Here in the UK, we are awaiting the revised budget by our current Chancellor Jeremy Hunt on 31 October. Part of this budget will be an increase in corporate income taxes from 19% to 25%. Liz Truss, in her immense wisdom, tried to convince the public that cutting taxes would spur growth and pay for the lost tax revenue by itself. This idea was driven by the free market think tanks in Tufton Street like the Institute for Economic Affairs. Now that corporate tax rates are expected to increase again, they claim that will reduce growth.
The link between corporate taxes and growth
The link between corporate taxes and growth
The link between corporate taxes and growth
Here in the UK, we are awaiting the revised budget by our current Chancellor Jeremy Hunt on 31 October. Part of this budget will be an increase in corporate income taxes from 19% to 25%. Liz Truss, in her immense wisdom, tried to convince the public that cutting taxes would spur growth and pay for the lost tax revenue by itself. This idea was driven by the free market think tanks in Tufton Street like the Institute for Economic Affairs. Now that corporate tax rates are expected to increase again, they claim that will reduce growth.