Ritchie want\’s to raise taxes on the poor

In fact, he wants to raise taxes on everyone. In his \”accountant\’s manifesto\” we have:

Deny tax reliefs of more than £5,000 a year to any person to prevent wasteful tax planning

The personal allowance is a tax relief. The personal allowance is currently £6,475 a year.

Therefore not only will that have to be reduced (and the elderly will lose their higher personal allowances etc) but no one will ever be able to claim any other form of tax relief at all.

I\’m unconvinced that this is a good idea really.

The rest of it is just as bizarre:

All accountants to be required to subscribe to a Code of Conduct requiring that they comply with the spirit as well as the letter of all law…

Seriously?

Companies to have a duty to stakeholders equal to that of shareholders

That\’s not actually possible. For the interests of stakeholders conflict at times.

10 comments on “Ritchie want\’s to raise taxes on the poor

  1. Another term for tax avoidance, or tax planning, would be ‘obeying the law’. I know you know that, but a lot of people don’t seem to. There is no ‘spirit’ of the tax law.

  2. Also, when push comes to shove, and you have to demonstrate that you did in fact follow the spirit of the tax law, how are they gonna do that?

    Presumably by reference to the letter of the law…

  3. Richie rather undervalues certainty when it comes to the law, sadly this is not uncommon amongst the hard of thinking. His being stone cold bonkers is undoubtedly a factor as well.

  4. Actually, Tim, the strangest of the proposals in Ritchie’s manifesto, at least for me, was the forced conversion of all companies having “a capital” (whatever that is) under 50,000 BP into LLPs. That’s a hummer. Evidently Ritchie has decided that owners are just too stupid to decide for themselves what sort of ownership structure best suits them.

    (#5 under Company Law is a good ‘un, too. Imagine the positive effect it would have on the administration of liquidations by order of the courts. No problem there.)

  5. “Wasteful tax planning”? I would have thought that tax planning is the antithesis of wasteful as it keeps wealth out of the hands of the wasteful state.

  6. I have concluded that Richard Murphy:

    a) Does not exist, but is merely a target dummy for young Worstall or

    b) Has advanced Alzheimer’s or

    c) Is incredibly stupid or

    d) Has an amazing sense of humour or

    e) Is an AI trying – but failing – to pass the Turing test.

    I would also point out that any tax accountant – if he ever really was that – advising his clients to adhere to the sprit of the law (presumably Ritchie was in telepathic contact with whomever he thought was actually laying down the law) would, on the back of his fee income, be living in one of the few remaining prefabs in Peckham.

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