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This paper examines the selected elements of British tax policy that discusses the current alternative tax bases that relies on the fundamental aspect on income, expense and wealth. The paper also discusses its benefits and its disadvantages of the current tax system that studies its implication for future tax reforms.
With the government's source taken from the public taxation always greater than the amount that is intended for use by the government, taxes are levied to fund several programs. Other governmental policies are also geared towards the redistribution of wealth from the rich and poor respectively in relief operations, public education, social security benefits and reparations. However, fundamental methods of collection are not foolproof and possibilities for inefficiencies are always prevalent. Tax policies being a highly political and controversial issue do require extensive analysis and determination on its viability to gain the paying sector's acceptance and economic performance. The neo-classical economic theories whose studies believe that taxation brings about economic inefficiencies have suggested changes in the tax systems that would work to minimise the distortion. Tax remittances of the ordinary working sector accommodating deficiencies brought about by certain deficits were seen as the basis for the recognition of its disadvantages. However the complexities of the British Tax system have served to greatly increase the stress and expense to millions of taxpayers as tax season approaches in Kay(1990)1. Simplification of the British tax system has allowed the common platforms of many political parties in grandstanding tax rules and exemptions. ...
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