What would you do to raise money back after corona?

[arethereanyleftatall]

If you were in the government, what taxes/cuts would you put in place after we've all gone back to normal life?

I think I might raise VAT, or possibly have a means-tested state pension.

Agree about Cannabis.

And Fuel duty - but scrap road tax so it's really a tax on use not ownership.

Massive tax increases on flying.

Higher VAT on fashion purchases that destroy the environment like new kitchens and bathrooms.

I would scrap most benefits and state pension and replace with a basic state income

There would be hard cases of households worse off, so this wouldn't work.

I would have a low universal income, in addition to keeping the existing benefits system, but would change the existing tax and benefits system, so that more than 90% of people weren't better off as a result. This would keep the cost down while providing a simpler and more robust baseline safety-net.

I would set the basic income at 30% of median household income, so two people living together would be at 60%, which is the poverty line. I would like the link to be direct and automatic, and even to vary from one part of the country to another depending on what median income is in each part. (Though not sure about this, as when I looked into it, median income didn't vary across the UK anywhere near as much as I thought it would.)

Stop the waste of money stuff. There must be billions pissed away on rubbish.

I would imagine that everyone is going to come on here and suggest the tax measures that affect them least.

Not necessarily. The amount of cheese, chips and burgers I buy could probably fund a small hospital for a week.

lots of land that isn’t used for anything

But isn’t it desirable to have a large chunks of land unused? Huge swathes of, for example, the Highlands are owned by people but not used. I’m not sure we’d ever want to encourage tax efficiency by having them built on.

Yes to the poster who suggested scrap HS2 and Trident. I would also add reverse Brexit and close down loop holes and tax large companies properly (looking at you Amazon).

HS2 estimate now at 106 billion.
Brexit 200 billion.
Trident around 100billion.

Source -
www.indy100.com/article/furlough-scheme-cost-government-bank-bailout-hs2-tax-9514246

I agree about a processed food tax. I'd also put a minimum price on alcohol although that's more about health measures.

I am of an age where it was impossible to pay into a pension when I was young, you simply didn't have the option

What age is this? I'm 50 and have always paid into company pensions since I started work, my mother is in her 70s and always had a private pension. There has always been the option to save for your retirement if you had enough money.

Food and drink taxes mean manufacturers will change recipes (as is case with soft drinks levy) where possible to avoid taxes. Lots of people that are seriously over weight have a diet of only processed/junk food and are possibly lacking the skills to cook nutritious meals.. obesity is bigger problem and won't be solved with a blanket food tax.
Agree with other posters about HS2/Brexit. But surely tackle the big businesses avoiding paying their fare share....this has gone on for too long.

Keeping in mind Brexit, my solution would be the opposite - slash corporate taxes to around 10% to poach capital, offer supersweet immigration routes to innovators and digital entrepreneurs, tax holidays for start ups, introduce universal citizen income to placate the masses. The world will change very quickly after this pandemic.

Perhaps a huge New Deal type programme - lots of public infrastructure projects for the good of the nation - repairing roads/improving railways/planting new woods etc etc like in the USA in the 1930s. It is also job creation for those who've lost theirs which in turn puts cash back into the economy.

An overhaul of the NHS.

I do think there needs to balance across the population. We can't just hike income tax as we have a shrinking tax paying population & the younger generations already have it hard.

Higher stamp duty on houses over 1.5m maybe. Higher stamp duty on 2nd homes, foreign buyers etc. Tax commercial let's so that it's not worth leaving them empty.

Legalise cannabis and have the government cultivate & distribute it in designated areas.

Agree with pp that people need to realise that all the sugar tax did was lead to companies changing their recipes and replace with sweetners, so very little tax was raised. It’s important to be clear what the aim of the change is - if it’s obesity, then that will work (although debate over whether sweeteners are better than sugar really) or tax revenues (in which case its largely failed). Same would probably happen with any similar sort of fat tax. If the goal is raising money, they won’t work in any meaningful way.

Also - these manufacturing companies employ hundreds of thousands of people across the U.K. and if they have their profits smashed people will lose their jobs, so impact on income tax revenues and benefits costs. Maybe people are ok with that but need to think through full impact of decisions.

Abolish the nil rate band for inheritance tax.

Cancel HS2. People can work from home, as has been proven by this pandemic- they don't need to turn Birmingham into a commuter suburb for London.

Cancel all nuclear arms renewal. Not needed everyone is fucked anyway and you can't fight a virus with missiles

I would legalise cannabis too. And while I was at it end the "war on drugs".

CountFosco

Not talking about myself but you have no idea about other peoples lives and struggles.

I would increase VAT. To an extent it's an optional tax, as you can choose to buy less goods if you cant afford it. I appreciate not always, eg petrol to get to work.

I dont think increasing income tax or NI would be fair, a lot of people have worked all through this crisis so penalizing them with specific work based taxes seems wrong.

I would definitely start an NHS tax, like council tax. Every adult has to pay a monthly tax.

Abolish the nil rate band for inheritance tax

This is the one thing I wouldn't do because it's so unpopular

Cancel HS2.
The biggest waste of money of our time.
George Osborne should be locked up.
Sadly I suspect the Corona track and trace App is another complete waste of money. I wonder how much Domonic's cronies will benefit from this?

In terms of raising funds?
Clamp down massively on tax evasion, from the huge corporations to the puppy farmers raising £30k a litter tax free.

Make all benefits means tested, especially the winter fuel allowance (my very well off neighbour spends hers on a decent bottle of champagne).

Stop buying cheap imported crap and reinvest in British manufacturing. There will always be a market for quality products, look at the Scottish whisky/wool/food industries which are all profitable and sustainable.

I adore the NHS but hate the way it is abused by many and has been for years. My sister is a pharmacist who still gets people returning carrier bags full of unused meds (costing hundreds of pounds) that people stockpile and dont use. People who dont turn up for NHS appointments without a good reason should be fined and banned until they have paid the fine.

I expect them to stop feeding the fat cats, but doubt they will.
The rich will keep their money, and the poor will get poorer, whilst working to keep the fat cats.

An NHS charge isn’t a bad idea, I’d like to see certain services on the NHS be chargeable. Things like physio after sports injuries, treatment after drinking too much alcohol, maternity/birth, fertility treatment, things that people could reasonably plan to pay for themselves. It could be done in the same way that NHS dentists charge, with treatments in different bands and exemptions for people that really need it.

I would have a very low tax threshold, although the initial tax paid would also be a low percentage. It's not just about the money though, it would be the mindset. If everyone pays something towards national services like the NHS then it will be more likely that they will have an interest in it, and think about the influence they have on those who make decisions on it. The NHS (and other things) aren't free, they are free at the point of use. This should continue but everyone who has income has to contribute towards it.

Firstly tax corporations properly, close the loopholes that allows them to pay so little tax. And secondly Re design the benefits system. There was a thread here saying people on UC get £1700 pounds a month. It's mind blowing to me how can we even afford this as a nation. A lot of people don't make that amount working full time, yet someone on benefits gets this much? I think is important to have these benefits but I don't think the current benefits system encourages people to work.