10:54 AM, 11th February 2019, About 2 years ago 9
Stamp duty receipts in decline in tandem with BTL
“Transactions have fallen by 2.6% in 2018 and now stand at just over 1 million. This compares with HM Land Registry data for 2018, which reports a 4% fall. On a more granular level, HRAD transactions, i.e. those which include the 3% additional duty, have been hardest hit, with a fall of 4.6%. Receipts have followed suit with transactions, which have fallen 8.5% overall. The receipts from the 3% additional duty (HRAD) have suffered the largest drop, falling 14.2%.”
Looks like Phil has an error in the formula of his spreadsheet as the Red Tories make an error that you would expect of a died in the wool socialist who doesn’t believe in the Laffer curve.
The Laffer Curve states that if tax rates are increased above a certain level, then tax revenues can fall because higher tax rates discourage people from working. Equally, the theory indicates that cutting taxes could lead to higher tax revenues.
Arthur Laffer presented the theory first to the US President Gerald Ford making and argument against tax increases. The Laffer Curve shows the ratios between tax revenue collected by the government and tax rates. The tax rates depicted on a Laffer Curve range from 0% to 100% with a optimum point of taxation inbetween declining curves of tax take that reduce to zero at 100% tax and 0% tax
The idea behind the Laffer Curve is that people will stop or be discouraged from working after a certain point because the tax rates will be too high.
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