Article summary - Part 2 - Tax Essay Example
Late last year, there was an article on BBC on Gordon Brown’s proposal to cut taxes in an effort to increase consumer spending, which would increase demand and therefore help stimulate the economy - Article summary introduction. Apart from that, the article also highlighted a possibility of lower taxes imposed on businesses to increase employment levels in the country. China, Germany and the US have added funds into the economy in an effort to boost the economy and increase spending. The UK government has also cut taxes on petrol and people had additional income to spend. The article also highlighted the tax proposals with 3 main points. The first was the tax proposal on labors, whereby the personal tax allowance was raised and the fuel duty rise was postponed. Second was on the conservatives, whereby the stamp duty on first time house buyers was eliminated to encourage real estate purchases while there was a raise for the inheritance tax.
The proposal also included a cut on corporation tax and freezing the council tax. The third point was on liberal democrats, whereby a cut by 20 billion pounds was suggested to fund the lower and middle income families and as for the rich, it was suggested to remove tax loopholes. This is an effort to ‘rebalance’ the tax system in the country and to make it fairer for the general people and therefore not benefit only the rich. It was also suggested that ‘green taxes’ should be introduced. There were also other suggestions such as using the ‘National insurance payments holiday’ for increasing employment levels in the country by encouraging employers to employ more people. The article concluded with Mr Brown’s statement in which he stated that other economies in the world were showing a ‘stronger multilateralism’ during a world crisis.
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BBC News. 11 Nov. 2008. BBC MMIX. Retrieved on 17th April 2009.