Increase corporation tax for top earning companies

Increase corporation tax for top earning companies

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Bruno Kirby started this petition to The UK Government

UK corporation tax has been decreasing since the 1980s by overt 30%. Meanwhile, the UK government has been implementing budget cuts to much of the public sector like education and the NHS. For example, the NHS needs an extra one billion pounds a year to get spending back up to 2015/2016 levels. This has led to a decrease in quality of care and longer waiting times. While education has experienced a 5.4 billion pound gap in funding since 2015. This leads to a lower quality of education in crumbling buildings especially in already disadvantaged areas.

This is largely an easy problem to fix though as most of this can be covered by a corporate tax increase for top earning companies. They will be able to deal with the tax increase as shown by the 52% tax rate from 1973 until 1982 which didn't prevent companies from operating. A 50% tax rate would be good but even a lower one would still improve service quality. For reference the top 2021 tax rate is 19%.

I am also advocating for this tax increase to only effect companies with profits exceeding two million pounds a year because the current top tax band is profits exceeding £300,000, which is tiny in relation to the multi-billion pound profits of some corporations. I hope you stand against this injustice and I thank you for your support.

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