Tiered Corporation Tax Rates for Rich List Companies
"Tesco, Britain's biggest retailer, reported record profits of £3.8bn – more than £10m a day – but admitted that it needs to do better in its core UK operations."
Why should companies like Tesco only pay a flat rate of 26% corporation tax (reducing from 28% in 2009 and 2010 to 25% in 2012) when employees' income tax rates are tiered (20% £0-35,000, 40% £35,000-150,000, 50% over £150,000).
The Government should therefore adopt tiered rates of taxation, in a manner similar to those set for employees, for company profits resulting from UK sourced income.
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