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Linz's New Book
Who Should Be the Republican Nominee?
Total votes: 8
My 'Four by Fifteen' Tax Plan
Submitted by Lindsay Perigo on Mon, 2012-10-08 05:49
This is the tax package mentioned briefly in my speech below. I meant to elaborate on it in a question period which didn't take place. Today I learned a bowdlerised version of it got out, which has since been corrected. Anyway, to make doubly sure any tax plan that gets attributed to me is the one I actually proposed, here it is. I should say I wrote it on a piece of scrap paper, since he likes economic packages on scraps of paper, for Sir Roger Douglas when I was with ACT in Parliament. It was an effort to fend off his horrendous asset tax package by providing an equally comprehensive, but morally superior, alternative. Roger folded it up, tucked it into his pocket and went away to get it costed. (Actually, the version I gave him was 'four by seventeen and a half,' since I was mindful he would protest from the revenue angle.) He assured me the results of his costing were "awful," but never told me what they were. Another ACT staffer told me they weren't bad at all. I'm sure that in this version, combined with the balanced budget requirement which is also among the 'Tight Five' I proposed for the new party, the explosion of economic activity would quickly take care of any revenue shortfalls. Note: this is not meant to sanction the proposition that government has any right to levy compulsory taxes at all; rather, it is simply to acknowledge that getting from where we are to where we want to go will take more than 5 minutes and require more than a little Reverse Gramsci on our part:
1) Income Tax: first $15,000 of income exempt.
2) Income Tax: flat rate of 15% on all personal income over $15,000.
3) Company Tax: immediate reduction to 15% (from current 28%), then reductions of two and a half per cent a year every year thereafter till it's gone.
4) GST: Ditto (starting at its present level, 15%, then annual two and a half per cent reductions till it's gone).
Hence, 4 X 15.
And government has to cut its cloth accordingly.
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