There are alternatives ways of cutting the deficit

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There are alternatives ways of cutting the deficit

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The government should ensure the financial sector and the super-rich pay a fairer share in any deficit reduction programme, instead of cutting public sector spending and pensions. For example:
 £3.5bn could be raised every year with a permanent tax of 50% on bankers‟ bonuses higher in excess of £25,000
 £4.5bn could be saved every year by reversing the government‟s cut in corporation tax to levels lower than the US or any other G7 economy
 £4.7bn could be raised every year by a 50% tax on incomes over £100,000
 £5bn could be raised every year with an Empty Property Tax on vacant properties
 £10bn could be raised every year by reforming tax havens and residence rules to reduce tax avoidance
 £14.9bn could be raised every year by using minimum tax rates to stop reliefs being used to disproportionately subsidise incomes over £100,000
 £20 to 30bn could be raised every year by introducing a Major Financial Transactions Tax on UK financial institutions

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