Debate Magazine

Outbreak of Common Sense in Wales!

Posted on the 19 September 2018 by Markwadsworth @Mark_Wadsworth

Emailed in by John D, from the BBC:
Wales should slash income tax rates to the lowest in the UK, according to one of the candidates challenging Leanne Wood for the Plaid Cymru leadership.
Adam Price said the basic, higher and additional rates could be cut by 9p and business rates and council tax ditched*. New land value taxes on residential, commercial and industrial residential land would fund the changes**, he said...
The Welsh Government is getting more tax powers next April, including partial control of income tax...
In proposals published on Friday, Mr Price said "introducing a National Land Value Tax on residential, commercial and industrial land (agricultural land would be excluded) could generate £6bn at a 3% rate on current values. This would enable us to abolish business rates, council taxes and lower income tax, at the basic, higher and additional rates, by 10p," he said.***

* His proposals don't mention ditching Land Transactions Tax as well, unfortunately.
** On a political level, it is better to say the Land Value Tax would fund those public services which increase land values, which is the fair way to fund them and which in turn would enable income tax to be reduced.
*** Something has got lost in translation here. The original proposal estimated total council tax, business rates and income tax (basic and higher rate) revenues in Wales at £4 bn a year, so the LVT revenues required to replace council tax and business rates, and reduce income tax by 10% would be less than £4 bn, not £6 bn.

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