Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://www.socialistparty.org.uk/issue/947/25363

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.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


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"


 

Home   |   The Socialist 3 May 2017   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Tax:

triangleTurn Carillion crisis into movement against privatisation and capitalism

triangleCardiff West Socialist Party: How the Poll Tax was beaten

triangleThe Socialist Inbox

triangleTrump's tax plan: Robin Hood in reverse

triangleThem & us

Jeremy Corbyn:

triangleHaringey: now's our chance for a no-cuts council

triangleBristol anti-cuts campaigners debate alternatives to the cuts

triangleLabour NHS rally reveals horrors but offers no way forward

triangleTory infighting escalates - workers' action can oust them

Tories:

triangleNorth London Socialist Party: When Liverpool council defied the Tories

triangleDarkest Hour: Not the usual flattery of brutal Tory Churchill

triangleNHS: use the 3 February protests as a launch pad for a mass movement

Super-rich:

triangleCapitalists fear for their system at Davos

triangleWidening wealth gap, increase in poverty...make the fat cats pay

Rich:

triangleMajority of kids poor in some areas

Cuts:

triangleBradford Socialist Party: A strategy to defeat the cuts

Government:

triangleLeeds Socialist Party: How long can May cling on for?

Banks:

triangleCapita in crisis: bring all outsourcers back in-house

News and socialist analysis

News and socialist analysis

19/2/18

Election

Usdaw victory - Socialist Party member Amy Murphy wins presidential election

14/2/18

Tamil Solidarity

Tamil youth march for justice

14/2/18

Foreign Aid

Oxfam scandal: we need democratic aid and working class solidarity

14/2/18

TUSC

Building support for Corbyn's anti-cuts policies in the local elections

14/2/18

EU

What we saw: Tory-Blairite EU love-in

14/2/18

Rents

Rent doubles in a decade: cap rents, build council homes!

14/2/18

Public ownership

McDonnell says Labour would put services 'irreversibly' in workers' hands

14/2/18

NHS

We can win the fight for the NHS

7/2/18

Labour

NHS - build the fightback

7/2/18

Labour

Corbyn's left must seize the advantage in Labour's civil war

7/2/18

Haringey

Haringey: now's our chance for a no-cuts council

7/2/18

Refugees

90 feared dead after migrant boat capsizes

7/2/18

Outsourcing

Capita in crisis: bring all outsourcers back in-house

7/2/18

Trump

Trump v NHS

31/1/18

NHS

NHS: use the 3 February protests as a launch pad for a mass movement

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 0798 202 1969

East Mids: 0773 797 8057

London: 020 8988 8786

North East: 0191 421 6230

North West 07769 611 320

South East: 020 8988 8777

South West: 07759 796 478

Southern: 07833 681910

Wales: 07935 391 947

West Mids: 02476 555 620

Yorkshire: 0114 264 6551

ABOUT US

ARCHIVE

Alphabetical listing


February 2018

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999