Dear God Almighty, such ignorance on display.
So, the banks pay out £7 billion in bonuses.
What happens next?
Well, there’s income tax and employers’ national insurance to pay on that, isn’t there? Assume, just to make the maths easy, that they’re all paying top whack income tax. That’s 50%, add the 13% NI.
So that’s £4.41 billion paid in tax, right into the Treasury coffers.
Now, think what would happen if the banks didn’t pay bonuses. Well, that money would be profits for the bank then, wouldn’t it? Which they would pay Corporation Tax on. Which is 28%.
£1.96 billion to The Treasury.
So you’re now going to go and protest about the fact that the Treasury is getting *more* tax because bonuses are being paid?
In the name of protesting tax dodging?
Are you actually innumerate or is this some special sort of logic only available to those suffused with self-righteousness?
UKUncut and bankers’ bonuses
February 11th, 2011 · 10 Comments