John Wigley and Carol Lipman: The Enterprise Economy

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1 Taxation

2 ECONOMICS TODAY Edited by Andrew Leake The Ecanomics Today series surveys contemporary headline topics in applied economics. Each book in the series is written by an expert in the field in a style that is fluently readable. It serves the student of introductory economic principles while also making the subject accessible to a more general reader. The series embraces the problem-solving skills of the new generation of students and stresses the importance of real-world issues and the significance of economic ideas. Published Andrew Leake: The Economic Question Jean-Louis Barsoux and Peter Lawrence: The Challenge of British Management Andy Beharrell: Unemployment and Job Creation Frank Burchill: Labour Relations Kenneth Durham: The New City S.F. Goodman: The European Community Jenny Wales: Investigating Social Issues Margaret Wilkinson: Taxation Forthcoming John Wigley and Carol Lipman: The Enterprise Economy Series Standing Order If you would like to receive future titles in this series as they are published, you can make use of our standing order facility. To place a standing order please contact your bookseller or, in case of difficulty, write to us at the address below with your name and address and the name of the series. Please state with which title you wish to begin your standing order. (If you live outside the UK we may not have the rights for your area, in which case we will forward your order to the publisher concerned.) Standing Order Service, Macmillan Distribution Ltd, Houndmills, Basingstoke, Hampshire, RG21 2XS, England.

3 TAXATION Margaret Wilkinson M MACMILLAN

4 Margaret Wilkinson 1992 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1P 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 1992 by THE MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world ISBN ISBN (ebook) DOI / A catalogue record for this book is available from the British Library.

5 Contents List of Tables and Figures Acknowledgements xi VIll 1 What are Taxes For? 1 What is a Tax? 1 Why Not Print Money? 4 Markets Fail 6 Incomes and Jobs 11 A Large Role 14 2 Judging Taxes 15 Equity 16 Efficiency 22 Other Principles 25 Conflicts 33 3 Supply-Side Economics or Demand Management? 35 The Budget 35 The Supply Side 36 Demand Management 44 Supply Incentives or Demand Manipulation? 48

6 vi Contents 4 Is Britain Overtaxed? 50 UK Taxes 50 Revenue Growth 54 Britain and Other Countries 57 Are We Over-taxed? 61 5 Who Pays? 62 Impact, Shifting, Incidence 62 The Rich and the Poor 66 Families' Taxes 68 Fair Shares 79 6 Income Tax: Incentives and Other Problems 80 Income Tax and CGT 81 Tax and Incentives: Income Tax and Labour Supply 85 The Tax Unit: Sex and Status 93 Tax Breaks: Tax Expenditures 95 Reforming Income Tax 99 7 Taxing Spending 101 Taxes on Goods and Services 101 Specific Duties 110 Indirect Taxes and Europe 113 Equity, Efficiency and Revenue Making Corporations Pay 119 Business Taxes 119 Corporation Tax Principles 120 UK Corporation Tax 123 More Problems 129 Conclusion: Did the 1984 Reforms Go Too Far? Paying for Social Security 133 Social Security 133 National Insurance 135 How Taxes and Benefits Interact 144 Reform 149

7 Contents vii 10 What About the Wealthy? 154 Wealth and Property and How to Tax Them 155 Property Taxes in Practice 157 Property Taxes in DECD Countries 161 Taxing Wealth in Britain 163 What Should We Do? Local Taxes 170 Central and Local Government 170 Finance for Local Government 175 Local Government Finance in Britain: The Rates 181 The Community Charge and the Uniform Business Rate 185 The Future Tax Reform 192 Tax Reform in Practice 192 Tax Reform in Theory: The Direct Tax Base 195 Conclusions 199 References 203 Index 206

8 List of Tables and Figures Tables 2.1 UK Tax Collecting Costs, UK Tax Receipts, Tax Revenue as a Percentage of GDP at Market Prices, Party in Power, UK, Tax Revenue as Percentage of GDP at Market Prices, OECD Countries, Tax Revenue as a Percentage of GDP at Market Prices, UK, and Averages for OECD, OECD Europe, EEC, Taxes as Percentages of Gross Income for a Sample of Four Households, Income Tax, Employees' NICs and Domestic Rates as Percentages of Gross Income for each Ouintile Group of Non-Retired Households, Indirect Taxes as Percentages of Disposable Income for each Ouintile Group of Non-Retired Households, Customs and Excise Revenues, UK, A Demonstration of How a Tax on Value Added is Equal to a Tax on Retail Sales Excise Duties in Certain EC Countries, April NIC Rates, Employees and Employers, viii

9 List of Tables and Figures ix 9.2 Total NICs Payable at Different Income Levels, Employer and Employee, Estimates of Proportions of Total Tax Revenues Collected from Taxes on Property Distribution of Personal Wealth among the Adult Population, Provisional Estimates, UK, Local Revenue from Rates and Grants, UK, Figures 1.1 Market Failure and the Role of Taxation The Classical Labour Market and Production Function The Effect of Supply-Side Policies on Employment and Output Physical and Economic Transformation Curves The Laffer Curve and the Economic Transformation Curve 43 Deficient Demand 46 Principal Tax Revenues as Proportions of Total Tax Revenue, UK, 1965, 1975, UK Tax Revenues as a Percentage of GDP at Factor Cost, 1965, 1975, The Incidence of a Tax on Sales 65 Effective Rates of Tax under the Most and Least Progressive Assumptions, USA, Marginal and Average Rates of Income Tax, Single Person, Earned Income, UK, Marginal and Average Rates of Income Tax, Single Person, UK, Individual Labour Supply Curves 87 Effect of Income Tax: Worker's Response, Employer's Perspective 88 Supply-Side Analysis: The Effect of Taxation on Aggregate Labour Supply and Output 89 External Costs and Corrective Taxes 103 Incidence of Duty and Tax on Specific Goods, Corporation Tax Revenues and North Sea Oil Revenues as Percentages of Total Tax Revenues, UK,

10 x Taxation 9.1 National Insurance Schedule for Employees Not Contracted Out, pre-1985, and 1989 onwards Marginal Rate of Tax for a Married Man Not Contracted Out of SERPS, The Poverty Trap The Poverty Trap Before and After the 1988 Social Security Reforms The Relationship of Net Rates to Net Household Income in Great Britain

11 Acknowledgements The author and publishers wish to thank the following for permission to use copyright material: Fiscal Publications for table, 'UK Tax Collecting Costs ', from Administrative and Compliance Costs of Taxation, by C. T. Sandford, M. Godwin and P. Hardwick, The Controller of Her Majesty's Stationery Office for material from Economic Trends, May 1990, and UK National Accounts. The Institute for Fiscal Studies for 'Excise Duties in Certain EC Countries, April 1986' in Fiscal Harmonisation: An Analysis of the European Commission Proposals, by C. Lee, M. Pearson and S. R Smith, IFS Report, Series 28, Organisation for Economic Co-operation and Development for three tables from Revenue Statistics in OECD Member Countries, , OECD, Paris, Every effort has been made to trace all the copyright-holders, but if any have been inadvertently overlooked the publishers will be pleased to make the necessary arrangement at the first opportunity. xi

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