Fairer tax system could help with debt management
Fairer tax system could help with debt management
Wednesday 16th December 2009
According to Compass, a more progressive system of taxation would allow for the current inequality of wealth to be reduced.
This is something that could, in turn, reduce the financial burden on poorer households, helping them to cope with debt consolidation plans.
Joe Cox, campaigns organiser at Compass, which is an independent pressure group, said that a number of different fiscal initiatives could help to make the distribution of wealth fairer.
"To make the tax system more progressive we could reintroduce the ten per cent income tax rate, introduce a 50 per cent tax for income over £100,000, introduce a higher council tax band and clamp down on tax avoidance," he suggested.
Mr Cox's comments come following the publication of a report by the New Economics Foundation (NEF), which indicated that there are significant differences in the levels of pay being received by people in various occupations.
He suggested that the current fiscal deficit could be used as a means of introducing a fairer and more progressive tax system.
According to the NEF report, entitled A Bit Rich, the ratio between pay rates for chief executives and average employees has inflated from 47:1 to 128:1 over the past ten years.
Meanwhile, the most recent figures from the Office for National Statistics indicate the number of unemployed people also increased by 30,000 over the third quarter of 2009 to reach 2.46 million.
News article brought to you by Debt1 – UK debt management specialists
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