@ISIDEWITHQuestionseconomyStarted 10yrs agoActive 19hrs ago

Should the government raise or lower the tax rate for corporations?

Should the U.K. raise or lower the tax rate for corporations?

On 23 September 2022, the government announced that the increase in the Corporation Tax main rate to 25% and the introduction of a small profits rate of tax from 1 April 2023. The U.S. currently taxes corporations at 21%, France at 26.5% and Germany at 15%.

59%
Raise
20%
Lower
48%
Raise
16%
Lower
11%
Keep current rates but eliminate deductions and loop holes
4%
Lower, but eliminate deductions and loop holes
1%
Remove taxes on corporations and tax shareholder dividends instead

Historical Results

See how support for each position on “Corporate Tax” has changed over time for 183k UK voters.

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See how importance of “Corporate Tax” has changed over time for 183k UK voters.

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Other Popular Answers

Unique answers from UK users whose views extended beyond the provided choices.

 @9MQVRP3answered…6 days6D

SME's should have much lower taxes as Self Assessment liabilities on top of Corporation tax / income tax is very damaging for individuals with a Ltd company, Partnership or Sole Traders

 @8TKSVHRanswered…3yrs3Y

Abolish Corporations

 @8TJNGQNanswered…3yrs3Y

Get rid of tax

 @8THGCXGanswered…3yrs3Y

Some increase but also eliminate deductions and loopholes.

 @8SMHKKKanswered…3yrs3Y

Only raise it for large corporations with profits over a certain threshold, as this otherwise effects small businesses like my social enterprise/community interest company

 @8SM6RFXanswered…3yrs3Y

Keep current rates or lower for small business, keep current rates on corporational , tax shareholder dividends, and eliminate deductions and loop hole

Latest News

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 @ISIDEWITH submitted…4wks4W

IRS Targets Wealthy and Major Corporations for Increased Audits, Aims to Correct Racial Disparities

The Internal Revenue Service (IRS) has announced a significant shift in its audit strategy, focusing on increasing audits for wealthy individuals and major corporations while simultaneously addressing racial disparities in its audit practices. This move comes as the IRS plans to expand its workforce and leverage new resources to crack down on tax evasion and ensure a more equitable tax compliance environment.According to the IRS, audits will intensify for Americans earning $400,000 or more and for businesses with substantial assets, aiming to ensure that high earners and large corporations pay their fair share of taxes. This initiative is part of a broader effort to enhance tax compliance and revenue collection, with the IRS indicating that audit rates for individuals earning over $10 million will increase from 11% to 16.5% by 2026. Similarly, audit rates for businesses with assets over $250 million will triple, and partnerships with assets over $10 million will see a tenfold increase in audits.In addition to targeting high-income earners and corporations, the IRS is taking steps to address the longstanding issue of racial disparities in its audit practices. Recent data revealed that Black taxpayers were audited at rates up to 4.7 times higher than non-Black taxpayers, a disparity attributed to the agency's data-driven algorithms. In response, IRS Commissioner Daniel Werfel announced an overhaul of compliance practices to ensure a more equitable approach to tax audits.The IRS's commitment to reducing the disproportionate audit rates for Black taxpayers represents a significant step towards fairness in tax administration. By revising its algorithms and compliance strategies, the agency aims to eliminate biases that have historically affected audit selection processes.As the IRS embarks on this dual mission of increasing audits for the wealthy and corporations while correcting racial disparities, it signals a transformative period in tax enforcement. These measures are expected to not only enhance revenue collection but also restore public trust in the tax system by promoting fairness and equity.

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