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.”
via mirror.co.uk
