People said business owners would "just leave" the UK when Blair brought in the minimum wage. We've had the minimum wage in this country for just over 25 years. Did the businesses leave? Did they fold like they promised they would? No, they didn't. So maybe we CAN raise corporation tax. - ThreadSky

soozuk.bsky.social • 20 days ago

People said business owners would "just leave" the UK when Blair brought in the minimum wage. We've had the minimum wage in this country for just over 25 years. Did the businesses leave? Did they fold like they promised they would? No, they didn't. So maybe we CAN raise corporation tax.

Comments

adamprotz.bsky.social•20 days ago

they say the same bullshit about paying a living wage too

cobieef.bsky.social•20 days ago

Most of the owners don't live in this country, so they can't leave, and they still want all our money, so they won't leave, and they have lobbyists and media power to try and force a change of government, so they'll probably just whinge and absorb the losses for now. It's spin vs. reality.

robertfifoot.bsky.social•20 days ago

It's almost like they don't believe in the market, surely other businesses will be created supply and demand and all that

tecno.bsky.social•20 days ago

And increase the top band tax rate. Sheesh, Labour have a huge majority and there is willingness to bring in huge changes. Yet, Labour seem focused on appealing to folks who will never vote for them.

antmcd7.bsky.social•20 days ago

They’re happy for the tax payer to supplement the poverty wages they pay their workers, the roads and public transport that brings them to work, the healthcare that keeps them well to work. However they’re reluctant to contribute a bit more from their obscene profits under threat of leaving , well 👋🏼

callmealagain.bsky.social•20 days ago

The logic for not raising Corporation tax is it is the first tax of two in theory. Corporation tax at 25% and then dividend tax at up to 39.35% tax. Results in an effective rate of just under 55%. It doesn't work like that if the shareholders aren't UK resident though, then it is 25% and 0%.

catrinj.bsky.social•20 days ago

Are you sure about the second bit? I thought UK income was taxable in the UK regardless of residence ?

callmealagain.bsky.social•20 days ago

I'm sure. The guidance is that it is taxable but only to the extent there is tax deducted at source and as there is no tax deducted it is not taxable.

catrinj.bsky.social•20 days ago

So we need ACT reintroduced?

callmealagain.bsky.social•20 days ago

I don't know what that is.

catrinj.bsky.social•20 days ago

Advance Corporation Tax. It meant dividends came with a tax credit which pension funds were allowed to reclaim. Gordon Brown got rid of it as a stealth tax against everyone retiring in the next 20 yrs.

bethfungi.bsky.social•20 days ago

Well they did in 2023 so I can't see why they can't again.

edamlarson.bsky.social•20 days ago

Yeah but if the government did that one of their donors might call up to have a moan that they're not quite as wealthy anymore. And who needs that kinda agro at work right?

domquixote974.bsky.social•20 days ago

There's generally a gap between the headline rate (what the govt claims it is) and the effective rate (what the govt manages to collect).

In Ireland the headline rate is 12.5%, Apple were paying 0.0005%

This is of course the fault of the poor and the disabled, bloody scroungers.

unklejaymo.bsky.social•20 days ago

“Yeah, yeah….but…what, er, what about….no wait….I heard, yeah, I heard that….well, this guy told me…it was something like….give a man a fish, he has one fish give him ten fish then he has fish fingers. You know? Like economics, yeah?”
- Some dickhead probably

soozuk.bsky.social•20 days ago

And, honestly, if companies who pay little to no tax leave the country coz corporation tax increases....bye I guess?

stoked.bsky.social•20 days ago

THIS. I feel I say this so often! If they already don't pay, there's no downside to them pissing off. Thanks and goodbye.

transmithim.bsky.social•20 days ago

That threat was used when Vodafone skipped out on a £4bn tax bill - “they’ll just leave the country if they’re made to pay it” - and that seemed fine, really. They’d just sell the business to someone else most likely? And maybe they’d then pay their tax? Not like they’d leave an irreplaceable vacuum

instography.bsky.social•20 days ago

Why would companies who pay little or no tax be bothered about an increase in the rate of corporation tax? It would only affect companies who are already paying tax.

gillywilly.bsky.social•20 days ago

IF they left, the void would be filled by A.N. Other but they won't leave because even though they'd take a hit they'd still be making huge profits.

soozuk.bsky.social•20 days ago

Corbyn's posited corporation tax level was 35%. Seems like a lot I know, after all he was a dangerous extremist, but we could try it? Wait, did I say "Corbyn"? I meant Thatcher. Thatcher's lowest corporation tax level was 35%. Corbyn posited 29%. Silly me!

lmfsilva.bsky.social•20 days ago

It's funny how when people remember the "good old days" conveniently forget tax rates that would get anyone proposing them now called Turbo-Stalin.

anguaji.bsky.social•20 days ago

I bloody love this

nickinmasham.bsky.social•20 days ago

See also: income tax. After 13 years of ideologically cutting it, Thatcher left office with the basic rate at 24% and the higher rate at 60%. Even splitting the difference between that and the current rates would bring enough money for the comprehensive rebuild the entire public realm needs.

lyri.bsky.social•20 days ago

Also, it'd be pretty easy to write into law:

"Okay, laters, we're taking this years tax from your UK accounts first"

Like we're already gonna do, just we're doing it to disabled people because we're bellends.

soozuk.bsky.social•20 days ago

Anyway, as Rachel Reeves and Keir Starmer can't wait to praise Thatcher at every opportunity why don't they ape her corporation tax rates. It would be very mindful, very demure, very Iron Lady.

amias.net•20 days ago

reeves and starmer are being attacked by the bonds markets , if they do anything that doesn't look like austerity then these markets will crash the economy, its pretty much economic terrorism and there is no easy way out.

soozuk.bsky.social•20 days ago

TIME FOR CHANGE etc

amias.net•20 days ago

Gary explains it so much better than i can
https://www.youtube.com/watch?v=YeH5UXYEzPE

daftcunt.bsky.social•20 days ago

When they say they don’t agree with her politics they mean she was too left wing

joseph-yossarian.bsky.social•20 days ago

All Corbyn needed to do was disavow his support for terrorists. But like all narcissists he was incapable of admitting he did anything wrong.

muzzac.bsky.social•20 days ago

Corbyn didn't support terrorists, but he did talk to resistance movements, which is what responsible politicians in search of peace should do. But there's always a gullible Mail reader quick to vomit back up their illogical nonsense. When posting about politics, you should think things through.

soozuk.bsky.social•20 days ago

Thatcher had secret meetings with the IRA.

muzzac.bsky.social•20 days ago

The IRA lost all credibility for me at that point.

joseph-yossarian.bsky.social•20 days ago

Your point is?

soozuk.bsky.social•20 days ago

Phil's time travelled all the way from 2018 with some absolute bullshit.

joseph-yossarian.bsky.social•20 days ago

Well your hero was also an ardent Brexiteer while feigning the opposite, and was colluding with Dominic Cummings.

What a diamond geezer eh?

cptbadger.bsky.social•20 days ago

Yes, we know you're very gullible and believe everything the media tell you. Now off you pop.

emma82.bsky.social•20 days ago

But what about all the companies that do play by the rules and constantly feel themselves squeezed and squeezed. What incentive is there for them to carry on rather than them look to get a job that will see them earn a similar amount and lose the stresses that they have running a business?

illluminati.bsky.social•20 days ago

Valid point! Fair competition & supportive policies are crucial to incentivize responsible businesses. Let's work towards a better playing field. 🤔

dtfooty.bsky.social•20 days ago

Entrepreneurs are the heros of the age, able to create businesses and make money in any circumstances at all (unless they have to pay people fairly, or a little bit of tax then no way, obviously)

commoner.bsky.social•20 days ago

I'd be very happy if they did, in fact, leave...

richardwinskill.uk•20 days ago

That argument always baffled me. At the moment they're making "some" profit. If the corporation tax and/or minimum wages go up they make "less" profit, but if they leave they make *no* profit here; how would leaving make any financial sense?

cancercop.bsky.social•20 days ago

It’s pure greed - Sainsburys (other retailers are available) recently reported nearly £1 billion profit, then announced redundancies blaming the NI increase would cost them £140 million.
Imagine only making £860 million profit.
Not worth getting out of bed for

saucepub.bsky.social•20 days ago

The entire history of business has consisted of rich folks complaining about how mildly improving peoples' wellbeings will devastate all business forever and then everything being totally fine.

falanxzealot.bsky.social•20 days ago

These businesses must have incredibly large ships with which to relocate their massive factories and multi-thousand tonne plant, as well as all their staff...

Oh, they don't?

So...the bit of their business that makes their money, how are they going to leave with it?

They're not?

Oh...

dangrously.bsky.social•20 days ago

any business that can't afford to pay their employees enough to live on, should not exist.

jacklikesfilms.bsky.social•20 days ago

They're going to flee to all the other European countries. You know, the ones that all have a higher rate of corporation tax than the UK, and where these businesses all already also operate.

chester66red.bsky.social•20 days ago

Always hear a variation of businesses leaving or not feeling welcome if they either have to obey the law or be decent employers, if they wanna leave them good riddance, why should the UK citizens suffer so companies cheat, lie, con, break the law and tax dodge?

tragedyofthestooge.bsky.social•20 days ago

But think of the minimum wage precarious jobs that might not get created!

cobieef.bsky.social•20 days ago

It's because the weather is so bad here. The corporation tax is the only way to keep them here because of all the rain. /s

strumstrum.bsky.social•20 days ago

In fact, the min wage didn't cause unemployment, as opponents warned, it *increased* employment, because low-paid workers had money to spend, which stimulated the economy.

michaelwi.bsky.social•20 days ago

Yep! Because lower paid workers tend to use all their pay check every month.

Whereas a tax break for a banker just gets added to the gold pile and not touched.

soozuk.bsky.social•20 days ago

bingo

Comments

Posting Rules

Reply