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Britain has a worse tax system than key competitors, says poll
The Times has today published (£) the results of a poll by Populus, outlining the public’s perception of the UK’s tax system and other factors contributing to growth like education and skills. The poll looked at key competitors: Britain, the US, France, Germany, India and China. Out of these six, Britain didn’t rank well at all, coming dead last on tax questions:
Personal taxation: 6th
Taxes on wealth creation: 6th
Infrastructure: 4th
Skills level of workforce: 4th
Education system: 3rd
Place to set up and run a business: 4th
We’ve highlighted how horribly complicated and burdensome the tax system has become. There is plenty of research out there showing that high taxes stunt growth and choke off entrepreneurship. The 2020 Tax Commission is working on a major report with a plan to simplify the tax system.
And this poll adds weight to such research, because people’s opinions and perceptions matter. If a potential entrepreneur was among those polled, then there’s a good chance that they don’t think Britain is a good place to start up a business. A small businessman might not think it worth expanding. A CEO of a large company might consider relocating, taking jobs with him or her. The tax system in its current form will hinder any plan for growth.
This video shows how the tax code puts a Guinness World Record holder for speed reading to shame:
