Pennies from heaven: What would you do with a windfall?
Leaders from all over the world are gathering in Washington to discuss the global financial crisis.
Prime Minister Gordon Brown is calling on them to agree a programme of coordinated tax cuts to prevent the global economy sliding further into recession.
But are tax cuts the answer?
Should the government introduce tax cuts in the forthcoming pre-Budget report?
If tax cuts are introduced - will you spend or save the windfall?
Apart from tax cuts - what do you think the authorities should do to reduce the impact of the recession?
Let us know what you think.
We asked for your comments, a selection of which are below. The debate is now closed.
MOST RECENT COMMENTS:
We borrowed our way into this mess. Who thinks that the answer is more borrowing? The government is now affecting the pound's strength by their borrowing and now to stimulate the economy i.e. us spending they are borrowing more. What are these people doing?
Andy , Fareham
Given tax cuts are part of a solution to the present crisis why does the government not set the personal allowance at a level which means anyone on the minimum wage and working a 37h week pays no tax? I.e. around £12,000. They would still pay NI. Given the argument the better off gain more by raising personal allowances there is a case for the above adjustment to be coupled with a 1% or 2% increase in higher tax band. This puts money in hands of the less well off but stops the better off gaining, even more. I understand the less well off are more likely to spend the extra income they would be allowed to keep and so the economy is stimulated.
Pete Wright, Tyneside
Brown while he was chancellor raised taxes to extremely high levels, screwed our pension schemes etc. Need I go on? He now needs to admit he was wrong and use the tax allowance to give this money back. He needs to at least double a persons tax allowance to at least £12K. This will help everyone, especially the low paid. He needs to reduce tax on fuel by 10p/litre to help everyone with their travel costs. And he also needs to scrap the tax on pension schemes to help them improve their positions and all our pensions. To help pay for this he needs to reduce the size of the civil service to 1997 levels, reduce overseas aid, and make sure that all MP's are given a pay freeze and pension freeze until the economy is back on the up.
Should the government introduce tax cuts? Yes, but they have no money to pay for them. If they hadn't spent the last 10 years increasing taxes but continually denying it then OK, but how Gordon Brown can lecture others about reducing taxes is laughable. If they hadn't over borrowed during the growth years they'd have money to give back now but all they can do is borrow money to give tax cuts and increase taxes massively in the next few years... a true lesson in incompetence
David Dunham, Hastings
Any tax cuts will have to be paid for at a later date by highly increased tax rates that will make stealth taxes look insignificant. Tax cuts will attract those that can only see a carrot in front of their nose but cannot see the price that will have to be paid for sooner or later, no doubt with a vengeance.
John Gilbey, Hockliffe
Any tax cuts should be given to the poorest. Bring back the 10% band but only for people getting below average wage.
M Roberts, Nottingham
As a country we have already got ourselves into debt by having too much personal credit spent on imported goods. Also this government has got the country into debt for the future with its PFIs, lending to the banks etc and has permitted the benefits culture to go on. (Even the pensioners' annual increases were based on the Consumer Price Index because it was cheaper than the other one - the RPI. Never mind that the latter was based on reality - Heh!Reality Price Index. Now it wants to give us tax credits so we go on spending! Pensioners will be spending tax cuts on paying our bills!
Many people would start buying and boost the economy, if VAT and other purchase taxes were cut for a defined period of time - or is that a too simple a solution? I must admit supporting spending by borrowing goes against the grain in my household. If you can't afford it today - there is no way you can afford it tomorrow.
Terry Hart, Swindon
Isn't it about time that the "temporary" increase of VAT from 15% to 17.5% by Mrs Thatcher to help pay for the Falklands War is reversed?
David Aston, St Albans
Tax cuts will not boost the economy when people's first concern is: 1. Unemployment 2. Losing their homes. Homeowners, have no "safety net" - if they lose their job or become sick. One has to wait 39 weeks to get help from the government towards mortgage payments! faced with this prospect - Gordon should help people in need with proper financial support! Any money saved in tax (v. small) - will be added to any savings as necessary to pay essential living expenses - heating, utilities!
Sam Best, London
We should see VAT reduced by 5% in the Budget so that it helps all, not just trying to get people back into work through offers to employers. This cut would benefit everyone and help people on low and high incomes and benefit employment as people will be able to spend more and get the economy rolling.
Simon Watson, LLantrisant
So Brown telling the world to reduce tax. Isn't he the same G Brown who as chancellor raised our direct & indirect taxation to unacceptable levels - is he about to admit he was wrong? Whoops, just seen a pig fly past my house
Bob Balser, Great Wakering, Essex
Most people in the world live on less than $5 a day. We will have to get used to living on a quarter of our previous income.
John Bowman, Blackpool
Our worst potential problem now is unemployment, which itself will deepen the recession and then ultimately leave us with a skills shortage when any recovery starts. The funds available should be directed mainly towards saving jobs, one example being financing new housing projects. However, the construction industry asked for help in the summer and got nothing, so I'm not very hopeful that government help will be targeted effectively.
Chris Grey, Guildford
The comments we publish are not necessarily the views of the BBC but will reflect the balance of views we have received. It is helpful if contributors state if they work for any organisation relevant to an issue discussed. Readers should form their own views on whether messages published represent undeclared interests, or views prompted by a common source.