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21 May 2012

Should there be a 30% flat rate of income tax?

A report from the 20/20 Commission has suggested that the Chancellor should introduce a flat rate of income tax at 30%. The change would allow us to keep more of our earnings, which we could then spend on the high street and boost the economy. The commission also called for the abolition of NI and Stamp Duty, and cuts to fuel duty. Would such changes help? Are they even possible, or is this just fantasy talk?

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