- Tax rates for corporations,already the lowest in the G7 are to be lowered further.
- Companies able to invest £ 250,000 a year and set it off against tax
- Special levies on banks reduced
- Inheritance tax reduced
These tax reductions for Corporations are worth 28bn over 5 years. At the same time hidden subsidies, direct grants and tax breaks amount to £93bn a year, or £3500 per UK household. A new report by Kevin Farnsworth of York University shows that the British Government spends more on grants and loans to big business than they raise on corporate taxes
.http://www.theguardian.com/politics/2015/jul/07/corporate-welfare-a-93bn-handshake
And this does not take into account tax avoidance or tax evasion.
What exactly did George Osborne do on Wednesday 8th July? He punished the working population and families.
- Working age benefits frozen for four years
- Family element CTC to be removed on Tax credits
- Limiting CTC to first two children
- Income threshold halved
- Taper rate raised from 41% to 48%
- Income Rise disregard reduced to £2500 from£5000
- Last of student grants replaced by loans
- Social Housing allowances reduced
- Pay limit of 1% for public sector
Tax officials will pay hard-hitting private debt collectors to target families who owe the government more than £3,000.
http://www.mirror.co.uk/news/uk-news/how-budget-affect-tax-credits-6031675
He is pouring billions into business and they are saying thank you and carrying on doing what they do best and pay minimum wages and introduce Zero hours contracts
