The P³ tells us about American taxes:
About which he says:
Class warfare has taken place in the USA, and the wealth owning classes won. 20% of the overall US tax burden was shifted from the corporations largely owned by the wealthy onto working people. The tax haven assault was not only on the right of government to tax, it was also on the people of the world. As corporate profits have risen – and they have – corporate tax revenues have fallen.
People who actually know what they’re talking about would suggest something different. US law distinguishes between C corporations – who pay the corporate income tax – and S corporations where the owners pay the individual income tax on their share of the profits.
Over the past 50 years there has been a significant move – of perhaps 50% of the US economy – from the C corp form to the S corp. Thus some significant portion of the taxation of corporate profits has moved from that corporate share to that labour share. Because the corporate share charted there is the corporate income tax.
Ritchie’s argument really is that when he moved from using a Ltd company to an LLP for his work then that is proof that the remnant limited companies must pay more in profits tax.
But then grasping that would require knowing something about tax……