It is not often that Adam Smith father of modern economics gets a mention in a Budget speech but he did merit a name-check in George Osborne’s 23 March address. The great man was quoted not for his economics but his four canons of taxation. This Chancellor is hoping to be remembered as a tax reformer but this was not a serious tax-reforming budget. A Chancellor who merges income tax and National Insurance would be a great reformer. What emerged a gradual move towards merging the administration of income tax and NI was a damp squib. Getting rid of 43 mainly insignificant tax reliefs did not do it either. The Chancellor’s aim is to leave the tax system simpler. That should not be difficult given Gordon Brown’s addiction to stealth taxes. So far...
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It is not often that Adam Smith father of modern economics gets a mention in a Budget speech but he did merit a name-check in George Osborne’s 23 March address. The great man was quoted not for his economics but his four canons of taxation. This Chancellor is hoping to be remembered as a tax reformer but this was not a serious tax-reforming budget. A Chancellor who merges income tax and National Insurance would be a great reformer. What emerged a gradual move towards merging the administration of income tax and NI was a damp squib. Getting rid of 43 mainly insignificant tax reliefs did not do it either. The Chancellor’s aim is to leave the tax system simpler. That should not be difficult given Gordon Brown’s addiction to stealth taxes. So far...
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