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From The Socialist newspaper, 8 October 2014

UK - A tax haven for the super-rich

Simon Carter

Prime Minister David Cameron pledged at Tory party conference to make tax cuts to assist 30 million "hardworking families".

However, according to tax experts, the main beneficiaries won't be the claimed 30 million but only the rich. According to the Institute of Fiscal Studies only 15% of the gains from increasing the personal tax allowance would benefit the poorest 50% of people in the country.

And to pay for these 7 billion of tax breaks the millionaire Tory Chancellor, George Osborne, intends to apply more brutal public spending cuts. These include hitting 10 million households with a two-year freeze on benefits and tax credits amounting to 3 billion.

These extra cuts will devastate the poorest and most vulnerable families, who could lose up to 490 a year, are on top of the government's current austerity measures.

And having got the Tory party faithful salivating over these attacks Osborne tossed them another bone in the shape of continuing to freeze public sector workers' pay until 2017.

These attacks are entirely consistent with the Tory strategy of making the working class pay for the crisis in capitalism. Last year, Osborne introduced the hated 'bedroom tax' at the same time as lowering the top rate of income tax.

But with one eye on an angry electorate the Chancellor revived his discredited 'were all in it together' soundbite by announcing (again) that he's going to crack down on aggressive tax avoidance by the super-rich and giant corporations like Apple and Starbucks, etc.

George failed to mention that, like his Labour predecessors, he has consistently reduced the standard rate of corporation tax to one the lowest in Western Europe.

In addition, he has cut the tax rate on company profits derived from 'patented products' making the effective rate of corporation tax in the UK the lowest in the EU. As one economist put it: "The UK is now a tax haven for corporations"!

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In The Socialist 8 October 2014:


Socialist Party news and analysis

We need ideas to change the world

NHS - The black hole

UK - A tax haven for the super-rich

Them & Us


International socialist news and analysis

South Africa: "A workers' party must emerge"

Middle East: Repel IS and Western imperialism

Coordinated attacks on Hong Kong movement

Ebola crisis: Consequence of profit before health

Stop corporate plunder of Bangladesh energy


Socialist Party workplace news

We can beat the pay freeze!

Public sector: why we have to strike

RMT tube workers join October action

Teachers: Pay rise? What pay rise?

Support Care UK day of action

Sheffield: Green workers red with anger

M25 maintenance workers protest


Socialist Party reports and campaigns

Training tomorrow's trade union militants

Finance to fight for the future

School students organise disabled rights meeting

Ice cream, you scream, we all scream for 10 now!


Readers' comments

Exhaustion from buzzer to buzzer

Bedroom Tax: Still making tenants' lives hell

Scotland: Workers need a new mass party

Correction: Labour's private health links are worse!

Thatcher's enemies within


Obituary

Andrew Price: Fighter, teacher, party campaigner


 

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Super-rich:

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