Reduce income tax to stimulate the economy

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Reduce income tax to stimulate the economy

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There have recently been calls to reduce VAT to stimulate growth. However this would be the wrong policy as the country is still in a state of de-leveraging (individuals and families as well as the treasury). The most responsible strategy is to reduce debt before encouraging spending. Therefore reducing the income tax rate will put more money in peoples pockets allowing families to pay off their debt faster whilst giving the option to spend more to those who have surplus.

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