Tax Loop holes Watch

bahjat93
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#1
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I am very interested in making the United Kingdom a better place and as the "youth" i believe that we should have an input in how our country is run.

I am interested in economics but unfortunately i don't study it, I presented a question to myself. "Why don't we simply outlaw tax loopholes for everyone?". My proposal would be, simply pass a law that makes it illegal for anyone to use a tax loophole.
If a company does use a tax loophole, should be fined, If it takes the government to court and looses it should pay for the court costs and the tax it owes should be paid in its entirety.
In order to enforce this we can perhaps build a different branch of the government who can enforce this or invest in our existing departments.

Can someone give me an answer to why this law wouldn't work, so we can try and discuss a better alternative

Notes:
  • Please don't say, it's because the government is run by corporations
    Don't say that the government is run by lizard people
    Please don't troll this article
    Finally, i am just doing this for my personal gain. This question has been on my mind for a while and wanted to know what a more informed reader has to say.
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Jonny360
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A tax loophole is legal. You can hardly fine someone for acting within the law.
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bahjat93
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(Original post by Jonny360)
A tax loophole is legal. You can hardly fine someone for acting within the law.
please read the content before commenting.
I stated, why don't we outlaw tax loop holes? Therefore making them illegal
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Jonny360
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(Original post by bahjat93)
please read the content before commenting.
I stated, why don't we outlaw tax loop holes? Therefore making them illegal
The government does, but there are new ones all the time. You can't pre-emptively outlaw them until you know they exist.
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Jonny360
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Also if they are illegal then they are no longer tax loopholes.
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gladders
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It's kind of like software patching. It can spot gaps, but in so doing may open up others. It has to get increasingly more specific and more rigid, which risks being more confusing and more ineffective.

Sometimes it ends up costing less and generating more income for the public purse to permit certain kinds of tax breaks.
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Quady
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(Original post by bahjat93)
please read the content before commenting.
I stated, why don't we outlaw tax loop holes? Therefore making them illegal
What's a tax loophole?
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JD1lla
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Wouldn't companies just re-locate to tax havens taking the jobs with them?
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