The Single Income Tax Income Single The The Single Income Tax Final report of the 2020 Tax Commission 2020 Tax Commission The TaxPayers’ Alliance 55 Tufton Street, London SW1P 3QL 0845 330 9554
[email protected] www.2020tax.org The 2020 Tax Commission is part of the TaxPayers’ Alliance, a Company Limited by Guarantee in England No. 04873888 © The TaxPayers’ Alliance 2012 Published May 2012 ISBN 978-0-9563920-2-2 Cover image: The Payment of Taxes by Georges de la Tour, c. 1624 (photo: akg-images/Erich Lessing) Designed by Soapbox, www.soapbox.co.uk Printed by Impress Print Services, www.impressprint.net £50.00 The Single Income Tax Final report of the 2020 Tax Commission May 2012 Chairman: Allister Heath Commissioners: Andrew Allum, Richard Baron, Kevin Bell, Rosemary Brown, Mike Denham, Martin Durkin, Matthew Elliott, Anthony J. Evans, David Frost, Graham Hampson Silk, Graeme Leach, Andrew Lilico, Mark Littlewood, Douglas McWilliams, Fraser Nelson, Stephan Shakespeare Chief Economist: David B. Smith Principal Editor: Matthew Sinclair Lead researchers: Rory Meakin, John O’Connell Other contributors: Eamonn Butler, Scott Corfe, Arvid Malm, Tom Packer, Matt Ridley, Bilal Sambur, Nima Sanandaji, Tino Sanandaji, Corin Taylor, Tom Welsh Contents Prologue To create the conditions for stronger economic growth and more jobs, while treating taxpayers fairly, the Government must reform taxes to make them lower, simpler and more transparent. To achieve this, the 2020 Tax Commission recommends the Single Income Tax, which can be introduced in six steps: 1. Taxes should be cut to 33 per cent of national income 2. Marginal tax rates should not exceed 30 per cent, and the personal allowance should rise to £10,000 3.