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Insider – April 2018
Thinktank wants major reform of ‘inefficient’ tax system
The tax system in Britain should be replaced with a single rate on all forms of income, claims a thinktank.
A report by the Institute for Public Policy Research (IPPR) has outlined its recommendations to improve the British tax system.
In order to make the system more “progressive and efficient”, the proposed reforms would involve two elements.
Firstly, it would combine all rates and allowances for employee national insurance contributions and income tax in a single tax schedule, which would apply to all incomes on an annual basis.
Secondly, it would abolish tax bands in favour of a formula-based system where the marginal rate would rise according to each taxpayer’s precise level of income.
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