Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The tax system is "inefficient, overly complex and frequently unfair", according to a report by the Institute for Fiscal Studies think tank. The report also warned that it is "not clear" whether the 50p tax rate on incomes over £150,000, introduced by the previous Labour government, will raise any revenue at all.
The IFS review of the UK taxation system, led by the Nobel laureate Sir James Mirrlees, proposes that VAT be extended to all spending and that fuel duty be replaced by a tax on road congestion. Other suggestions are for a single rate of corporation tax for firms, regardless of size, and an end to tax breaks for companies that fund their operations through debt. The report also advocates a "lifetime wealth-transfer tax" to replace an inheritance tax that is only levied on assets transferred at, or near, death.
Sir James voices support for Iain Duncan Smith's plans to simplify the benefits system, calling the present arrangements "unnecessarily complex". The report also urges politicians to summon up the political courage to reform council tax by conducting a new survey of home values and establishing new tax brackets based on the results.
"There is no getting away from the political difficulty associated with some of the proposed changes", writes Sir James. "But there is also no getting away from the enduring costs of failure to reform".
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments