. . . the Chancellor cut corporation tax by two percentage points to 26pc from next month. By 2014, corporation tax will be reduced to 23pc.
They cut education budgets, raised tuitions, cut social programs that people had given into and then gave tax breaks to big corporations – but, if those rich corporations were going to bring jobs in – they would’ve already done it. That has nothing to do with the taxes – it has to be profitable and make business sense or they aren’t going to do it. All they’ve done by cutting the corporate taxes is to make themselves vulnerable to greater losses within their society and subjected their present and future employment pools to decimated educational opportunities that could have made them competitive in the world market.
My comment added to facebook a little while ago – and I mean it too. If those damn corporations were going to do business there, or here – they would already be doing it. Hell, they’ve gotten every last subsidy anyone could be conned into designing for them in both our countries and at the first sign of cheap labor – they went high-tailing it off.
The first sign of there being difficulties with their losses from betting with their corporate funds – they hit both our governments up to cover them and then they took their employment needs elsewhere with our money under their hats and stuffed into their back pockets. And, you really think some more corporate tax breaks will get these companies to do something different? Please, think that through again and see if history doesn’t explain what will happen next.
I swear – as soon as some nuclear scientist or finance geek comes around – everybody’s eyes glaze over, but then they want to know what those specialists were talking about the moment they need the information . . .
Damn, damn, damn.
There are no other words for it.
While I’m thinking about it – I’ll say it again – if the UK and the USA want to completely pay off their debt and then not have to pay the interest on it which would balance their collective and individual budgets – all they have to do is to place a sales tax on each and every dollar of stocks, bonds, credit default swaps, funky exotic financial products, financial derivatives, re-insurance and commodities trades. Then there wouldn’t be a budget crunch, no budget deficit, no interest on it to be paying for the next 500 years at rates that continuously increase and having to make these supposedly necessary massive cuts to everything.
So, either they want to fix the problem or they don’t. Looks like – they don’t.