BRitain’s poorest households may soon pay a higher tax rate than major banks.
Low-income families, small businesses and shoppers will be charged 20% VAT from January 4, but banks and multinational firms will get a Corporation Tax CUT next year.
The TUC said big firms will pay a 19% tax rate once various loopholes have been taken into account. The union found hiking tax up from 17.5% will hit the poorest 20% of households harder than the richest 20%.
TUC General Secretary Brendan Barber called for financial reform from the Government, adding: “Otherwise banks will make the same mistakes again and everyone else will be forced to pay the price.”
Monday, 27 December 2010
Banks 'to pay lower tax rate' than poorest households - mirror.co.uk