BoldonLad
Old man on a bike. Not a member of a clique.
- Location
- South Tyneside
Re: Funding Increased Defence Spending
Further cutting spending beyond that already looking likely would be a disaster (in many ways). But to increase defence spending we need more money.
Struck me back at the last budget how many fund raising opportunities to raise money that were "missed" eg taxing online gambling operations (expected £1bn), raise CGT to same level as income tax (it's currently somewhat lower; expected £14bn), reduce hydrocarbon subsidies (helping address climate change), tax private jet use, lower the inheritance tax thresholds. Even just treat "carried interest" as liable for income tax rather than CGT - is there anybody that thinks it shouldn't be income taxed?, that would give £½bn.
My impression lots of places to raise tax from but many were surprised they didn't take these opportunities last budget (rather than hit business with the obvious concequential impact of confidence and growth).
Ian
Some of those (particularly carried interest) were part of the “broad shoulders” claims, but, it would appear a few free suits, spectacles and even event tickets muddied the waters.
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