economics not recommended for students
Tiny tax video https://youtu.be/5DQxJ2GZxS4
Institute of Economic Affairs Abolish twenty taxes and go for growth, says IEA — Institute of Economic Affairs
Merkel & Sarkozy 2013
Merkel, Sarkozy to push for financial transaction tax – POLITICOhttps://www.politico.eu › article › merkel-sarkozy-to-pu
French report. By Simon Thorpe http://cerco.cnrs.fr/page-perso-simon-thorpe/http://simonthorpesideas.blogspot.com/
USA Version 2015 referred to as tiny tax http://www.thetinytax.com
The Times Simplify our tax -
https://www.thetimes.co.uk › simplify-our-tax-xmsgsj3klhk
10 Nov 2015 — The government needs to properly resource HMRC, and to allow the OTS to do its job if we are to achieve a tax system that is fit for the 21st ...
Robin Hood Tax https://en.wikipedia.org/wiki/Robin_Hood_tax
The Tobin Tax Proposals
intended to stabilise The Tobin Tax : recent developments - House of Commons Library
financial markets
Bank of England https://www.bankofengland.co.uk/payment-and-settlement/payment-and-settlement-statistics
newsletter. The UK Economy Is Broken - by Barry Smith
Harvard paper https://scholar.harvard.edu/files/mankiw/files/optimal_taxation_in_theory.pdf
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Data Required For Transaction Tax
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Gross transactions by type across all UK financial institutions
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Total treasury revenue from all sources
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National debt to IMF
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Interest paid on uk national debt
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Total cost of all personnel involved in administration / enforcement of existing system
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Cost of maintaining government buildings used for tax purposes
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Environmental cost, energy, paper / carbon footprint
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Capital value of all buildings no longer needed
Use of Data
Gross bank transaction
data would provide a baseline in order to assess the percentage required to maintain stable government
Bacs transactions alone are £91.9 trillion. £91,900,000,000,000. Debit cards 35 Billion
Every deposit would count, no exceptions.
Treasury income
This figure + 10% will be taken to ensure government receipts will cover expenditure and any contingencies arising during the transition period.
National debt and interest
When the new system goes live, assume 5th April. The effects would be instant, an algorithm applied to all accounts would feed directly to the treasury. No UK business or individual would need to keep accounts for tax purposes. Accountants could concentrate on making business profitable. However the previous years tax returns would still have to be honoured, the proceeds of which would go towards paying off the national debt and reducing interest.
Remaining data
This will be used during the transaction period it would directly effect employment. There is a massive need for staff in the NHS and social sector. make salaries attractive enough to appeal to individuals no longer needed in the financial sector. This could be funded from the savings made as a result of closing and selling redundant government buildings.
Any additional information regarding fuel duty and road fund license may be useful. The existing system has been unfair for many years. A surcharge on the base rate and directed to the ministry of transportation, would ensure everyone will pay their fair share depending upon how large the vehicle is and distance traveled .
R B Smith