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From The Socialist newspaper, 3 May 2017

McDonnell promises reversal of Tories' tax cuts for the super-rich

We are the 99% - Take the wealth off the 1% Socialist Party placard, photo Paul Mattsson

We are the 99% - Take the wealth off the 1% Socialist Party placard, photo Paul Mattsson   (Click to enlarge)

We say

Tom Baldwin, Socialist Party national committee

Shadow Chancellor John McDonnell is promising to reverse cuts to corporation tax and capital gains tax, instead giving NHS staff a pay rise and hire 10,000 more police officers.

The Tories have handed big businesses tax cuts, while workers have been hit by rises in VAT and council tax.

The general election could provide a chance to end these 'Robin Hood in reverse' policies. McDonnell has said: "We've got to end the giveaways to the rich and have a fair taxation system."

While he hasn't said what rate a Corbyn government would set corporation tax at, this is a step in the right direction. He has also promised not to raise lower bands of income tax and hinted he won't hike VAT - attacks the Tories are not ruling out.

Corporation tax, which is charged on companies' profits, has been steadily cut under the Tories. It has fallen from 28% to 19%, meaning that - outrageously - the biggest businesses now pay less than the standard rate of income tax for workers. Under current plans it will keep falling until 2020.

The Tories want to use Brexit as an opportunity to turn Britain into something resembling a tax haven for their fat-cat friends. The contrast between their policies and those of Corbyn and McDonnell is clear.

However, even if a Corbyn government restores the 28% rate, it will still be well below the 40% charged when corporation tax was introduced in the 1960s.

He would also face the immediate problem of businesses using every trick they can to avoid paying tax. Already, uncollected, avoided and illegally evaded tax costs 34 billion a year. Undoubtedly firms will respond to any tax rise with threats to pull investment out of the country.

While the fat cats are in charge they'll do anything to make the most profit for themselves. The only way we can control these corporations is to own them ourselves.

The finance sector and top 150 biggest businesses that dominate the economy should be taken into public ownership, with compensation only paid on the basis of proven need, and run under democratic working class control and management. Corbyn should call for this.

We have the chance to change direction under a Corbyn-led government. But his popular, anti-austerity policies can only be realised if backed with a bold socialist programme, and actively fought for by organised workers.

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In The Socialist 3 May 2017:


What we think

Race against time for May as Corbyn sets out anti-austerity case


Socialist Party news and analysis

Jeremy Corbyn's workers' charter

Corbyn pledges a million homes and landlord regulation

McDonnell promises reversal of Tories' tax cuts for the super-rich

Corbyn pledges end to uni fees and school cuts

Corbyn government would lift NHS pay cap

Support for socialist programme in Labour Liverpool rally


Social care in crisis

Beyond the crisis point: saving social care


International socialist news and analysis

Packed court laughs down cutter Joan Burton's comparison to Marxist James Connolly

Trump's policies hit a wall


Socialist Students

NUS leadership: Blairites supported by establishment


Workplace news and analysis

Unison health conference: fury over leadership's feet dragging

Union leadership and Labour right challenged at shop workers' conference

McDonald's forced to back down on zero-hours

PCS elections - vote Democracy Alliance

Transport union protests against driver-only operation outside parliament


Socialist readers' comments and reviews

Rare opportunity to see Russian revolution lifted off the page


Trade Unionist and Socialist Coalition

Mersey metro-mayor TV debate

'Socialist Steve' takes on the robots

TUSC's south Wales challenge to pro-cuts parties


Socialist Party reports and campaigns

Buy your ticket now for the political event of the year: Socialism 2017

Housing association workers' and tenants' alternative awards ceremony

Sheffield mental health campaigner: "austerity kills"


 

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