But then he gets really desperate: he says:
Ask yourself what would happen if we raised corporation tax to 50% or 100%. Would that create jobs? So my verdict is “nice try, brothers”.
The answer would be “that’s so stupid a suggestion no one would do it – and no one is saying they should”.
Note: corporation tax at 50% is so stupid a suggestion no one would do it.
Except of course the UK Government between 1973 and 1983.
You know, back when the TUC Ritchie works for had a great deal more power than it does now?
2 responses so far ↓
1 Richard // May 31, 2011 at 10:56 am
So 50% corporation tax is “so stupid a suggestion no one would do it”, but 50% income tax is fine & dandy, and people should stop moaning about it?
Yes, the two taxes are different, but not that different. They’re both taxes on income / profits.
Indeed for the self-employed, they’re economically pretty much the same (just a matter of which legal form you use).
2 Flatcap Army // May 31, 2011 at 12:34 pm
worth noting as well that for the oil industry, corporation tax is 62%, which on top of 50% Petroleum Revenue Tax means a marginal rate on older fields of 81%.
At least we’re not in the bad old days of the 1970s when Tony Benn managed to impose a marginal tax rate of 100.6% on UK oil fields until someone pointed it out…
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