Britain's Trillion Pound Horror Story...

Biohazard said:
He never said or implied that from the way I read his postings.

He was just pointing out the past to put the argument in context, not claiming the past makes the present acceptable (fallacy).

He is pointing out its a historic problem, not a new one. (you really hate this, you can't bash labour with it)
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Bio this is his thing the whole libertarian tax regime. Unfortunately a programme comes along that he thinks will popularise his views and all it does is help people ridicule it. If it were one of your views would you feel any different i know i would not if it were one of mine, say immigration.
 
We are going to default eventually, along with the pigs, Germany hasn't got enough money to bail everyone out.

By the way, defaulting is a very bad thing.

Anyone with money will find it is worthless, if you keep your job you will be ok, but a lot of people won't.
 
ok so now we see that this economic system was indeed farcical too, what shall we try next ? How long till it really all goes pear shape ?
 
scorza said:
Tbh I think it's more likely now than ever. Here's why: http://www.dailymail.co.uk/news/art...shore-denying-UK-exchequer-100s-millions.html

A rare piece of proper journalism from the Daily Mail, but unfortunately lacking in solutions.
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That is a surprisingly good piece of journalism from them.

Osbourne's failure to clamp down on tax avoidance by big businesses was ridiculous. But given that one of the biggest tax dodgers in the world, Philip Green, is their savings advisor, is it any surprise?
 
platypus said:
That is a surprisingly good piece of journalism from them.

Osbourne's failure to clamp down on tax avoidance by big businesses was ridiculous. But given that one of the biggest tax dodgers in the world, Philip Green, is their savings advisor, is it any surprise?
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What if Osborne recognises that determination to crack down on tax avoidance will actually result in lower revenues overall due to some moving all their affairs overseas?..
 
Quite. They need to make the UK tax system more business friendly to encourage business to stay or even come here.

Once they've gone overseas, there's nothing you can do. You can't start laying tax claims on profits of overseas companies unless they're UK resident (i.e. controlled and managed in the UK).

As it stands, profit on UK activities of these companies will still be taxed in the UK (as they have a permanent establishment here), and transfer pricing rules will prohibit them shifting all of this profit overseas. The main tax advantage is all of the foreign profits are no longer subject to UK tax - helpful for multinationals.
 
csmager said:
Quite. They need to make the UK tax system more business friendly to encourage business to stay or even come here.

Once they've gone overseas, there's nothing you can do. You can't start laying tax claims on profits of overseas companies unless they're UK resident (i.e. controlled and managed in the UK).

As it stands, profit on UK activities of these companies will still be taxed in the UK (as they have a permanent establishment here), and transfer pricing rules will prohibit them shifting all of this profit overseas. The main tax advantage is all of the foreign profits are no longer subject to UK tax - helpful for multinationals.
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Did you actually read the article? Successive governments have reduced corporation tax. Corporation tax in 1984 i.e. after 5 years of Thatcherism was over 50%. Today it's down to 28% and if the current government stick to previous government plans, will be 24%. The problem is that by however much we lower our rate of corporation tax, someone else will lower it further. What we need is an end to damaging tax competition, something the EU should be pushing for is corporation tax harmonisation across the EU and EFTA.
 
scorza said:
Did you actually read the article? Successive governments have reduced corporation tax. Corporation tax in 1984 i.e. after 5 years of Thatcherism was over 50%. Today it's down to 28% and if the current government stick to previous government plans, will be 24%. The problem is that by however much we lower our rate of corporation tax, someone else will lower it further. What we need is an end to damaging tax competition, something the EU should be pushing for is corporation tax harmonisation across the EU and EFTA.
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But during that time, tax take from corporation tax has steadily risen, both in absolute and percentage terms.

http://www.ifs.org.uk/bns/bn09.pdf

Page 34.

Raising the tax rate does not result in increased revenue, lowering it does. Income tax and capital gains shows the same trend.

Unfortunately, it's this lack of basic fiscal understanding that causes the left to be largely fiscally incompetent.
 
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