National Insurance switch up
Tory MP Ben Gummer introduced a bill on Tuesday that outlines the need to change the name of National insurance to 'earnings tax' because the 100 year old levy is now misleading.
National insurance was first introduced by Prime Minister David Lloyd George in 1913 to pay for state pensions and other benefits. It has been decades though since the funds raised went solely into state welfare and this has led to National insurance being named as just another hidden form of income tax.
Mr Gummer is campaigning for more transparency in the tax system and the chancellor is said to be 'attracted to' the idea.
Gummer commented, "This would be a really good step forward in making what the Government takes from taxpayers clearer and simpler."
Quote taken from The Telegraph.
28.02.2014 - MCE Insurance
