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Tuesday, January 21, 2014

Is it feasible to do away with income tax?

If, last year, taxing the super-rich was the subject of debate, this year the discussion is on the possibility of abolishing income tax. It has been proposed that income tax be removed and replaced with a banking transaction tax (BTT) of 2 per cent on the money that is credited to a bank account. The argument is that the BTT would be more simplified and easy to collect. It would reduce the tax burden, prevent tax evasion and, therefore, generate additional revenue for the government. 

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