first_img whatsapp IFS calls for overhaul of tax system whatsapp Tags: NULL Show Comments ▼ KCS-content THE UK tax system is in desperate need of a radical overhaul in order to support the country’s economic recovery, according to a study commissioned by independent think-tank the Institute for Fiscal Studies (IFS).The study, conducted by Nobel Laureate Sir James Mirrlees, found the system was overly complex, inequitable and costly to administer. Mirrlees called for the tax treatment of different types of income to be aligned so that corporation tax was properly integrated with personal taxes, and the tax treatment of income from employment, self-employment and corporate sources was the same. The report also argued that the tax bias in favor of debt as a source of corporate funding over equity should be removed, with the resulting loss of corporate tax revenue offset by raising taxes on wages. Mirrlees said it was “undeniable” that the proposed changes would be “politically difficult”, but said: “We cannot forever succumb to the tyranny of the status quo.” Share More From Our Partners Man on bail for murder arrested after pet tiger escapes Houston homethegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over Wednesday 10 November 2010 8:21 pmlast_img