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abolish flat rate Post Review

Forgive all debts due to illegal banking, and government activities. Abolish income tax. Abolish IRS creates flat rate non-essential “new items only” sales tax revenue for government(14-18%). Increase benefits to senior citizens. Return constitutional law. Release all cures.

@walls2 @LeoVaradkar @DaraMurphyFG Meanwhile revenue are planning to reduce or abolish flat rate expenses for paye workers. Basically another pay reduction for those on massive incomes like healthcare workers !!!!!

Hammond:"We will shut down inappropriate use of flat rate VAT scheme,abolish shareholder status &penalty for tax avoidance" #AutumnStatement

Moving to abolish the flat-rate VAT scheme may hurt independent contractors. #AutumnStatement

Cut income tax tons flat-rate 10% and abolish the NHS, instead adopting a system that actually works. Like just about every other country on Earth, where insurance-based systems means no waiting. Not months Not weeks Not even, in most cases, days. Just treatment, when required

If we can't abolish rent then fine: Flat rate, no increase ever even for inflation. If that's not the goal of rent control, then what the hell is it really controlling? We're giving the landlords way too much leeway to fuck us over by moving goal posts around like this

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YES! RT @omnologos: Don't blame the richest 400 who play the rules. Abolish the rules. Flat rate now! @directorblue @SenatorSanders...

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abolish flat rate Q&A Review

What if income tax is abolished for all and everything you buy has a flat tax rate (say 30%)?

Flat rates are great if you earn a lot of money because you have a surplus of income after you pay out your costs for housing, education, transportation, utilities, recreation, groceries, insurance, health care, dining out, and other expenses. They suck if you're at or near the poverty level because after paying out housing, transportation, groceries, and utilities, you may not have enough left to pay taxes, insurance, health care, entertainment, dining out, and other expenses that others don't struggle with. Is computing your income tax that difficult?

Why not abolish taxes except for sales tax, and prohibit the government from taking loans it cannot afford to pay?

Sales taxes are generally within the jurisdication of the state and local governments. Sales taxes are generally considered regressive in nature as are any and all flat rate taxes. The federal government would need a 23% rate to make this work. ,FairTax Throw in the state sales tax and now in many jurisdiction you are looking at a 30% tax rate or more.

Why are petrol prices rising in India?

Short answer:-, Petrol price = cost price (procuring + refining + marketing) + tax (central + state) Cost price = f(international crude price) International Crude Price = f(Supply, Demand, Government policies, Financial Institutions, Geopolitics) International crude price is rising, therefore cost price is rising thus increasing the petrol price. What is government doing about it?, Passing the international price rise on to the consumer slowly since it wants to move towards market determined price. Can this price rise be controlled?, Yes and No. Yes, if government is willing to reduce its revenues from the taxes on petroleum No, if it decides to pass on the price increase and maintain its tax revenues. Will the government reduce its tax revenues?, No, since oil revenues form a major chunk of government revenues (~35%) and there is no substitute to this revenue in the short run. So in the short term petrol are bound to increase. Why only petrol price is increasing as compared to diesel, LPG, Kerosene?, Since the consumers of petrol are mainly middle and higher classes (as per income or expenditure), therefore these consumers have higher ability to absorb price rise. Why not diesel and Kerosene?, Food prices are directly tied to diesel prices. Kerosene is mainly used by rural poor. So their ability to absorb the price rise is lesser. Therefore the government chooses to pass on the international price rise (without reducing its tax revenues) in petrol first. *Justifications and data supports can be found in the long answer. ,Long version Answer:- Importance of problem:, Domestic consumption of petroleum products in 2011-12 registered a growth of ~5% (,as compared to ~8% GDP growth,). Based on domestic consumption of petroleum products, import dependence for oil in India was 76% in 2011-12 and based on the relative growth in demand and production, it is estimated that oil dependence will be as high as ,85 per cent in 2020,. In terms of spending, as a country we spend, around ~ 80-90% of import bill on petroleum products. The ,private vehicle ownership in India is growing at CAGR of 12%, (two wheelers).71% of non-transport vehicles are two wheelers, which run on petrol. Also two wheelers continue to sell roughly 7 times every car sold within the country. Two wheelers essentially provide mobility to the aspiring class, the climbers and the middle class. Our freight transport (direct linked to inflation) is dependent on Diesel as following figure shows:- ,Figure 1:Share of Road and Rail Freight in India, Given this one can imagine why the ",Low Carbon Strategies for Inclusive Growth", document (which is THE guidance document for 12th five year plan) has given suggestions from multilevel interventions including dedicated freight corridors in stead of road networks, special provisions for non motorized transport etc. ,Context: Import Parity Pricing System to Administered Price Mechanism System:-, On 16th March, 1974, the Government appointed Oil Prices Committee (OPC) under the stewardship of Executive Director, Reserve Bank of India. OPC recommended discontinuance of the import parity pricing system and introduction of a pricing system based on domestic cost of production. ,Their recommendations have led to the shift to Administered Pricing Mechanism (APM),. The major reasons cited by OPC for a complete move away from import parity pricing to APM were as follows:-The import of products constituted less than 10% of the total demand of the country and with the continued increase in the domestic refining capacity, the share of imported products was expected to come further down. The export of products from Middle East constituted only about 5% of the total export of crude oil and products and hence, the posted price of the products did not reflect prices appropriate to Indian conditions. The APM regime:,- APM continued through the late 1970s, 1980s and mid 1990s. But the explosive growth in the late 1990s required the Government to call for funds from private and international investors. Accordingly, the Government, in 1995, set up an industry study group under the Chairmanship from BPCL to prepare the blue print of the ,deregulation and tariff reforms, required in the oil sector. The group’s recommendations were approved by the Government, in principle, in September, 1997 and further action was started by appointing an “Expert Technical Group (ETG)” to study the phasing and tariff structure of the oil sector. MOP&NG recommended, inter-alia, the following:- There should a phased deregulation of the sector spread over a period of four to five years, culminating in total deregulation by 1.4.2002. The first phase should encompass full deregulation of upstream/ refineries and partial deregulation of marketing sectors Changes in tariff structure may be done over the transition phase, keeping in mind the equilibrium to be maintained between the Governments’ revenue needs, necessity to keep low consumer prices and the need to increase the profitability of the companies. Subsidies should be phased out gradually to within acceptable limits which will be provided through the budget. Deregulation and tariff reforms:,- Accordingly, in the first phase (effective 1.4.1998), APM was dismantled for the upstream and refining sector and a partial deregulation took place for marketing sector. Subsequently, effective 1.4.2002, the Government announced complete dismantling of APM. In April 2002 ,India abolished the Administrative Pricing Mechanism (APM), controlling the domestic price of petroleum products in India. Under the APM, product prices were directly administered by India‟s Central Government based on an opaque and complex „cost of operating capital plus‟ formula. Because of the importance of LPG and kerosene as cooking fuels to poorer strata of India‟s population, flat-rate subsidies funded from Government‟s budget were renewed, however these were to be phased out between 2005 and 2007 (not yet phased out) [1]. Under the new regime, Oil Marketing Companies (OMCs) would be free to set retail product prices ,based on an import parity pricing formula,, under the supervision of a petroleum sector regulator. Hence it was expected that retail prices for petroleum products (including prices for domestic kerosene and LPG) would therefore fluctuate with changes in the price of India‟s crude basket. However, as depicted in Chart 1, however, this has not been the case. Now this transition phase of deregulation became even more unbearable because of sustained price increase in crude oil prices from year 2004. Market Structure: Typically the petroleum industry has three tier structure: Upstream explorers/miners, Process industry/refineries and OMCs/ retailers. In Indian case, process industries are mostly the OMCs e.g. BPCL, ONGC etc. Because, of which when international prices continued to climb, the losses incurred were partly mitigated through refining margins making it difficult to ascertain the net position. There are couple of shock absorbers between international crude prices and domestic petroleum products. The absorbers can be seen in following equation: Cost price for OMC [Crude oil price + value addition (refineries) price] + taxes ,>, Domestic petroleum product selling price----imbalanced equation Essentially, GoI on one side increasingly restricting the ability of OMCs to increase prices, in order to protect Indian consumers and simultaneously trying to keep the taxation at same level even with increasing international prices for Crude Oil. As a result of which, by mid-2004, the post-APM model of product pricing had been effectively abandoned, with the Central Government once again centrally sanctioning upward price revisions. Since 2004, retail prices for petrol and diesel have been revised upward less than ten times by the Central Government, while LPG and kerosene prices have remained effectively fixed. ,Imbalanced Equation (Under-recoveries): Under-recovery is a notional measure representing the difference between the trade-parity cost of refined product paid by OMCs and their realized sale price. Following figure makes this picture more clear: The key fact is that Indian domestic product prices have not risen in line with the sharp increase in international crude prices that has occurred until recently since 2004-2005, and, as such, have placed a significant subsidy burden on OMCs. As a result of which, between April and December 2008, India‟s three key OMCs lost between 43 per cent and 25 per cent of their total net worth. How Central Government is managing business friendly environment in OMC market? (i.e. Dealing with Under-recoveries) 1. Equitable Burden Sharing Mechanism (EBSM):, In order to lessen the burden of under-recoveries, GoI developed the Equitable Burden Sharing Mechanism (,EBSM,). Under this system, it was agreed that India's upstream public oil companies (Oil and Natural Gas Corporation (ONGC), Oil India Limited (OIL)) would shoulder one-third of the burden of under-recoveries. This total was to be appropriated by the Central Government through suitable adjustment of the cess surcharge borne by ONGC and OIL. In practice, however, the GoI has been increasingly unwilling to burden ONGC and OIL with one-third of rapidly escalating under-recovery costs. 2. Oil Bonds, Central Government to increasingly issue off-budget 'oil bonds' as a means to address the impact of current product pricing practices on OMCs. Oil bonds have, since 2007-2008, become the key fiscal tool for 'solving' the petroleum pricing issue. In 2008-2009, GoI is expected to issue just over ,$US20 billon in oil bonds to OMCs,. with OMCs struggling to generate the foreign exchange (forex) liquidity necessary to purchase imported inputs –GoI has asked the RBI to make ,bond-for-forex swaps at prevailing market rates,. As the situation stands, however, the losses made by OMCs on bond values only serve to heighten the fiscal impact of India's current petroleum pricing regime. As bond values fall and OMCs ability to use these assets to absorb the impact of under-recoveries lessens, the GoI is inevitably forced into yet further rounds of debt issuance. 2. Rationalization of Taxes and Duties, Clearly, given a centrally administered retail price for petroleum products, a ,reduction in the proportion of realized prices that are made up by tax,, will reduce the under-recovery accruing to OMCs. By June 2008, the Central Government had brought ,excise tax on petrol down, from 26 per cent ad valorem plus Rs.7.50 per litre (as at end-2004) to a flat rate of Rs.13.35 per litre, and ,excise on diesel had been reduced, by a similar magnitude. ,Excise on LPG and kerosene was reduced, from 8 per cent and 16 per cent respectively in 2004 to nil by mid-2008. Between 2004 and June 2008, the Central Government also ,reduced customs duty on imported petrol and diesel, from 20 per cent ad valorem to 2.5 per cent. This is after ,abolishing custom duties on LPG and kerosene in early-2005,. ,Customs duty on imported crude oil was reduced, to nil in June 2008. The subsidy for the four products was not part of the Government budget but came out of the so-called oil pool account. The ,oil pool account, was funded by surcharges on petroleum products to be dispensed in times of rapidly increasing international prices and re-filled during times of lower prices. With the beginning of the new FY on 1 April 2002, the APM and with it the oil pool account was abolished. 3. Vertical Fiscal Imbalance Glitch:, Petroleum products are taxed both at the level of the center as well as at the level of State and local bodies. Central duties consist of customs and excise. Customs duty, consists of basic customs duty + duty of customs aka countervailing duty (CVD) [2]. While the Central Government has shown a willingness to cut into revenues to help deal with petroleum pricing issues, ,State Governments have been mostly unwilling, to undermine this reliable, inelastic source of revenues. Excise duty is levied on all petroleum products by the Centre whereas State Governments levy sales tax on them. While States have almost uniformly moved from an ad valorem sales taxation structure to a flat-rate structure (in order to reduce pressure on prices in times of rapidly increasingly crude costs), they have aimed to ensure that total revenue has not been undermined. Also, within states local government units and municipalities cities can levy extra charges on petroleum products. Rangarajan Committee observes that sales tax collection from oil sector have consistently been contributing to a third or more of the total sales tax collections of states thereby burdening the consumers as well as building an ,undesirable dependency, ,at the state level for revenues on a single sector. By cutting taxes the Central Government therefore risks undermining a crucial source of revenue – which may be spent in support of basic developmental programs – while providing only a very partial and incomplete solution to the issue of petroleum pricing in India. In fact, by cutting taxes it at once undermines its ability to fund the rapidly increasing outlays required to support the subsidies regime reducing taxes now will make it very difficult for successive Indian Governments to raise taxation rates on petroleum products again – depriving policymakers of a key demand-side management and environmental policy tool. Petroleum basket of India: Major other products from basket are: Diesel, Kerosene and LPG. Basically passing the shock in international crude oil to any individual petroleum product domestically depends upon 1. end user of which product can absorb the shock and to what extent [3] and 2. GoI is committed to protect economically vulnerable and weaker sections of society by providing life-line energy at affordable prices to achieve inclusive growth and other Millennium Development Goals (MDGs). In this context following figure shows fuel share for cooking activity in India: The same survey also find that, for both urban and rural India, fuel and light took up 10% of total consumer expenditure, together these two facts explain the need for such an objective in policy planning. Hence subsidies for these two cooking fuels are considered an important social instrument to help poorer households shift from biomass to modern fuels. OMCs were not given any honeymoon period of market based retail pricing. Right after abolishment of the APM, they were “advised” by the Government, who is their majority owner and the de-factor sector regulator, to consider the social implications of adjusting retail prices for kerosene and LPG in line with the import parity principal. GoI has decided that the subsidies on these products will be on a specified flat rate basis for each Depot/ Bottling Plant and will be met from the fiscal budget. After providing for the aforesaid subsidy, the retail prices would then vary as per changes in the international oil prices. ,Few initiatives which can provide long term benefits:-, fuel shift (Hybrid, CNG, non-motorised transport) modal shift (road freight transport to rail freight transport) Energy Efficiency (vehicle fuel economy standards) Demand side management (car pooling etc.) Better targeting of Subsidies ( subsidized Kerosene for only BPL families, and subsidized LPG for only domestic purposes) [4] Implementing a unified Goods and Services Tax (GST) across the country on petroleum products. ---------------------------------------------------------------------------------------------------------- Foot notes:, [1]: why not phased out?=> refer to section ',Petroleum basket of India', [2]: CVD is equivalent to the excise duty on the same product produced domestically. [3]: while international prices for petrol increased by about 140% between 1 April 2002 and 31 March 2005, Indian retail prices for petrol increased by only 64%. For diesel the Indian retail prices increased by 83% while the international price increase was 175%. Over the same period LPG prices increased by about 23% whereas international LPG prices rose by almost 150% in the same period. Most drastic is the comparison for kerosene, where retail prices increased by less than 1% while international prices increased by almost 200%. [4]: Much of the highly subsidized products were diverted from their originally intended usage: instead of supporting poor families to move up the fuel ladder and to slowly integrate into the modern fuel economy, subsidized LPG and kerosene found their way into restaurants, cars and tricycles and was smuggled across the border into neighboring countries. A recent Government study found that only 20% of LPG and 62% of kerosene is actually consumed by the intended population group: families living below the poverty line and primarily in the rural areas. The study made by NCAER has pointed out the diversion of PDS Kerosene to be in the order of about 38 percent. Government has recently, in principle, accepted the recommendations of the Rangarajan Committee that subsidy on PDS Kerosene should be restricted to BPL families, for which detailed implementation modalities are being finalised. This will help in reducing the subsidies by 41%. ,References:, http://pib.nic.in/archieve/others/2011/aug/d2011080101.pdf http://planningcommission.nic.in/reports/genrep/index.php?repts=report_carbon.htm http://pib.nic.in/archieve/others/2011/aug/d2011080101.pdf http://sanhati.com/wp-content/uploads/2010/07/surya_sethi_epw2010.pdf http://www.iea.org/work/2006/gb/papers/petroleum_product_pricing.pdf http://mospi.nic.in/mospi_new/upload/nsso/63R_1.0.pdf http://www.acts.or.ke/dmdocuments/PROJECT_REPORTS/Status%20Report%20on%20Use%20of%20Fuelwood%20in%20India.pdf http://morth.nic.in/writereaddata/linkimages/SSL_RoadTransport2006_07_Book292768426.pdf ---------------------------------------------------------------------------------------------------------------

Is it true that starting 30 March 2019, most products in the UK will be cheaper by 20% by removing VAT as Brexit campaigners promised before the referendum?

If you are old enough to remember, like me, you will know that before we joined the Common Market back in 1973, we had something called Purchase Tax. It was charged at the point of manufacture and distribution of goods, not at the retail end of the supply chain, and was levied on all "non-essential" goods. The rate started at 33% at the outset during WW2, was raised to 100% in the latter part of the war and then reduced back to 33% in 1946. At the time we joined the Common Market, it was 25%, and it was abolished when VAT was introduced at a flat rate of 10% but covering goods and services, together with the resale of second-hand goods by VAT-registered businesses, in 1973. Once we have left the EU, then the government of the day could abolish VAT (if we are no longer in a customs union with the EU) but given the Exchequer's needs, it would obviously have to be replaced by a new tax which brings in roughly the same tax revenues.

What was the poll tax in Thatcher era UK?

What defined the poll tax was it was a flat rate tax. A millionaire paid the same as a binman up the street. This is why it was so unpopular. It was seen for what it was, free market ideology gone too far. Flat rate taxation as a principle is understandably unpopular amongst ordinary voters. It ultimately brought down Thatcher. It was her policy, she claimed it and when it became obvious it was hugely unpopular she refused to backtrack. Her party realised it would cost them the next election so they toppled thatcher and John major replaced her, who promptly abolished the hated tax. It resulted in a huge drop in registered voters, as the electoral roll was used to identify the local tax payers. Hence the nick name that stuck ‘poll tax’. It also had historical resonance as the last time a poll tax was introduced in Britain it resulted in the peasants revolt of 1381. It was a tax on living. It also resulted in an explosion of riotous violence by the great British public. A huge anti poll tax march in central London turned ugly and there was a day and night of rampaging destruction through Trafalgar Square and surrounding areas. I know. I was there. This event was a sign of how much the poll tax was hated. It scarred the tories for years and has meant no party has attempted to grasp the nettle of how to efficiently and fairly fund local government since.

Do any fellow libertarians find the Libertarian Party to be a joke?

It is, and the joke is on us. There is an inherent paradox in trying to establish a strong Libertarian Party. The libertarian message needs a voice, and in today’s political climate, that voice won’t be heard without better organizing than has been done in the past. However, libertarian thought is strongly individualist, so you’re dealing with a group of individuals who are going to be more reluctant to organize and who are going to more openly critique people who want to be “in charge” of the party. Personally, I think the LP has a few very specific internal hurdles to get past before they can hope to become more effective on the national stage: Quit harping on the legalization of drugs. While the position isn’t necessarily wrong, the party comes across as a bunch of potheads who don’t have serious political thoughts. Gary Johnson didn’t help with this at all. I’m not saying they should change their position, just quit acting like it’s the most important aspect of libertarian philosophy. Find a middle ground on abortion. The party’s official platform tries to sound neutral, but effectively endorses the legalization of abortion. There are many libertarians who consider a fetus to be a living being, such that abortion becomes a violation of the NAP. The libertarian movement is growing in large part due to conversion of traditional conservatives, but many will be put off by the abortion issue. I think a reasonable middle ground is to return the issue to state and local control, rather than to simply declare that the gov’t can’t interfere. Present a willingness to compromise. The delicate art of politics is largely about negotiating an acceptable middle ground, but libertarians tend to be so stuck on their principles that they can’t play effectively in the proverbial sandbox. This is especially important in areas of foreign policy/military activity and tax reform. Sure, it is nice to think that if we quit trying to play world police, then all our enemies would leave us alone and we can all start singing Kumbaya. However, there are very real threats to us and our allies that won’t go away if we just decided to bring all the troops home next week. I thought Rand Paul (yes, he’s a Republican, but about as libertarian as any major national politician) did a reasonable job during his 2016 campaign of trying to say that we’re too engaged, but we can’t simply disengage from everything at once; he was trying to contrast himself with the war-hawks in the GOP, but got crucified by libertarians for being too hawkish himself. The LP platform on tax reform calls for a repeal of the income tax, abolishing the IRS, etc. This is a bridge too far for most Americans, especially as it does little to outline exactly what taxes they would endorse. I don’t think it is a betrayal of principle to state that these are long term goals, but in order to achieve them step-wise, the LP could support a flat-rate income tax, closing tax loopholes, and other things that people can more easily envision. Once those steps are taken, then you get rid of tax withholding. You take the IRS apart piece by piece. Then, when you’ve shown the American public that those things work, the shift to a consumption tax isn’t so hard. There is definitely a growth in public awareness of libertarian politics. If the LP wants to capture that and help pull our governance in a more freedom loving direction, they need to be better leaders. They need to do a better job of representing libertarian philosophy, but understanding that compromise and step-wise improvements in our situation are better accomplishments than standing at the sidelines and whining as the country marches towards socialism.

With the electrification of the car industry around the corner why would any young person aspire to be a car mechanic?

It's not just the electric cars that are keeping young people away from the industry, it's the crappy pay and lack of benefits. I quit working on cars for a living ten years ago and it was the best thing I ever did. We will still need mechanics in the future. Just because the power train won't require much in repairs, the rest of the car is virtually the same as a regular vehicle. Suspension components, HVAC, power windows, etc will all fail and need to be diagnosed and repaired. In fact, that's much of a mechanics job today; engines are very reliable today. The pay just needs to be adjusted and the flat rate system abolished. It was fine decades ago but with the constant need for extensive diagnosis on modern vehicles, flat rate just rips off the mechanic.

Does the universal basic income idea sound similar to socialism?

A UBI, or universal basic income, is required to maintain the economy. ,Policy brief: Would a universal basic income reduce poverty? Increased automation and offshoring has decimated the incomes of Americans. The middle class has steadily declined since 1980. 2. Inflation has caused prices for the essentials to be very high. 3. Wages have remained stagnant. When inflation is factored in, Americans make $17,000 less than they did in 1979. 4. It has been argued that inflation would simply increase and make the UBIworthless. However, small scale experiments have been performed to test this issue. The results were surprising. There was no significant increase in inflation when UBI is implemented. A new study debunks one of the biggest arguments against basic income Richard Wolff is a top economist. Here is his response to UBI: “…. As other commentators have pointed out, in capitalism there are basically two sources of income: labor and property. Labor incomes include wages, salaries, fees for services rendered etc. Property incomes include rentals, profits, dividends, interest, capital gains and so on. The key point here is that capitalism already dispenses income to people ,unconnected with their work., ,So UBI would NOT be a new ideas in the sense of disconnecting income from work. What UBIdoes is make that disconnect universal, for everyone rather than just for owners of income-earning property (usually a small minority of the population). If we do not believe that providing income without requiring work to property owners has not dampened their incentives to be socially productive, I see little reason to worry about that in regard to universalizing such a basic income distribution so everyone gets it. The way to do this is also simple: tax property income and distribute it equally to all persons. Framed in that way, yes, UBI could be a step toward the next system, toward doing better than capitalism Paul Krugman’s opinion on the UBI: ,Krugman's Argument In Favor Of A Universal Basic Income CRITICISMS AND MARXIST ANALYSIS A UBI still maintains capitalism, which is oppressive. ,The majority of the profits from the automated workers will still go to the owners,. A UBI could be used as a, social control measure to keep people from revolting and asking for more,. The UBI could be susceptible to adjustment for political reasons. A UBI might discourage people from achieving an even better system—communism. If the proletariat seized the means of production—the robots—then they could abolish capitalism altogether. The value created by the robots would be shared. The gains in productivity could mean less or no working for humans. The opening up of leisure would eliminate the alienation caused by labor that is oppressive by its own nature. Human beings would be free to learn musical instruments, paint, and become better people. This is a goal of Marxism. This part is good. Marxists have voiced serious concerns about the UBI. ,The False Promise of Universal Basic Income | Dissent Magazine Another problem would be if the UBI were given as a flat rate as a substitute for other forms of assistance. Not everyone has the same level of need. Someone might be facing homelessness, mental health issues, and have more serious needs. A flat rate that replaces other services might be a real detriment to someone like that. The worst aspect of it is that it is used as an, excuse to privatize public services, which is against the very fabric of civil society. It is used to put chains on people instead of free them.

What would be your suggestions for budget 2021?

I do not like to day dream. The Modi-Sitaraman sarkar is incapable of doing what it needs to do. What it should do: Monetary Policy:, Pay out interest to depositors at 4% for deposits at call (Savings Bank etc) and 9% for term deposits beyond 35 months. Charge interest (prime lending rate) at 12%. Manage all Bank establishment costs within this spread. Abolish all banking charges for essential services such as opening and closing accounts, issuing cheque books, and remittances. Fiscal Policy:, Abolish personal income tax for incomes below 15 lakhs per annum. Above that hold income tax to 10% per annum. Tax incomes above One crore per annum at 15% and above ten crores per annum at 30%. Apply GST at a flat rate of 10% on all goods and services that are not imported. Abolish Excise, Tolls and cesses. Establish and pay out a Basic Minimum Income of Rs 15, 000 per month for all citizens above 18 years of age, Rs 30,000 for all citizens above 35 years of age, and Rs 50,000 per month for all citizens above 65 years of age. Administrative policy:, Repeal all draconian laws and threats to revenue contributors and move from an adversarial construct to a collaborative construct. Simplify all forms and procedures until there is no more than ten fields for tax payers to fill. Establish and enforce performance standards and accountability for all Government and Public sector employees (including Banks) Proscribe all non essential Government and Public Sector expenditure. Declare austerity. Cut Government pay by 50% at higher levels, 30% at middle levels and 15 % at lower levels. Strictly curtail perquisites and use of facilities (such as phones, vehicles, cavalcades, sumptuaries, etc with reasonable but tight budgets). Repeal 50% of all laws and retrench 50% of all Government, Quasi Government and Public sector employees. Make Bribe taking” a cognizable offense with seven years Rigorous Imprisonment, decriminalize bribe giving to encourage whistle blowing.