- In 2006/07, government spending was £586.6 billion.
- In 2002/03, government spending was £420.8 billion.
- In 2006/07, income tax receipts were £152.5 billion.
In other words, if we returned to 2002/03 levels of government spending, we could abolish Income Tax for everyone, and still have £13.3 billion left over!
The £13.3 billion left over is enough to abolish, at 2006/07 figures:
- Inheritance Tax (£3.9 bn)
- Capital Gains Tax (£4.6 bn)
- Duty on Wine (£2.5 bn)
- Duty on Spirits (£2.3 bn)
For other comparisons, check out this selection of graphs at Politicalog. As Allan says...
New Labour are taking almost 41% more tax than they were 7 years ago. Where the fuck has it all gone?
Good question, Allan; a very good question. So, come on, Gordon, you one-eyed cunt of death: where the fuck has the money gone?
Does anyone out there think that we have got value for money? Or would you prefer to have what is taken from you in income tax in your back pocket instead?
UPDATE: if we returned to the level of government spending in 2001/02—which was £389.3 billion—we get an extra £31.4 billion to spend.
With this money, the following taxes could be abolished (and we would still have £300 million in the pot—this is not quite enough to abolish the Aggregates Levy (£339 million)):
- Petroleum Revenue (£1.6 bn)
- Tobacco Duty (£8.1 bn)
- Beer Duty (£3.2 bn)
- Cider/Perry Duty (£0.2 bn)
- Stamp Duty (£14.3 bn)
- Betting & Gaming Duties (£1.4 bn)
- Insurance Premium Tax (£2.4 bn)
This leaves us with only nine taxes left, the big ones being NICs (£95.1 bn), VAT (£80.0 bn), Corporation Tax (£49.5 bn) and Fuel Duty (£25.1 bn).
The remaining ones are Customs Duties (£2.4 bn), Air Passenger Duty (£2.1 bn), Landfill Tax (£0.9 bn), Climate Change Levy (£0.7 bn) and the Aggregates Levy (£0.3 bn).