why?
as a fundamental question.
company tax should be lower than personal tax or you get no incentive for a business to earn and retain money. you should also get tax breaks for losses if you pay tax on profits.
he’s talking about personal wealth.
far too many wealthy are able to bury their riches in tax loopsholes/havens and not have to pay nearly as much tax in proportion to a middle-income family
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how is their wealth structured?
again though. why?
whats the theory on paying more tax on wealth creation vehicles?
its all a bit of a smokescreen anyway…your rich PM maybe only paid X amount on his personal income and (probably franked) dividends…but how much tax and associated costs did the investment vehicle pay?
we always need to be careful to have a full view of the picture before we cast stones.
simply by saying ‘he only paid 22k tax, ergo hes a cunt and the system is broken’ with such conviction, just seems very basic.
im not saying theres no loopholes to be closed, or there’s nothing that needs to be addressed…but the problem is, for every action there is a reaction.
this does fly very close to trickle down economics so im trying to be careful…but yes, there is merit in financially encouraging business and investment profitability.
to me the biggest tackle to be made, is against the backhanders, the contracts handed out to preffered firms, buearatic decisions from infrastructue companies with monopolies that cost the end user.
if the answer is just ‘raise company and capital gains tax’, im afraid, the very top end, will just raise the level of thier bungs and inside dealings.
Rishi probably doesnt give a stuff if his ABC company widget making company pays 25% company tax on its profits…he just wants ‘x’ amount at the end of it…force him to raise company tax, he’ll just raise the contract for his widgets… force a small investor to pay more tax on his property portfolio…no dramas…up goes the rent.
and all of this shit is exactly why the tax system (like many other goverment institutions) are broken. Loopholes left/right/center for those who are able to dodge paying taxes.
I paid more taxes than he did last year. what’s his number, about 13-14%? what’s it SUPPOSED to be for the £164,000/yr tax bracket before deductions
why is the country broke? no money for low-income families? no money for healthcare?
so just one person was able to dodge £31,000 in taxes. multiply that number by 100,000 people who are able to do the same, that’s £3,100,000,000 out of the tax coffers.
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Yes, but everyone blames the benefits scroungers.
Tax fraud costs the exchequer approximately ten times as much as benefit fraud, yet the government spends three times as much chasing perpetrators of the latter.
Shows where its priorities lie.
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That’s mind-blowing, do you have any sources on that?
protecting their own interests.
I think it’s been covered, but I’m not talking about business tax. I’m talking the money you get by just having loads of money. Land, property, investments. Capital gains and dividends.
These need taxing. It isn’t fair that labour is massively taxed, but idle financial speculation gets of relatively Scot free.
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