Funding fair growth - Options for transforming the UK economy September 2023

The same survey found the median response for where people think the tax-free inheritance threshold should sit is around £300,000 (smaller than the existing threshold).22 Their study also found that the public is, in principle, more accepting of inheritance taxes levied on those with high levels of wealth.23 The problem, of course, is that the current system leads to tax avoidance amongst the very. [...] For instance, the Jimmy Carter government introduced an EPT in the 1980s, in response to profiteering by oil companies in the backdrop of the first oil crisis and deregulation of the oil market. [...] The tax was based on the difference between what the government earned from privatization and what it would have received if the significant profits that the privatized utilities actually made after privatization had been taken into account.44 With the exception of the US EPT of the 1980s, major historical examples of windfall taxes have helped to raise considerable amounts of resources without si. [...] More spending is needed to prevent the collapse of essential public services like the NHS, but debt is high in the wake of the Covid-19 pandemic and the cost of borrowing is rising. [...] In its extensive volume on devolution and inclusive growth, the OECD summarises that much of the success of fiscal devolution depends on the country in question, the quality of its institutions and the internal political economy constraints.106 Also focusing on the strength of local institutions in Europe, Economists Rodríguez-Pose and Muštra find the quality of local and regional government is a.