Recent figures show that the corporate world are continuing their greed driven trend of shuffling profits to “tax havens” (fiddling bases). While lifting those profits from the people of UK, they refuse to pay the UK citizens there fair dues through the medium of tax. As company profits continue to rise, their tax returns continue to fall. This is a situation that can only be found in large corporate businesses, it just doesn't happen in smaller concerns or with employees income. It is all the result of our millionaire cabal residing in the Westminster Houses of Hypocrisy and Corruption creating a corporate friendly environment for their millionaire corporate buddies at the expense of you and I.
A recent Reuters analysis of official figures shows that large companies in the UK now pay less tax than they did 12 years ago. The corporation tax figures for the year 2011/12 show that large companies paid just £21 billion, this a 21% decrease since 2000.01. The Office of National Statistics states that during the same period the gross operating surplus for all companies in the UK rose by 65% to £329 billion. They also verify that tax receipts from small companies and personal income tax rose over the same period.
As the UK GDP grew over the period 2000/12 by 55% and company surplus earnings grew by 65% and their tax payments fell by 21%, it is obvious that they “are at it” as one might say. All that discrepancy in what they should pay and what they actually pay is hived off to shareholders bonuses, to fat cats bank accounts. In the meantime, you and I, who pay our full whack of taxes are being hit by cuts in our standard of living, cuts in education, health and all essential social services. The poor and vulnerable are being penalised with cuts in benefits, and the mantra from our millionaire Oxbridge Honourable Gentlemen is, “We can't afford it”. Which translates into, “We have to give our banker millionaire friends all your money.”
"We can't afford to pay any more tax, it would be bad for business."
So as you count your pennies to try and manage to eat and feed your family, those tax dodging, sorry, tax avoidance, fat cats are glancing through the latest yacht catalogue, or perhaps considering another villa in Bermuda. That is the system that we carry on our backs, we work, we pay our taxes, we scrimp and scrap, they avoid paying tax, and live in the lap of luxury. It's called capitalism, like it?