An email from the FT this morning included two adjacent headlines that suggest why an excess profits tax is needed. They were:
One industry needs a bailout as a result of government action.
The other is benefiting enormously from government action.
When big business expects the government to carry its risk it also has to pay its way. And that means excess profits taxes are now very firmly on the agenda.
I think you can guess one aspect of the recommendations in the Tax After Coronavirus (TACs) section on corporation tax as a result.
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