Corporations and Companies DO NOT pay Taxes. 100% of the cost is passed on to the consumer.
Since you are paying taxes on your income when you earn wages and every time you spend your hard earned money, you are being DOUBLE TAXED.
If you decide to save your money or invest in the economy through owning stocks or bonds, you are taxed again.
All of this taxation reduces the incentives on individuals/ businesses and reduces the standard of living and retards innovation. Capital shifted from the people who actually produce goods and services that is send to a government which can only take and spend without end,doeen't help anyone.
In addition, high taxes affects small and medium sized businesses to a much greater degree than a large multi-national corporation with their army of accountants, lawyers and off-shore tax shelters. This ensures that wealth and power stay in the hands of those who already have it and makes it very difficult for individuals to move upward in wealth.
The United Kingdom could be an economic powerhouse and a center for innovation. The educated and hard working people of the British Isles, can dominate the World's markets, if only they are allowed to do so.
No more VAT, a flat 15% tax on purchases of goods and services , elimination of all income and corporate taxes, no taxes on interest income or stocks; would propel the U.K. economy to new heights. Of course the "evil" rich will benefit too, but I never was hired to work for a poor person.
Only an army of "Takers", increasingly dependent on the cradle-to-grave welfare state stands in the way. Ironically, these individuals would benefit most from economic growth and prosperity.
Taxation is the Power to Destroy.
People Get The Government They Deserve.
I really don't understand this argument. Even if you look at it in this way they can end up pricing themselves out of the market. So they do pay.
No they don't. 100% of the cost of taxes is paid by the consumer. If you make a product or offer a service, taxes is a cost; just like labor, insurance, etc. and it is incorporated into all prices.
Although the tax is "hidden"from the consumer they still pay it in the form of higher prices.
On top of that, the consumer pays additional VAT or sales tax depending on the country.
If taxes are reduced or better yet, eliminated, prices drop as costs drop. Businesses that don't adjust their prices down, risk being overtaken by competitors.
A good example is the taxes on gas and diesel fuel. I pay 60 cents a gallon less for the same fuel as my friends who lives in a high tax area. The price I pay at the pump is exactly 60 cents a gallon less than him, which is 100% accounted for by the taxes.
Gas station owners make the same gross profit on a gallon of gas, however, it is likely that his gas station actually makes less, as they likely pay a bit more to buy their fuel because of the increased cost of fuel for the transport truck, etc.
The money I save simply is used to purchase other goods and services. In addition, the lower fuel price allows for lower costs. When I go to the market to buy Strawberries, grown near his home, I pay less than he does for the exact same produce, even though they have to transport it 300 miles by truck to get it to me.
The reason they can't charge more for Strawberries is we grow them here too. Our lower costs, force other growers to take less profit if they want to remain competitive with local providers, who have lower costs.
I remember seeing a television "Game Show" from the old Soviet Russia. In the game, contestants were asked the "Best Way" to improve the profits of a mythical hat company they owned.
The "Correct" answer that the contestants came up with was to simply raise the price of the hat. To a Western businessman, this is simply laughable.
I understand what you are saying but you don't seem to understand what I am saying.
I would recommend that you expand your thoughts beyond the 4 sentences you wrote in 2 replies.
That just illustrates my point. It seems you are unable to accept someone may disagree with you.
Everyone is entitled to their own opinions, but not their own facts.
All done here, moving on.
Exactly.