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Very mixed messages on tax from pre-budget leaks.
Yesterday @ShippersUnbound suggested the government would increase corporation tax and make council tax fairer. Both are very good ideas 1/ https://www.thetimes.co.uk/article/rishi-sunak-eyes-tax-rises-in-march-budget-gmd3qpmkb
Yesterday @ShippersUnbound suggested the government would increase corporation tax and make council tax fairer. Both are very good ideas 1/ https://www.thetimes.co.uk/article/rishi-sunak-eyes-tax-rises-in-march-budget-gmd3qpmkb
Council tax reform & scrapping stamp duty would help poorer families, especially in the Red Wall. @TheSun reports positively on the campaign for reform 2/ https://www.thesun.co.uk/news/13765584/rishi-sunak-single-property-levy/amp/
The Treasury has finally realised that tax cuts don't magically bring in more money. Corporation tax is a good tool - as only profitable companies pay it 3/ https://www.thetimes.co.uk/article/sunak-wants-corporation-tax-rise-to-control-debt-pnqjx2cq0
At the same time, @thetimes suggests the government is looking to slash taxes and regulation to make the UK Singapore-on-Thames. https://www.thetimes.co.uk/edition/news/boris-johnson-consults-businesses-on-plan-to-become-europes-singapore-mktg5mtx2 4/
The middle of a recession is a bad time for overall tax rises. We don't need to "control the debt" - government borrowing is as cheap as it's ever been. But it does make sense to rebalance the tax system to make it fairer. 5/
This sets up for an interesting debate within the Conservative party between the small state/low tax brigade and those who want reforms to help the "levelling up" agenda. 6/
Unsurprisingly @DailyMailUK is mobilising against any reform to property taxes. Instead they want to see across the board increases to income tax, National Insurance & VAT. https://www.dailymail.co.uk/news/article-9157951/Rishi-Sunak-warned-not-hit-Tory-shires-new-property-levy.html 7/
The "levelling up" focused think tank @ukonward has a report out today arguing that some reform to council tax would benefit northern and midland seats. https://www.ukonward.com/levellinguptax/ 8/
@PaulGoodmanCH has the view on property tax reform from inside the Conservative party. Could Sunak be looking at grand bargain: reform property taxes & business rates at the same time? 9/ https://www.conservativehome.com/thetorydiary/2021/01/a-new-property-tax-would-bring-rises-business-rates-reform-could-mean-cuts-is-sunak-mulling-both.html
