US & UK are poor societies with some very rich people.

M0nica

Which is why most successful countries in Europe have higher corporation taxes than us tradingeconomics.com/country-list/corporate-tax-rate?continent=europe

Low corporation tax levels seem more associated with less thriving economies.

You have your answer in your question.

Which is why most successful countries in Europe have higher corporation taxes than us tradingeconomics.com/country-list/corporate-tax-rate?continent=europe

Low corporation tax levels seem more associated with less thriving economies.

Katie59

Putting figures on the tax collected
Income tax £226 billion
Company tax £66 billion

They are avoiding tax on a massive scale

By Company Tax do you mean Corporation Tax ?

If so that is not the only tax companies pay.

Putting figures on the tax collected
Income tax £226 billion
Company tax £66 billion

They are avoiding tax on a massive scale

Yup. All about having a competitive edge.

Germanshepherdsmum

Corporation tax needs to be as low as possible in order to attract business here.

Agreed.

If corporate tax is too high, I believe the prices of the widgets go up (if they make widgets). Then everyone who is widget maker source out of the UK or raise prices on widgets and lose business.

Same idea for banking. If I understand correctly UK is second in banking worldwide. To pay the smartest best talent - wages and bonus are high and banking relies on a certain corporate tax rate. Otherwise banking moves elsewhere.

I'm ready to be wrong

Katie59

It’s just you hear about companies paying too much tax - but they don’t pay much at all.

As well as 19% corporation tax, VAT at 20%, Employer NI contributions for each employee on PAYE who pays NI along with business rates.

I think you are mistaken if you think SME’s do not pay much at all

Corporation tax needs to be as low as possible in order to attract business here.

It’s just you hear about companies paying too much tax - but they don’t pay much at all.

Katie59

Germanshepherdsmum

Don’t know where you get 5% from Katie. Corporation tax is 19%.

No, the proportion of tax source, Income Tax is 25% Company tax is only 5%
There is a nice pie chart but it won’t upload
Google “Tax revenue source”

I think those figures are a little out of date. Income tax is around 25% but Corporation Tax is somewhere around 6.5%.

commonslibrary.parliament.uk/research-briefings/cbp-8513/

I see. My apologies for having misunderstood your meaning.

Germanshepherdsmum

Don’t know where you get 5% from Katie. Corporation tax is 19%.

No, the proportion of tax source, Income Tax is 25% Company tax is only 5%
There is a nice pie chart but it won’t upload
Google “Tax revenue source”

Yoiu cannot be enslaved by something you choose to buy. Mortages and certainly 'gadgets'

I would be interested to see the evidence of the close connection between great wealth and slavery. Are you talking individuals, nations or crime networks?

Some element of slavery, legal or illegal seems to exist in every society, rich or impoverished. Slavery exists in countries like Mali and Tchad, two of the poorest countries in the world - and not many very rich there either.

'wherever there is great wealth there is a great crime',usually slavery in days of old to modern day slavery where people enslave themselves with hugh mortgages, gadgets etc etc

Should read allowances for children in Scotland .

If a sensible living wage is established tomorrow what happens when inflation actually reduces the value of all wages. How do employers continually upgrade living wage rates without adding to more inflation eg cost of products, food etc. What is a living wage, is that to include cigarettes, alcohol, tv channels as to many these are the essentials of life. I do wonder how the additional child allowances introduced for children are actually spent on children. I would look at India for a rich/poor divide.

Don’t know where you get 5% from Katie. Corporation tax is 19%.

This country has never been as poor since everything was privatised. The railways, council tax, etc here doesn't seem any price regulation to stop the greed of these CEOs running the companies. To my mind that is the main cause of high inflation. Their money comes from our wages in increased taxes, while the bosses sit there raking it in for very little work. When they need or want a wage rise, they put their prices up and everybody pays, no questions asked. Money will never be fairly distributed while these people have their money trees and laugh all the way to the bank.

Considering 1% of the worlds population (I guess they would be the 'Elites') owns approx. 96% of the global wealth, it's not surprising that so many of the population is poor. The whole financial system is designed that way. However, as we are about to see the entire global Fiat financial system crumble to dust, hopefully a more equal, gold backed system, will emerge. I just hope I live long enough to see it.

growstuff

Incidentally, income tax only accounts for about 25% of all the taxes the government collects.

The other major contributors being NIC and VAT
Company taxation is only 5% can this be right?.

I have to say having had to claim Universal Credit a few years back when I was off work for 6 months, it is not an easy benefit to claim. The form filling, providing online proof of who you are,where you live etc, was, to say the least quite traumatic and had me pulling my hair out more than once over it and I am somebody with a fairly good level of education and computer literate so can understand why people get into a muddle with it, or just give up halfway through filling it in and don't bother.

Whilst poor folk in this country vote Tory because it's 'inspirational', I would say just take a look at the last twelve years of Conservative government. The rich get much richer, the poor, poorer. Public services are on their knees. Government really couldn't care. They are, to a man/woman, extremely rich and can buy their way out of any problems. Can you say the same? When will the great majority of this country get to grips with this fact. If you're poor, you will stay that way. Think very carefully before you place an X next to a Tory candidate.

Incidentally, income tax only accounts for about 25% of all the taxes the government collects.

Sorry this is a bit lengthy, but it's by the Bank of England and addresses a number of misconceptions:

www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy

It's not really satisfactory to try and explain in a couple of sentences.

I too am a simple soul where economics is concerned. There is a poster who has stated that income tax is not used for government spending. I don't understand this statement and would be most grateful for an explanation.
I googled 'the use of income tax', and this is what I found:
'Income Tax is collected by HMRC on behalf of the government. It's used to help provide funding for public services. For example, the NHS, education and the welfare system, as well as investment in public projects, such as roads, rail and housing.'
This is what I understood to be the case - if it is not so, could someone please explain this to me?