Tuesday, November 25, 2008

The UK just HAS cut its GST

Details here.  Stephen Koukoulas thinks we could too

"VALUE Added Tax (VAT) has been cut from 17.5 per cent to 15 per cent as part of the £20 billion "fiscal stimulus" package to encourage spending and spur economic growth. The reduced rate will operate from Monday for 13 months...

INCOME tax on the highest-earners – those who make at least £150,000 a year – will be raised to 45 per cent. The new tax band will come in from April 2011. By announcing a deferred tax rise, the Chancellor is attempting to outline how he will make up the borrowing he is doing now."