Tax Freedom Day
[Re: Today is tax freedom day – and time to think the unthinkable, yesterday]
The unthinkable would be to replace all our taxation with a single rate of income tax, levied solely on individuals. This would have several advantages. First, everyone would see the real cost of state spending – whether it be the excessive cost of the welfare state, stagnant productivity in the health service, or rising debt interest payments. Secondly, the political misrepresentation of who pays tax, by how much and when, would become redundant. It would be clear that everyone pays the same rate on their income. Finally, the clever people in the tax industry would be able to find far more beneficial employment.
[Re: Coming soon: The death of paper money, yesterday]
I would use cards for everything if my local shops didn’t put a 50p penalty on my bill for inconveniencing them with my custom.
People have been predicting the death of cash for years. But it’s not happened for several reasons. First, people are private. Given that supermarkets are increasingly using data from our transactions to target offers at us, some prefer the anonymity of cash for legitimate reasons. Secondly, cash is often more convenient. As your graphic shows, cash transactions are quicker and it’s easier to keep track of expenditure.
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