What leaning does the government that introduced the Windfall Tax have?
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Windfall Tax (United Kingdom) The Windfall Tax was a tax on what were claimed to be "the excess profits of the privatised utilities" and was introduced by the Labour government of Tony Blair in 1997. It followed from their manifesto commitment made during the 1997 general election campaign to impose a "windfall levy" on the privatised utilities. The tax came after 18 years of Conservative government, which had seen the privatization of many state-owned assets, at prices which many considered too low. It aimed to "put right the bad deal which customers and taxpayers got from the privatisation of the utilities". The tax produced an estimated one off income to the government of £5 billion, which was used to fund the New Deal, a welfare-to-work program that sought to tackle long-term unemployment, as well as providing capital investment for schools and the University for Industry (Learndirect).
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Labour Party (UK) The Labour Party is a centre-left political party in the United Kingdom. It has been described as a broad church, bringing together an alliance of social-democratic, socialist and trade-unionist outlooks. The party's platform emphasises greater state intervention, social justice and strengthening workers' rights. Labour is a full member of the Party of European Socialists and Progressive Alliance, and holds observer status in the Socialist International.
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Minister of Finance (India) The Minister of Finance (or simply, finance minister) is the head of the Ministry of Finance of the Government of India. One of the senior-most offices in the Union Cabinet, the finance minister is responsible for the fiscal policy of the government. As part of this, a key duty of the Finance Minister is to present the annual Union Budget in Parliament, which details the government's plan for taxation and spending in the coming financial year. Through the Budget, the finance minister also outlines the allocations to different ministries and departments. Occasionally, he is assisted by the Minister of State for Finance and the lower-ranked Deputy Minister of Finance.
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Income declaration scheme, 2016 Income declaration scheme, 2016 was an amnesty scheme introduced by Narendra Modi led Government of India as a part of the 2016 Union budget to unearth black money and bring it back into the system. Lasting from 1 June to 30 September, the scheme provided an opportunity to income tax and wealth tax defaulters to avoid litigation and become compliant by declaring their assets, paying the tax on them and a penalty of 45% thereafter.
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Taxation of Pensions Act 2014 The Taxation of Pensions Act 2014 is an Act of the Parliament of the United Kingdom that received Royal Assent on 17 December 2014, after being introduced on 14 October 2014. The purpose of the Act was to allow greater flexibility by removing certain restrictions relating to pension annuities becoming entitled on or after 6 April 2015 and authorising one-off pension payments not made through a drawdown fund.
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Tax treaty Many countries have entered into tax treaties (also called double tax agreements, or DTAs) with other countries to avoid or mitigate double taxation. Such treaties may cover a range of taxes including income taxes, inheritance taxes, value added taxes, or other taxes. Besides bilateral treaties, multilateral treaties are also in place. For example, European Union (EU) countries are parties to a multilateral agreement with respect to value added taxes under auspices of the EU, while a joint treaty on mutual administrative assistance of the Council of Europe and the Organisation for Economic Co-operation and Development (OECD) is open to all countries. Tax treaties tend to reduce taxes of one treaty country for residents of the other treaty country to reduce double taxation of the same income.
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Poll tax A poll tax, also known as head tax or capitation, is a tax levied as a fixed sum on every liable individual.
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Kepner Income Tax The Kepner Income Tax is an approach to taxation, suggested in the United States, that would collect on a progressive income tax (with no deductions, credits or exemptions) and an estate tax. It would repeal the corporate tax and payroll taxes (including Federal Insurance Contributions Act tax (FICA)). All income, from whatever source, would be taxed the same (i.e., whether income from wages, dividends, interest or capital gains). The plan was proposed by Hayden Kepner of the law firm Arnall Golden Gregory. Kepner states that such a tax system would be transparent, easily understandable, could fit on a post-card, and everyone who earns an income would pay taxes. The plan would expand the tax base and he suggests that it would have an incentive to keep federal spending at modest levels (under our current system, approximately 50% pay no income taxes and may not have the incentive to try to keep federal spending in control). The personal income tax would be made up of three progressive rates: 15%, 25%, and 35% (locked together to prevent raising of one rate without raising the others). The estate tax would apply an annual wealth tax of 1-2%, which would be similar to property taxes currently administered at the state level, but would include all property (i.e., stocks, bonds, real property) above a threshold amount.
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Futarchy Futarchy is a form of government proposed by economist Robin Hanson, in which elected officials define measures of national welfare, and prediction markets are used to determine which policies will have the most positive effect.
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Alliance for Progressive Government The Alliance for Progressive Government (APG), a political pressure group in the Isle of Man, was formed in 1991 as a grouping of members of the House of Keys (MHKs) who wanted to provide a coherent opposition to the Manx government. They were initially called the Alternative Policy Group, before changing their name to the Alliance for Progressive Government in 1998. At their formation they had five MHKs, and in the 1996 general election they had six members elected. Two more were elected at by-elections, giving them at one stage eight out of the 24 members of the House of Keys; but 3 MHKs resigned from the Alliance between 1996 and 2001. In the 2001 election they had three members elected (out of four candidates nominated).
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Center for Freedom and Prosperity The Center for Freedom and Prosperity (CFP or CF&P) is an American nonprofit organization that advocates for flat taxes, territorial taxation systems, and offshore tax havens. The organization and its subsidiary, Center for Freedom and Prosperity Foundation (a tax-exempt organization), publish studies and conduct seminars analyzing the benefits of jurisdictional tax competition, financial privacy and fiscal sovereignty.
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Voluntary taxation Voluntary taxation is a theory that states that taxation should be a voluntary act. Under the theory, people should have the option to pay taxes instead of being forced to pay taxes by their government. Under this theory, people would control how much they pay and where they spend it. The theory is a part of Objectivist politics and many libertarian ideologies. Proponents of some studies assert that individuals will give to government, paying voluntary taxes to support specific functions. Donations average 22 percent of an endowment to government, and 27 percent to private nonprofits, and are influenced by their cause, level, and perceptions of effectiveness and efficiency. State lotteries are an example of a voluntary taxation system.
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Pension Credit Pension Credit is the principal element of the UK welfare system for people of pension age. It is intended to supplement the UK State Pension. It was introduced in the UK in 2003 by Gordon Brown, then Chancellor of the Exchequer (and subsequently Prime Minister). It has been subject to a number of changes over its existence, but has the core aim of lifting retired people of limited means out of poverty.
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Commuter tax A commuter tax is a tax (generally on either income or wages) levied upon persons who work, but do not live, in a particular jurisdiction. The argument for a commuter tax is that it pays for public services, such as police, fire, and sanitation, received by and beneficial to people who work within the jurisdiction levying the commuter tax. Arguments against such a tax are that it acts as an incentive for businesses to relocate outside of the jurisdiction, along with their residents. In some cases, individual cities may be barred from enacting a commuter tax even though the state governments may impose a non-resident income tax. States may choose to enter "reciprocal tax agreements" to exempt non-residents from some local taxes.
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American Tax Funding American Tax Funding (ATF) is a private company based in Jupiter, Florida that engages in the purchasing and servicing of delinquent municipal real estate tax lien sales. Originally formed in 1997 as Transamerica Municipal Finance (TMF), a division of Transamerica Corporation. In August 2000 the founders completed a form of a management buyout of TMF, creating ATF. ATF currently buys and services real estate tax liens in over 14 states and has provided over $1 billion in relief to local governments. Many ATF tax liens are secured by either Wells Fargo Foot Hill or the Harris Nesbitt Corporation. The process of privatizing the municipal tax foreclosures process and outsourcing to out of state third party, for-profit, private companies has drawn criticism from housing advocates who argue that a for-profit tax foreclosure process leads to more foreclosures, displacement and vacancy. The other argument is that third party purchases of tax liens enables local governments to pay for essential services such as salaries for teachers, health care, police officers and firefighters. To date, no study has shown that the sale of tax liens to third parties leads to any increase in foreclosure activity. In fact, the sale of liens to third party purchasers often extends redemption periods and allows flexible repayment agreements for delinquent tax payers.
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Windfall (album) Windfall is Ricky Nelson and the Stone Canyon Band's country rock album from 1974.
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Fiscal burden of government In economics, the fiscal burden of government imposed onto its taxpayers is the influence of the tax levied on the purchasing power of the taxpayers.
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Loss of supply Loss of supply occurs where a government in a parliamentary democracy using the Westminster System or a system derived from it is denied a supply of treasury or exchequer funds, by whichever house or houses of parliament or head of state is constitutionally entitled to grant and deny supply. A defeat on a budgetary vote is one such way by which supply can be denied. Loss of supply is typically interpreted as indicating a loss of confidence in the government. Not all "money bills" are necessarily supply bills. For instance, in Australia, supply bills are defined as "bills which are required by the Government to carry on its day-to-day business".
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Northern Powerhouse The Northern Powerhouse is a proposal to boost economic growth in the North of England by the 2010-15 coalition government and 2015-2017 Conservative government in the United Kingdom, particularly in the "Core Cities" of Manchester, Liverpool, Leeds, Sheffield, Hull and Newcastle. The proposal is based on urban agglomeration and aims to reposition the British economy away from London and the South East.
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The budgetary rule The budgetary rule (Norwegian: "handlingsregelen" ) is a rule concerning the usage of capital gains from The Government Pension Fund - Global of Norway. The rule was introduced in 2001 by the First cabinet Stoltenberg to ensure that the sovereign wealth fund, with a vast majority of its dealings related to activities in the petroleum industry, would secure sustainable development for the future generations of Norway. The budgetary rule will thereby continue to yield in the future, even when the petroleum resources of the North Sea and other operational areas come to an end.
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Swiss Leaks Swiss Leaks (or SwissLeaks) is the name of a journalistic investigation, released in February 2015, of a giant tax evasion scheme allegedly operated with the knowledge and encouragement of the British multinational bank HSBC via its Swiss subsidiary, HSBC Private Bank (Suisse).
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Nanny state Nanny state is a conservative term of British origin that conveys a view that a government or its policies are overprotective or interfering unduly with personal choice. The term "nanny state" likens government to the role that a nanny has in child rearing. An early usage of the term comes from Conservative British MP Iain Macleod who referred to "what I like to call the nanny state" in the December 3, 1965 edition of "The Spectator".