"Much better to have the existing system, but start building council housing again. Get big companies to start paying tax again to pay for it. Simples."
But good luck with that. It's MUCH cheaper for them to perform financial shell games to hide or write off their earnings and then ship them off to tax havens. Plus, if they sense loopholes are being closed, they'll take the extreme measure of bribing the government to open them up again. NO tax code on earth TTBOMK has been proof against getting loopholes put in them, even after they get taken out. Even governments can be bullied.