Saturday, 13 December 2014

letter to i on minimum wage

How ridiculous is it that taxpayers are having to pay "an extra £900m in tax credits" because firms are paying such low wages, especially when many of these businesses pay huge amounts to accountants so that they can avoid paying their proper share of tax.(Fall in wages means government`s tax credit bill rises by £900m,12/12/14) With the government having a much lower level of corporation tax than the rest of the EU, making co-operation to prevent tax avoidance unlikely, the obvious solution is to raise the minimum wage exponentially. Taxable profits would be much lower, but at least the tax would be paid, in the form of income tax!

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