Corporation tax
(03-04-2021, 10:48 AM)Borin' Baggie Wrote:
(03-04-2021, 10:07 AM)JOK Wrote:
(03-04-2021, 06:06 AM)Ted Maul Wrote: This country is hilarious.

Corbyn, raise corporation tax to 26% "Marxist"
Sunak, raise corporation tax to 25% "saved the country"

Did Mr. Corbyn  have to contemplate the effects of a pandemic?

The fact that we're in a pandemic makes it even more stupid to increase corporation tax

The uplift isn't immediate and one of the problems is that Covid has created an imbalance between some businesses having been brought to a virtual standstill, while others (supermarkets, the online specialists, etc. ) have experienced something of a windfall. One consequence of that selective boom has been that the businesses doing very nicely out of it have also benefitted most from the use of publicly-funded infrastructure.

I'm not wedded to Corporation Tax as a solution; for one thing profits are too easily 'sheltered' by devices like transfer pricing and cross-charges (which can be challenged if the will is there, as in some countries it is, but apparently not so in the UK); but, for now, it's the solution we have. Sunak had the option of implementing a more radical approach - taxing turnover rather than profits for example - but I doubt that would have been universally popular either.
I take it Rishi is not a proponent of the theory that increasing tax reduces tax take then  Cool Big Grin
(03-04-2021, 11:37 AM)Ossian Wrote:
(03-04-2021, 10:29 AM)Protheroe Wrote: I'm beginning to wonder what the Tory Party is for these days, and for the first time in my adult life I'm considering drawing a cock on an ballot paper in May.

No need, mate. There's guaranteed to be at least a couple already there; it'll even tell you their names.

Good point, well made

(03-04-2021, 01:11 PM)strawman Wrote: I take it Rishi is not a proponent of the theory that increasing tax reduces tax take then  Cool Big Grin

As Rishi himself said in the 2015 budget debate:
Quote:“… the Opposition suggested that they would raise the rate of corporation tax – a move that would damage jobs and growth. Will he confirm that that is still Labour’s policy, or will he start backing British businesses?”

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