The Socialist

The Socialist 10 March 2021

NHS pay - 15% now

The Socialist issue 1124

NHS pay - 15% now

NHS workers say: We are ready to fight Tory pay insult

Police disgracefully stop NHS pay protest


Super-deduction will help big business pay less tax

The 'old normal' meant poverty for young people


Tories keep bailing out bosses, while piling pain on workers and public services


Workers respond to 'back to school'


British Gas strikers reject deal and carry on fighting

Goodlord striker speaks out: 'workers have to fight for our skills to be appreciated'

Stop union busting on the buses: Reinstate Declan Clune and Moe Muhsin Manir

Sparks deskilling protests

Leicester university workers ballot for action against redundancies

Sainsbury's pay offer shows future will only be 'great pay' if we fight

PCS leadership failures lead to concession bargaining on pay

Manchester bus drivers' indefinite strikers fight on

London bus drivers continue walkout


150th anniversary of Rosa Luxemburg's birth


Would a wealth tax end poverty and inequality?


Socialist women speak at inspirational International Women's Day online rally

Why I joined the Socialist Party - to fight for the future of the working class

Why I'm standing for TUSC

Build subscriptions to the Socialist

Fighting fund target achieved - keep up the momentum


Historic union battle at Alabama warehouse

10 years ago - the Fukushima nuclear disaster: "We came close to losing northern Japan"


The Socialist Inbox

 
 
 
 
 

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Super-deduction will help big business pay less tax

  (Click to enlarge)

Nick Hart, Black Country Socialist Party

The Tories are introducing 'super-deduction' for the next two years before corporation tax marginally rises. For every 1 invested by businesses, they will be able to wipe 1.25 off taxes paid on their reported profits. This will go alongside a host of existing 'creative accounting' methods that already allow big businesses to avoid upwards of 90 billion in tax each year.

Super-deduction will reward large firms who are already doing well. If Amazon's delivery and warehousing arm invests in new kit at a similar rate to its capital spending in 2019, it will face zero taxes on its profits. Previously publicly owned utility, transport and delivery companies that have to regularly replace their infrastructure and vehicles, will simply be able to hang on to a greater portion of their profits.

As well as yet another indirect handout to big business, this latest 'corporate welfare' is a damning verdict on 21st century capitalism. Investment by British firms - that super-deduction is supposed to encourage - is stuck at historically low levels. It underlines the inability of capitalism to develop new technology without a massive leg up from government.

Free-market capitalism doesn't encourage innovation or healthy competition between businesses. The capitalist class is reluctant to stump up the cash to cut the time taken, or the environmental impact, of producing and distributing their products. Instead, they plough increasing amounts of their profits into rewarding executives and buying back shares.

Much better to replace this chaotic system with one based on democratic socialist planning, which can really begin to unlock the possibilities of technological advances to deliver for the working-class majority, not the big corporations.


In this issue


NHS pay

NHS pay - 15% now

NHS workers say: We are ready to fight Tory pay insult

Police disgracefully stop NHS pay protest


News

Super-deduction will help big business pay less tax

The 'old normal' meant poverty for young people


What we think

Tories keep bailing out bosses, while piling pain on workers and public services


Schools

Workers respond to 'back to school'


Workplace news

British Gas strikers reject deal and carry on fighting

Goodlord striker speaks out: 'workers have to fight for our skills to be appreciated'

Stop union busting on the buses: Reinstate Declan Clune and Moe Muhsin Manir

Sparks deskilling protests

Leicester university workers ballot for action against redundancies

Sainsbury's pay offer shows future will only be 'great pay' if we fight

PCS leadership failures lead to concession bargaining on pay

Manchester bus drivers' indefinite strikers fight on

London bus drivers continue walkout


Rosa Luxemburg

150th anniversary of Rosa Luxemburg's birth


Wealth Tax

Would a wealth tax end poverty and inequality?


Campaigns news

Socialist women speak at inspirational International Women's Day online rally

Why I joined the Socialist Party - to fight for the future of the working class

Why I'm standing for TUSC

Build subscriptions to the Socialist

Fighting fund target achieved - keep up the momentum


International news

Historic union battle at Alabama warehouse

10 years ago - the Fukushima nuclear disaster: "We came close to losing northern Japan"


Letters

The Socialist Inbox


 

Home   |   The Socialist 10 March 2021   |   Join the Socialist Party

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