BANKING ILLUSION

The recent global recession has hit hard and here in the UK this new coalition between Lib' Dem' & Conservative have hit the poor and the working class poor the hardest with the cuts. Yet despite the promises and pledges of more transparency from a new direction in politics we see that the politics of old is still protecting the true parasites of Britain.

Blaming those claiming unemployment benefit for contributing to the strain on national debt is just an old illusionary trick. They shift our attention to a minority who make welfare claims by deception and feed our anger. While we are falling for this old con trick the real drain is going on in the Banks and other large financial institutions. Corporation tax is one slimey loophole that the Tories abuse for favours. The number of multi national corprations along with individual millionaires and billionaires avoid UK tax that if collected would return the country into the black and not the red.

The need for genuine capitalist banking cannot be denied. Yet we have to question why one UK bank bailed out by the tax payer has only paid £145 million in taxation from a £6 billion profit. Now remember this is a bank that the tax payer bailed out, now owns the major shares but gets nothing back in return. UKPR wants the Banks who took tax payer money to keep afloat to pay all profit back into the national defecit. Heavy regulation also is required on the other Banks to pay a higher level of taxation and a cap on saaries and bonuses. The old threat of losing our best to foreign shores if we tax too heavy is just another spin on the illusion. Anyone who wishes to go abroad for more money is more than welcome. To think that we could not attract a head of a bank to take a salary of £500,000 instead of £25 million is just rubbish.

TAX

We all accept that we have to pay tax on earnings. We also accept that tax is a necessary evil if you pardon the expression.

However we do have a very unfair tax system in this country. All forms of tax need to come under review. The reason I want this review is to be fair on those who live on or below an income which I believe is unjustified.

The minimum wage was a step in the right direction yet still falls short of what is considered a living wage. Those who earn less than £12,000 per year should be exempt from all tax.

My proposed tax table: 0% tax for under £12,000 / 10% tax from £12,001 to £18,000 / 20% tax from £18,001 to £30,000 / 27% tax from £30,001 to £50,000

The upper tax levels will be 40% tax on £50,001 to £100,000 / 55% tax on £100,001 to £250,000 and all funds over £250,000 be taxed at 65%. These figures are based on wage earnings alone and do not reflect other taxes.

The above table was constructed after nearly 3 years of economic research and I challenge any politician to debunk these figures which I base on standards of adequate living within these wage brackets.

Much public outcry comes from other taxation charges. VAT is a long standing charge that we accept. Yet we pay other taxes that are not fair and in my opinion are not justified. (example being road fund licence) Road tax. When this tax was introduced many years ago it was to fund the road building schemes across the country as well as fund the maintenance of the roads. Yet today little of this money is actually spent on our roads. So where is this money going.

National insurance contributions are supposed to pay for our emergency services the NHS and a whole other number of services. So why do we have to pay for eye tests or dental treatment. Why are prescriptions charged. We have already paid for this in the national insurance contribution.

If we have full transparency of the treasury and how we fund our society I am confident that we will see a number of taxes fall dramatically and in some cases cease to exist. Yet no politician wants transparency in the treasury and how your money is spent or more to the point wasted. If you knew the full extent of how the revenue raised is used you would probably take to the streets in large numbers and make the Poll Tax riots look like a playground scuffle.