Jeremy Corbyn puts Labour spending plans under spotlight - BBC News
https://www.ft.com/content/0914c192-...a-538b4cb30025
There are contractors here that welcome a return to 28% corp tax and 50+% income tax on earnings above £70K per year?
Are you guys on the bench or on £50 per day or something?
Shadow business secretary Rebecca Long-Bailey discussed on Sunday's Andrew Marr Show how Labour would raise money to pay for £63bn of extra spending.
"Corporation tax was 28%, it's now dropping and is due to drop to 17% - and indeed both the prime minister and chancellor threatened to drop it even further if Brexit didn't work and they would go down to an Irish figure of 12%.
"On a calculation of OBR figures, [it] shows that by 2022 £70bn will have been given to corporations and the very wealthiest by tax breaks and tax cuts - we would reverse the corporation tax cut, yes, and put corporation tax up."
Mr Corbyn said some of the cash would come from inheritance tax and the threshold for higher paid earners.
"On a calculation of OBR figures, [it] shows that by 2022 £70bn will have been given to corporations and the very wealthiest by tax breaks and tax cuts - we would reverse the corporation tax cut, yes, and put corporation tax up."
Mr Corbyn said some of the cash would come from inheritance tax and the threshold for higher paid earners.
https://www.ft.com/content/0914c192-...a-538b4cb30025
John McDonnell, the shadow chancellor, told the BBC that under Labour’s plans for “fair taxation” he would “look to corporations and the rich to pay their share” while keeping average levels of tax across the economy roughly the same.
Asked how he defined the rich, Mr McDonnell said: “The rich will be above £70,000 to £80,000.” According to the most recent data from HMRC, 95 per cent of income taxpayers in the UK make less than £70,000 a year.
Asked how he defined the rich, Mr McDonnell said: “The rich will be above £70,000 to £80,000.” According to the most recent data from HMRC, 95 per cent of income taxpayers in the UK make less than £70,000 a year.
Are you guys on the bench or on £50 per day or something?
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