Raising corporation tax for large corporations
But what about raising corporation tax back to 40%?
I get the feeling that all is focused upon what the ordinary man in the street with his small hard earned income and meagre savings can do. How much more can he be squeezed? (and willingly by persuading him there is a grave problem)
However why does someone earning over £37,400pa have to pay tax at 40% where a large corporation with profits over £1500,000 only pay at 27%!?!? Again this tax is only on profits so no profit and no tax. We ordinary mortals have to pay tax on income and expenses come later!
Thus the BP's and Barclays of this world have plenty of money to give out as bonuses, etc.
Not so long ago in the 1990's the corporation tax rate was 40%.
Areas where there is a huge corporate lobby will be left alone, like Trident at £130 billion, but tertiary education with little to no lobby is being slashed by £82 million, a significant portion of their budget.