I noted an article in the Institute of Directors magazine yesterday via a tweet from Covi. It was headed:
Has globalisation made corporation tax redundant?
The format was a 'yes' and 'no' case, the 'yes' case being made by Stephen Herring, tax director at the IoD (which wants to abolish all taxes on capital of all sorts). At least he was honest. In the article he argued:
We need alternatives [to corporation tax] which are fairer, harder to avoid and easier to assess and collect, such as payroll, sales, property and social security taxes. Corporation tax is already withering away; now is the time to kill it off.
In other words, from the horse's moth if you like, big business thinks that we should cancel all taxes on profits and instead increase taxes on working people and consumers and council taxes.
So, now you know: that's the game plan.
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Not a surprise is it?
They were seriously ****** off when Gordon rogered their pension scams…Still, they’ve got loads of others to use…..and a compliant government staffed with tax-avoiding millionaire ministers, and tax avoiding billionaire donors to sling money at them.
At least it would level the playing field giving the independent coffee shop a chance vs Global Brand Coffee Inc.
Interesting he didn’t mention a land tax (Economists favourite tax but politically very difficult)
This was always thinly veiled and part of the neo-liberal agenda. Lithuania and Latvia were pilot projects.
How much more of this nonsense do we have to put up with?
Our government has been captured and the UK is no longer a democracy just a Democracy in name only” (DINO).
There are a fair few accusations of vote rigging regarding the Scotland “Out” vote and there is the faintest whiff of aomething nasty about the UK electoral result.
I think there is more than enough evidence of vote rigging in the US.
I want out of Europe and I want to dismantle our government as quickly as possible and replace it with something that acts in the interests of the people as a whole instead of pandering to a variety of special interest groups…..
Right from the beginning it is clear that so-called economic liberals are in fact really intent on allowing accumulations of untaxed capital to grow exponentially; a highly capitalistic mindset in which profit is considered virtuous, while it in fact masks a hard-faced privilege exploiting the interests of working people who have very few accumulated savings. In this way the Lawsons of this world (remember his brazen reduction of income tax marginal rates from 60% to 40%) yet again confirm that they despise a proper debate as to the true ownership of surplus value.
Maximisation of shareholder profit has long been the aim of the rentier class and under the Tories we have seen huge gains to equity, on the unsupported thesis that risk-taking justifies super-normal returns on capital. When one reflects that capex is poor in the UK by international standards, it is clear that riskless extraction of profits helps dividend streams, not the productivity and therefore wages of working people; yet we have this call to relax further the fair and reasonable demands of society.
It is as you say the case that the right to trade belongs primarily to the prerogatives of state intervention, in order to create social justice.
And not to the entrepreneur or his profit-hungry shareholders!
When we get round to a tax code that no longer allows technical rules to give set-off against unjustified profits then progress will be made. Of course there are exceptions, namely loss-making businesses carrying out true social functions. These should be kept separate from the categories of disallowable losses, and arguably be awarded extra R+D subsidies, as is but weakly allowed under the present structure. Stopping rich companies from exploiting tax opportunity is the key.
Much to agree with there