Income tax

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FOR THE UNION FOR INDEPENDENCE

As an independent country, Scotland would only be able to sustain its economy through a rise in taxes, or a cut in public spending.[1] Much of the economic future of the country remains uncertain as it is reliant on several factors such as – the percentage of debt it will carry over from the UK, yearly oil revenues, and rates of immigration.[2] The Institute for Fiscal Studies has stated that, even considering the best outcome of these variables, Scottish people would be worse off than the rest of the UK.[3] Westminster has predicted a 9% rise on the basic rate of income tax, equating to £1,000 per person, per year.[4]

References

  1. http://www.ifs.org.uk/pr/Scotland_fiscal_18.11.13.pdf
  2. http://www.ifs.org.uk/pr/Scotland_fiscal_18.11.13.pdf
  3. http://www.ifs.org.uk/pr/Scotland_fiscal_18.11.13.pdf
  4. http://www.independent.co.uk/news/uk/politics/independent-scots-would-be-hit-by-1000ayear-tax-bombshell-danny-alexander-warns-alex-salmond-8963344.html

The Scottish Government has made no plans to increase taxes upon independence. It states there is no current necessity for such a tax rise; Scottish people will continue to receive the same level of public services as before independence.[1] The SNP will work on simplifying the current UK tax system it says is too complex, as it allows for too many exemptions in tax contribution.[2]

References

  1. Chapter 6: Finance and the economy, Scotland's Future, http://www.scotland.gov.uk/Publications/2013/11/9348/7
  2. Chapter 6: Finance and the economy, Scotland's Future, http://www.scotland.gov.uk/Publications/2013/11/9348/7