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By prospect   June 2005

Bad idea for George OsborneThe idea of a single “flat” rate of tax, applying to all income above a threshold, is back in fashion on the right, and has even been adopted in parts of eastern Europe. George Osborne, new Tory shadow chancellor, should not be tempted. Consider the effect it would have here. Today there are 30m British taxpayers. If the threshold was set at £10,000, around 13m would have no tax bill. To raise, from the remaining 17m, the same amount of tax as was actually raised in 2004-05, the flat tax rate would need to be 31.5…

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