The tax take on corporations is now rising dramatically as their profits decline, but levies on property and employment remain or increase under these grasping parasites. The amount of profits seized for FTSE100 companies has risen to 56.6%, a rate associated with the Sovietisation of an economy. No doubt this will be dismissed as an “automatic stabiliser”.
The loss of tax competitiveness is ruinous for investment and employment. Tax is now crowding out profitability. Stephen Timms, Financial Secretary to the Treasury decided to audition for “Alice through the Looking Glass”
Stephen Timms, financial secretary to the Treasury, defended the Government's plans, telling an audience in the City that the new 50p rate of income tax would not harm Britain's competitiveness as it affected 1pc of the population. He also pledged to maintain "the most competitive corporation tax rate of the major economies".
Grasping Numpties. No wonder there is no recovery.