Poll: Should this bill be passed into law?
As many are of the opinion, Aye (15)
34.09%
On the contrary, No (24)
54.55%
Abstain (5)
11.36%
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cranbrook_aspie
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V1214 - Capital Gains Tax Bill 2017, TSR Libertarian Party



A

BILL

TO

Abolish Capital gains tax







1 Abolition
(1) Capital gains tax is hereby abolished

2 Repeals
(1) Section 19 of the 1965 Finance Act is hereby repealed
(2) Section 20 of the 1965 Finance act is hereby repealed
(3) Section 21 of the 1965 Finance Act is hereby repealed
(4) The Taxation of Chargeable Gains Act 1992 is hereby repealed

3 Extent, Commencement & Short Title
(1) This Act extends to the United Kingdom.
(2) The provisions of this Act come into April 6th 2018
(3) This Act may be cited as the Abolishing Capital Gains Tax Act 2017

Notes:

Spoiler:
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Capital formation is the key to long term economic growth.The capital gains tax is a form of double taxation. After an individual earns an income they should be free to save and invest however the capital gains puts them off doing this and taxes them twice. The government is penalizing people for doing what is best for society and what is best for growth and the economy.

The capital gains tax is so poor that it does not account for inflation so even if you lost money in real terms, the government tax you more and increase your losses. If you buy stock and it goes up in price, a stock goes up in price because there is a market expectation that it will generate future income. This future income however is taxed by corporation tax and income tax. The capital gains tax is an additional tax.

Most capital gains represent double taxation on the difference in the present value of expected future income between the dates of purchase and the sale of the asset. This is already effectively taxed and so presents an obstacle to the efficient reallocation of capital assets within the economy.

The capital gains tax is unnecessary and hinders the economy.

A one percentage point increase in the rate of the capital gains tax was associated with a 3.8 percent reduction in venture capital funding.

The capital gains tax discourages entrepreneurship, savings and investment and so reduces economic growth.

It also distorts capital markets by encouraging individuals to hold on to assets rather than selling them. In addition it channels funds into tax-exempt assets rather than those with the highest return. The sheer number of exemptions introduced by the government shows it is a bad tax and damaging.

It is time to follow other countries footsteps ,stop this theft and abolish the capital gains tax.
The Institute of economic affairs advocates to scrap the capital gains tax and you can see their reports and reasoning here and here and here

https://www.forbes.com/sites/danielm.../#50f426cf3b0a

https://iusbvision.wordpress.com/six...-be-abolished/

Costing:
According to the Ifs , the capital gains tax raised £7 billion tax. You can see their survey of the UK tax system here.

1965 Finance act:
http://origin-www.legislation.gov.uk...?timeli ne=true

Taxation of chargeable gains act 1992:
http://www.legislation.gov.uk/ukpga/...ntents/enacted



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cranbrook_aspie
Badges: 19
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#2
Report Thread starter 2 years ago
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Order!
The Ayes to the right, 15.
The Noes to the left, 24.
Abstentions, 5.

I think the Noes have it! The Noes have it! Unlock!!
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