As Samira noted earlier, in an attempt to defend its cap on tax relief, the Treasury has released new figures revealing the extent of tax avoidance among the super-rich. No government has ever published data of this kind before, so I thought Staggers readers might like to see the full chart. As it shows, 12 [6 per cent] of the 200 taxpayers earning over £10m pay less than 10 per cent in tax, while 58 [29 per cent] pay 40 per cent or less.
The debate on tax transparency has accelerated so fast that it would no longer be surprising if one of the main parties called for the UK to follow the Nordic countries and make all tax returns public.
£85 billion is the combined worth of 10 of the top 11 richest people in the UK. £0.0005 bn is all they pay in fees for their ‘non-domiciled’ for tax purposes status after George Osborne said they must ‘put something back’. (Source – Private Eye).
The annual amount of tax owed to the treasury but uncollected because of tax avoidance is £120 bn according to Richard Murphy of Tax Research UK. Even the ‘Big Four’ Tax and Accountancy Consulting firm Deloitte puts it at a conservative £40 bn.
If this tax was collected there would be no need to cut anything.
That is why the cuts ARE ideolgical.
Take money from poor disabled people = good housekeeping.
Take money from rich party donors and patrons = bad.
And then there is the £750 bn in commercial assets sitting dormant in bank accounts and going uninvested in our economy.
These are all proven and well-accepted FACTS!
Why therefore do none of the mainstream politicians dare to mention this, preferring instead to rob the poor?
We have never been more productive or hard-working as a society yet the wealth gap and inequality between the super rich and the 99% has never been larger.
Central banks lend to commercial banks at 0.5 % above base rate. Small businesses and individuals are forced to borrow at extortionate rates of interest – if they can borrow at all!
We must ask these questions – or rather keep pointing these facts out until people wake up and realise that societies are being robbed of hope and a future all in the interests of a tiny élite.
It doesn’t have to be this way. But to change things – we ordinary mortals must take back power and control from our politicians who only do what ‘the market’ tells them at devastating cost to our world and our own individual families.
Until these burning economic injustices are confronted and resolved we will continue to suffer greatly – and needlessly! We have enough resources for everyone on our planet but we must use them in the service of humanity and NOT obscene accumulation of capital that ends up causing death and devastation on a massive scale across societies and our planet.
It’s high time that we evolved beyond this stage.
Will you join us?