One Tiny Little Tax - One huge step forward
One Tiny Little Tax - One huge step forward for Business
“Labour and National can only mouth sweet nothings into the ears of the business community about compliance issues – and ‘nothing’ is the result,” says ‘Democrats for social credit’ Finance Spokesman John Pemberton.
For decades tax law has been written, amended and added to. Pemberton points out that each overhaul of the tax system has increased the paper war, increased the frustration of people in business, increased the cost of compliance, increased the size of IRD and increased the money in the pockets of accountants.
“Labour’s recent tinkerings have barely scratched the surface. National can offer nothing better. Tax compliance issues could go completely with one little tax,” Pemberton says.
“One automated tax on all withdrawals from bank accounts would be deducted by the bank at the time of withdrawal, and forwarded to the Government. In a stroke most of the tax system, including Goods and Services (GST), Company and Income Tax, along with their attendant headaches, could be eliminated.”
Mr Pemberton explains that the ‘Democrats for social credit’ will begin by replacing GST with the automated tax, called the Financial Transaction Tax (FTT). Once this has been implemented successfully, by stages FTT will also replace Company and Income Taxes.
“FTT offers simplicity, efficiency and fairness,” Pemberton declares. “Taxation compliance issues would be a thing of the past. FTT will raise the same amount of tax as at present, at a lower cost to businesses and individuals. The secret to this is that FTT has a far wider tax base.”
“It is better than a tax cut,” Pemberton concludes. “Businesses will save precious time as well as money. FTT does not get rid of tax but it sure gets rid of the associated hassles.”