StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Nobody downloaded yet

Rationale on Tax Reforms and Benefit System Undertaken since Labour Come to Power in 1997 - Research Paper Example

Comments (0) Cite this document
Summary
The paper "Rationale on Tax Reforms and Benefit System Undertaken since Labour Come to Power in 1997" highlights that not all the people who are unemployed; are not looking for employment. Not all unemployed people are uneducated or personally do not want to look for a job. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.1% of users find it useful
Rationale on Tax Reforms and Benefit System Undertaken since Labour Come to Power in 1997
Read TextPreview

Extract of sample "Rationale on Tax Reforms and Benefit System Undertaken since Labour Come to Power in 1997"

Download file to see previous pages Because of the continuous failure in the general elections of 1979, 1983, 1987 and 1992, the Labour Party observers began describing the labour party as ‘social democratic’ or ‘neo-liberal’ more than a democratic socialist. Blair’s described the new labour party’s political position as a ‘Third Way.’v
Since the May 1997 general election, tax reforms were very active. The restructuring of taxes and benefit systems were implemented for the benefit of the lower-income UK citizens including those who are employed. The Labour government uses the IFS tax and benefit model (TAXBEN) in assessing the impact of reforms that will be directly assigned to individual households.2 (See Table 1 on page 4)
The UK government aims to increase the living standards of the lowest-income households by increasing the benefit levels for those who are unemployed and to introduce the working families’ tax credit in those that are employed. On the other hand, those families who belong to the top decile will be associated with an increase in the national insurance taxes while taking away the mortgage tax relief and married couple’s allowances. (See Graph 1 below; Table 2 on page 6)
The tax rate distribution according to decile is very beneficial to the UK unemployed citizens. This concept of tax rate actually narrows down the gap on the unequal distribution of wealth among the people residing in the UK. It actually releases the tax burden on those who belong to the lower-income earning families.
For example, Cathy is earning £5,000 a month working as a manager in a five-star hotel while Cindy earns only around £500 working on a part-time job as a waitress because she is taking care of her child as a single mother in the morning. Assuming that the government issues a fixed tax rate of 10% per month, Cathy and Cindy will be earning £4,500 [£5,000 - (£5,000 x 10%)] and £450 [£500 - (£500 x 10%)] respectively. In this situation, Cindy will have a serious
Let us take a look given that the tax rate for each individual is bracketed depending on the amount of income each individual or family is earning in a month.  ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(Rationale on Tax Reforms and Benefit System Undertaken since Labour Research Paper, n.d.)
Rationale on Tax Reforms and Benefit System Undertaken since Labour Research Paper. Retrieved from https://studentshare.org/law/1706866-rational-for-the-reforms-tax-and-benefit-system-undertake-since-labour-came-to-power-in-1997
(Rationale on Tax Reforms and Benefit System Undertaken since Labour Research Paper)
Rationale on Tax Reforms and Benefit System Undertaken since Labour Research Paper. https://studentshare.org/law/1706866-rational-for-the-reforms-tax-and-benefit-system-undertake-since-labour-came-to-power-in-1997.
“Rationale on Tax Reforms and Benefit System Undertaken since Labour Research Paper”. https://studentshare.org/law/1706866-rational-for-the-reforms-tax-and-benefit-system-undertake-since-labour-came-to-power-in-1997.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Rationale on Tax Reforms and Benefit System Undertaken since Labour Come to Power in 1997

UK Tax System

...UK Tax System Over-trading Over-trading happens when there is an imbalance between the orders which a company takes to fulfill and the capacity of it which it can bear. Following are some of the dangers that can arise due to over-trading: Borrow money in order to satisfy the flow of over-trading: To tackle this hurdle, the company should design a plan to delay payments, collect receivables as efficiently as possible and also keep a certain balance and limit to be financed through bank overdraft (Bytestart Ltd. 2011). Profit margins are small: Higher expenditure and lower selling prices will lead to a lesser bottom-line and so lower dividend payments. This problem can be overcome by working efficiently and effectively to generate high...
13 Pages(3250 words)Assignment

Compensation and Benefit System

With the passage of time, more workers are comparing one business to another not just with respect to salary but also benefits. A number of individuals, indeed, are more concerned about the benefits they get instead of wages because of family requirements or aspects of their standard of living, such as “health care coverage and financial planning” (World at Work, 2007). If someone has a company, his employee compensation and benefits package may simply be the basis someone does or does not agree to the job offer. To make the company aggressive and create a center of attention for very skilled applicants, one has to present an attractive benefits package. The business should make this a significant element of the planning process,...
7 Pages(1750 words)Essay

United Kingdom's Tribunal System Reforms

The government’s White Paper 2004 implemented these reviews’ recommendations gave birth to the Administrative Justice and Tribunals Council that replaced the old body, Council of tribunal (White Paper 2004, p.8). In 2005, the government established the Tribunal’s service as an executive agency of the Department for Constitutional Affairs (DCA). Its function would be to accommodate the chief government run tribunals (Buck 2005, p.6). Following the appointment of Lord Justice Carwath as the first Senior President-designate of Tribunals, there was a publication of a Draft Bill in 2006. In November the same year, the House of Lords received the Tribunals, courts and Enforcement Bill (Buck 2006, pp 458-484) .
There were a number o...
4 Pages(1000 words)Essay

Labour Market Reforms

... mainly focused on an export led growth (textile industry) policies and went through serious economic setbacks coupled with rigid employment system. Since 1990s, the Chinese government has been focusing on labor market reform and shift from export led to consumption led growth with the provision of relaxation in the labor market and aiming towards the contract employment system away from the lifetime employment system. But there resulted many delays in the field of various other sectors like that of social security systems as well as education and occupational training schemes deemed to be moving hand in hand with the growth in the labor market flexibilities. This can be related to the European countries of Denmark and Germany...
10 Pages(2500 words)Case Study

TAXATION POLICY AND TAX REFORMS IN VIETNAM

... tax crucial tool for the government for managing macro economic indicator, steeping production of goods and services in the economy and facilitating government with revenue to conduct public expenditure (Quang, & Dung, 1997). INITIAL PHASE OF THE TAX REFORM (1990 TO 1995) Objective: To increase revenue available with government, attract local and international investment with transparent tax system (Yui, n.d.). Reform: The initial tax reform was executed in the early 1990s. The consolidated tax system was introduced which included nine critical taxes. These measures were directed for the replacement of various other kinds of taxes that were implemented on sectors such as privately owned industries, state owned zone, and trade zone etc...
10 Pages(2500 words)Assignment

International Law - tax system

..., if they will try to cut costs in every possible way and see the benchmarks also. In each and every country, where tax exemption policies are kept, there is always a condition behind it (Co-ordinating Member States' direct tax systems, 07). Of course, other countries will not wait for foreign businesses to come and set up their organizations. It is because country's first preference is to boost their own businesses and not to boost other foreign ones. When they allow other businesses to join the country, there is always a reason, like the employment, issue, the subsidiary, the type of business one has to operate in other country, its potential, etc. In this case, the partners were very fond and had an urge to do the business on their own...
8 Pages(2000 words)Essay

UK Tax System

...UK Tax System Yvonne L. Academia Research This paper examines the selected elements of British tax policy that discusses the current alternative tax bases that relies on the fundamental aspect on income, expense and wealth. The paper also discusses its benefits and its disadvantages of the current tax system that studies its implication for future tax reforms. British Tax System In the desire to keep in constant allegiance to the demands of modern technology and public service, the government has claimed that taxes as the primary source of revenue would surely create an appropriate solution on the national budget crisis scenario. With the government's source taken from the public taxation always greater than the amount...
13 Pages(3250 words)Essay

Tax System

... and accordingly started tuning their products and services accordingly. It is therefore duty of the government as well to supplement such efforts while making efforts for strengthening the health care facilities etc. ii. Education needs of the children are to be met with funds collected from this account. Higher education is becoming very costly now a days and increasing competition in the job market/ outsourcing of jobs calls for a well prepared youth. iii. Taxes need to be made competitive for inviting more investments even into the sectors, which are not considered lucrative enough from the profitability point of view. Grounds: i. Many OECD countries have recognized the need to reform their personal income tax system over the last two...
4 Pages(1000 words)Essay

Power system

...Power System Proposal Research proposal Power system Justification Faraday established electrical Technology on the noteworthy finding that a changing attractive flux makes an electric field. Without a doubt, existence without power is currently incredible. Electric force frameworks structure the fundamental framework of a nation. Indeed as we read this, electrical vitality is constantly delivered at rates in abundance of many giga-watts (1 GW = 1,000,000,000 W). Monster rotors turning at velocities up to 3000 revolutions for every moment present to us the vitality put away in the potential vitality of water, or in fossil powers. Electrical energy is a vital element for the modern and all round improvement of any nation. Electrical energy...
2 Pages(500 words)Essay

Effective compensation and benefit system

...HRM: Effective Compensation and Benefit System Introduction Human resource management (HRM) necessitates strong leadership commitment, corporate ethics and values, competence in performance management and a business policy founded on company’s vision, mission and goals (Armstrong, 2003). This is because (HRM) involves systems, policies, procedures and practices in dealing with employees. This review aims to provide an advice, an analysis, and to provide some recommendations about how to enhance Holland Enterprises Inc.’s compensation and benefit system. Holland Enterprises is one of the largest firms with 3,500 employees but is challenged on high turn-around rate of employees since 2007. The resignation phenomenon indicated...
6 Pages(1500 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Research Paper on topic Rationale on Tax Reforms and Benefit System Undertaken since Labour Come to Power in 1997 for FREE!

Contact Us