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Kristian, bad economics is where we are now as a result of poor decisions made by successive governments for decades. All decisions have been made because of misunderstandings and misconceptions. One of which is the common belief that people who have income tax deducted from their wage packets are the main tax payers! That is not a true statement nor should it be. The rich by definition should carry the most burden and although the richest people and companies pay an awful lot of tax revenue it’s still not enough as our government can’t balance the books so all tax revenue is insufficient. That has been the same position for a very long time, in fact since at least 1815 when borrowing began for the Napoleonic war and we have been stuck with a national debt ever since! But in recent times our national debt has become astronomical and totally unrealistic all because the system allows the rich to be richer at the cost of the poor becoming poorer. The poor now are the middle classes of workers who struggle to pay their monthly costs and spend all their income as a necessity. Also, the expectation of economic growth from a deficit on a stagnant economy that’s spiralling downwards is just delusional. We owe now £2,800,000,000,000.00 trillion, how can we grow from that minus position? Also the word investment is used as a magic wand to growth, but is that possible? In z word no! Not with the hope and see policy adopted by the exchequer on investment. The hope the rich will invest if it’s in their interest maybe but, they just makes them richer! And the cost is bourn by the rest of us as we get poorer. So do we need more tax revenue? Of course we do! But we have a system of no cohesion or direction. Cutting benefits to the disabled is so ignorant and Juvenal, it’s the sort of piggybank economics we learn as a child. If you can’t put money in then stop taking money out of the bank! Well that’s not good enough for an economy! We expect and need better thinking than that. We haven’t had any proper thinking Chancellor for centuries it seems! The basics are not understood even by the glitterati of the economic world! For example, “we the taxpayer” what a misunderstood term. All seem to think the employees pay income tax? No! It’s the employers who pay it! The problem there is the employee can’t enjoy spending it first! They work hard, then have it deducted so there is no enjoyment through benefitting from it! And the finger wagers who complain and spout “we the taxpayer” are not the ones who have to pay it, as they never get it! Most tax is collected in other ways through SPENDING the money! As the employers spend on employees then income tax and NI is triggered snd paid. As does employees spending their money on food goods and services Vat, Duty and tax on money having to move by spending like in council tax. So the rule here is tax is triggered by money moving or having to move via spending. The difference between the poor snd the rich is that rule. The poor have to spend all their money and the rich don’t! And the poor have to spend it in a cycle of say a month and the rich don’t! They can hang on to it for days weeks months years decades and centuries snd their lays the rub. We are devoid of it for short times (recessions) and long times (depressions). The rich get richer while the poor get poorer. Now this is an overview but it’s still correct! Our working pot that generates tax revenue by spending is devoid of the vast sums held by the rich unspent and unused but more importantly untaxed! If money revolves through the actual economy it would produce tax bus spending on an exponential basis and produce many times more tax revenue for the same money than just a tax once direct to the exchequer by way of say an income tax or a direct wealth tax! That money needs to revolve around our pot! And at present it’s not! For example, the money we borrow as a nation must be borrowed by definition from those who have it! Not from those who don’t. Have it. And guess what, even if you did tax them they would still earn interest and just recover that wealth tax payment! No it’s a complete hash up. No matter what the government do to cut spending or put up interest rates or take money from the poor it means a downward tax take! So what do we do? Well thanks to Brexit we can reintroduce exchange control regulations. To keep all our money here! If millionaires want to go abroad then let them but they can’t take their money! Money is for an exchange of work. Not to steel away snd hoard. The system couldn’t be policed for millennia but we can now with computer accounts and bank cards. Make all money move and force it to be spent or get it taken! It’ll certainly force people to spend! But it also ensures a rotation of money through our economy like a tsunami. And stop income tax. Rely on vat alone. Let everyone earn as much as they can. But make them spend it! Happiness will return rather than poverty! The rich ironically will earn more and more often so they can be richer from the stuff they buy! Not by hoarding. And we will not have to borrow as a nation as we will have sufficient Vat take to cover all needs! It really is that simple! We all need rainy day money but honestly it’s got ridiculous. We would all earn more and benefits can increase not decrease! We need a spending policy! It’s that simple. Not a wealth tax but, an autonomous perpetual system of spending not hoarding.

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