Businesses won't run away if we tax them a little more
Asking companies to pay a universal social charge could ease the burden on us all, writes James Fitzsimons
Like it or not, this is as good as it gets and it might get a whole lot worse. The banks got us here and only our taxes will buy our way out. That means personal tax and consumer taxes. Most companies would never set up here if we couldn't offer them a tax advantage. At least, that is what we are led to believe.
The big companies that survived the recession have money to spare but they are not spending it. The returns they demand are not there and consumers can no longer afford to waste cash like they did. Those who have it are squirrelling away what is not taken off in higher tax. With the exception of companies, everyone is paying more tax.