Hike Corporation Tax to boost Government coffers: loveMONEY poll
Most of you would like to see the Government hike Corporation Tax in order to tackle it’s mounting debt woes.
The Government should look no further than big businesses if they want to find a solution to its mounting debt crisis.
That’s according to a poll of more than 650 loveMONEY readers we conducted last week.
We put the poll in an article highlighting how much money the Government could raise by tinkering with various taxes, which was based on HMRC calculations.
We then asked which of the hikes mentioned by HMRC you would be most likely to support if you had to choose one. You can see the full results below.
Corporation Tax was the most popular shout with 29% of the vote, followed by National Insurance (26%) and Income Tax (23%).
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Context is important
Now, one of the limitations of these polls is that there’s no room for explaining why someone would support a certain hike (if you did vote, please do share your reasons in the comments section below).
If we were cynical, we could argue the reason that Corporation Target was simply an example of nimbyism, or voting for the one that was least likely to hit our pockets directly (although an increase in this tax would likely see the costs passed on to consumers anyway).
The less cynical view is that this is an area in chronic need of revisiting, with various multinational firms earning billions in the UK yet somehow only paying a pittance in tax, and the people want to finally see something done about it.
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Public happy to pay its part
What is interesting about the results is that both NI and Income Tax weren't too far behind Corporation Tax.
Given the majority of our readers are still in work but older (and thus likely to have a heavier tax bill), this suggests you are not nimbys, but rather willing to pay more to tighten up our nation’s finances.
Either that or you simply think they’re the only ones that are (a) likely to happen and (b) will make any real difference to the Government's rampant debt addiction. Let us know!
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Comments
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In the present climate the chancellor would be foolish to raise corporation tax because some big businesses are already threatening to move overseas. This leaves the medium to small businesses, and many of them are already struggling. If 1 in 10 fold as a result of increased tax, you've immediately lost the 1% hike, plus the former owners and any employees will go and sign on for benefits while they look for other work.
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Raising corporation tax won't bring in any more money as corporations can simply structure their international interests to declare their profit wherever they actually is lowest.
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I don’t understand why we are always talking about raising this tax or that tax to collect more money for our government to spend ? I find it strange that no political party ever campaign by promising to spend our tax money more wisely n more efficiently. I would have gone bust years ago if I spend my money the way our government spend mine. Not all problems can be solved simply by more money alone. Is asking our government (and local authorities) to be less professional in spending ‘other people’s money’ too much to ask ? I would love to see some statistics comparing how much Tax was collected per tax payer, say, 20 years ago compare with today, what percentage of population are tax payers over the same period etc. I think the answers might be embarrassing. I would also love to know what percentage of respondents who advocate more corporation tax n income tax etc are tax payers. Does anybody really believe that more tax, whatever the source, is the route to prosperity ? History is littered with rebellions by ordinary folks burdened with too much tax. He who does not heed the lessons of history is doomed to repeat its mistakes.
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13 February 2018