CCR2 Public sector debt
to pay in the case of income tax. The new FAC would not require any increase in civil servants or specialist taxation experts, since, when you buy an item or service, it would simply be a matter of adding 20% or 30% depending on whether or not you wish to pay in full at the time of purchase. If, instead, you decided to pay just part of
the price on credit, then the 10% would apply only to that part of the purchase. What could be simpler to work out, either electronically or mentally?
The results While some will be worse off financially because they continue to rely on credit unnecessarily, we anticipate that most people will elect to pay the smaller tax amount of 20% for most of their purchases and, that within six months to a year, they will have significantly reduced the level of their personal debt, with the added benefit of helping to improve the financial position of the collective personal debt of millions and that of the nation’s debt as a whole. Naturally, there may be special exemptions
– such as for the seriously disabled or chronically ill – but we cannot make too many exceptions. Otherwise, we would soon
September 2017
So, in proposing the FAC, with the intention of decreasing debt at both a personal as well as at a national level, the government may then be in a position to increase funding for vital services
be back to square one and persist in running the risk of another but avoidable financial crisis which, of course, would impact unfavourably on those most in need. So, in proposing the FAC, with the
intention of decreasing debt at both a personal as well as at a national level, the government may then be in a position to increase funding for vital services, for the benefit of the entire community. The adoption of the letters FAC, as well
as its 10% tax increase have involved a great deal of consultation at the highest
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levels. But after doing so, it has been decided that the figure of 10% – given that this is also a matter of personal choice – is not excessive. Also, that the abbreviation of FAC will be easily adopted, as has been the case with VAT, even though not all of you may recall the actual wording of the tax itself. Finally, some of our more cautious, more
traditionally inclined advisers, have suggested we ‘have another think’, and that a figure of 5% for the FAC will be better received, which can then be gradually increased to 10%. However, at present, we have ruled this out, as we do not want the new FAC to be regarded by hard-working men and women as a form of stealth tax, which I am sure that all of you will agree with. And, as far as the abbreviation of FAC is concerned, it has even been hinted, perhaps with just a bit of ‘tongue in cheek’, that it might come to be known in some circles as ‘that FAC-ing' tax, which after careful consideration, we have judged to be most unlikely. We, therefore, hope we can count on your votes during this forthcoming election, for it is important that we all pull together for a more solidly, financially-based fiscal Britain. Thank you and good night. CCR2
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