10 comments on “Facepalm

  1. Well if they’re making less profit there’s got to be MOAR money lying around to be collected as TAXES!

    Stands to reason, innit?

  2. WTF??
    “UK corporation tax cut to cost billions more than thought”
    By which they mean that Corporation Tax revenues will be HIGHER than expected.
    Laffer curve, anyone?

  3. It almost makes you want to cry: HMRC recently raised its estimate for the amount a 1 percentage point increase in corporation tax could bring in for the Treasury from £2.8bn to £3.1bn per year – meaning the plan to cut taxes by 2p in the £1 could cost about £6.2bn.

  4. ‘The government’s planned cuts to corporation tax look set to cost the public purse billions more in lost revenue than previously thought’

    The future isn’t what it used to be.

    It is the government’s money, else it couldn’t ‘cost the public purse.’ Government will let corporations keep some of government’s money.

  5. It’s hard for some people to grasp that tax take depends on the tax rate and the amount of profit. And simple arithmetic is also hard to grasp; just because one of the numbers is smaller does not automatically mean that the product will be smaller. It is murphyesque in its stupidity

  6. ‘the journalist is described as an “Economics correspondent”’: obviously an allusion to being economical with the truth.

  7. Actually, I’m somewhat surprised that The Guardian beat Spud to that particular sentence. It would look grand at Tax Research UK.

  8. Cuts in corporation tax leave companies with more money to invest or pay dividends (which when they end up in the hands of individuals are taxed more heavily than company profits).

    Which of those two is bad?

    Besides, who knows better what to do with profits? Those who made them in the first place or politicians who know only how to spend?

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