Intelligence Squared cover image

The Intelligence Squared Economic Outlook, with Tim Harford, Part One

Intelligence Squared

ADVICE

Tax System Simplification

  • Periodically simplify the tax system to remove accumulated complexities.
  • Recognize that tax complexities arise from the search for targeted favors and backdoor revenue-raising methods.
  • Budgetary processes and political theater often incentivize complexity over straightforward solutions like broad tax cuts.
  • Consider Denmark's example of a flat 25% VAT on everything, which efficiently raises revenue and minimizes distortions.
  • Address concerns about low-income families through improved benefit systems or better work opportunities, not complex VAT loopholes.
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