
In what way? Why is it massively cheaper? There are numerous online tax calculators that if I put my wage in will instantly tell me what income tax I pay. Are you saying that HMRC doesn't use a computerised system for working out my tax but a free website does?
XBrettKennyX wrote: 2. Easier for people to understand, less loopholes for people to exploit
Not much easier. The vast majority of people can fairly easily work out their income tax with a calculator. Which loopholes would be closed?
XBrettKennyX wrote: 3. Any shortfall in the above would be reclaimed through tax on consumption (e.g. VAT). No tax needed on savings. i.e. Pay as you go....
How would a loss of tax on ncome taxed at over 20% be reclaimed by a VAT on what must be by definition a lower (or at most, equal) amount? Without a large rise in VAT?
Disregarding the moral implications of moving tax take from a progressive system to a less fair system, the numbers simply don't stack up.