Corbyn's Disastrous Financial Policies Would Wreck Britain

May 18. 2017

Jeremy Corbyn

Jeremy Corbyn, the hardline socialist leader of the British Labour party, is vowing to raise the corporate tax rate by a massive 33% in the United Kingdom, if elected Prime Minister on Britain in the June 8, 2017 snap election (Britain's Snap Election On June 8 Between Prime Minister Theresa May And Opposition Leader Jeremy Corbyn A Bid To Beat Ailing Labour Party ). Corbyn seeks to remedy what he deems are financial inequities and inequalities in the Britain by punishing the rich. Corbyn's course of action is inadvisable.

I have repeatedly written on the Judiciary Report that Corbyn's financial policies will plunge Britain into poverty. I know how business people think and behave. They will simply uproot their businesses from Britain and move elsewhere to locations such as Ireland, Switzerland or Germany, to name a few places in the region, rather than pay an extra 33% in corporate taxes.

Corbyn's proposed tax hike would amount to some businesses paying a whopping 75% tax rate in Britain. It doesn't make sense to stay in business under such over taxation, as you will not turn a profit or meet payroll and subsequently go bankrupt. They are not going to sit there and essentially work for free under that completely unreasonable, proposed tax hike by Corbyn.

Business owners in Britain are not going to tolerate what Corbyn is promising he will do if elected and neither will foreign investors. They would leave Britain and the nation would lose billions, then trillions over time, when those businesses and revenues end up in other nations with more favorable tax laws.

I do not suggest the British government implement a corporate tax hike, especially with Brexit churning and the United Kingdom's pending departure from the European Union's single market. Britain needs to make its business sector look as desirable as possible to domestic and foreign investors. That means cutting some of the corporate red tape, seeking out more foreign investment and trade, as well as offering more thrift banking solutions to keep the City (banking sector) afloat (to counteract and minimize the effects of select departures due to Brexit, the British vote to leave the European Union, which are to be expected). Some nations are suggesting Britain should join NAFTA. If the British government can obtain favorable trade rates, they should definitely consider membership. 

As stated previously on this site, a personal income tax increase (not corporate) on the middle class and the rich of somewhere between 2%-5%, can go a long way to helping the country. Britain has many wealthy people and if you raise the income tax rate on the middle class and rich by a small increment, they won't feel it too much or be inclined to leave their comfortable homes and unique luxury lifestyle in Britain, for other places with a lower tax rate. The middle class and rich will call the government a few choice words under their breath over any increase in taxation, but a small tax hike of 2%-5% to help their fellow Britons is a small amount to ask and will not be too difficult for them to stomach.

However, if the government starts implementing extreme measures, such as the ones Corbyn is proposing, demanding the rich pay a 75%-90% personal income tax rate, they will definitely leave the country and take their money with them. And contrary to what some think, global societies need rich business men and women to stimulate the economy, create jobs, pay wages and taxes and come up with products and services that make human life better.

I'm not going to pretend, some rich people in this world are greedy and harm others, but some are decent philanthropists, who try to improve the world around them. The goal should be improving society for everyone, not punishing some for the alleged betterment of others. Be careful of what you call better, as in theory it is one thing, but in practice quite another (socialism).

Based on his words, Corbyn is seeking to undo Brexit, which would go against the will of the British people. Seven times Corbyn refused to state during interviews that he would follow through on the Brexit vote, meaning leaving the European Union. Prime Minister Theresa May is promising to follow through on the Brexit vote and she will not enact a 75%-90% personal or business income tax rate, as Corbyn is promising, in his bid to take Britain into socialism and communism.

Theresa May

Corbyn comes across as a man who dislikes the rich and wants to make them pay for all that is wrong in society, by taking most of their money through massive taxation. Being fiscally responsible is important and Corbyn's socialist/communist policies would not work in capitalist, democratic Britain. Corbyn's policies would amount to a massive cash grab of temporary benefit that would destroy some of the vital sources of Britain's stable long-term revenues.

It is the metaphoric equivalent of commandeering a cow that has been steadily producing milk, used to make products such as butter, cream, cheese, cream cheese, cottage cheese and yogurt for years (taxable revenue for the state that is the United Kingdom) and deciding you want to slaughter the cow for a big one night steak feast. You will gorge yourself for one night on steak, but instantly go hungry the next day, as your continuous source of milk, butter, cream, cheese, cream cheese, cottage cheese and yogurt is gone.

It can also be equated to commandeering a chicken that was producing eggs on a regular basis. You decide you want some fried chicken in a big one night feast. So, you kill and fry up the chicken. By the next day, you go hungry, as the chicken that was producing the eggs on a regular basis, is gone.

Corbyn's approach to punishing the rich and middle class via a massive government cash grab through over taxation, can also be equated to not working while living off your life savings. The money will run out, as you have no new revenue streams on a regular basis.

Therefore, a small personal income tax increase of 2%-5% on the middle class and the rich (individuals earning above £75,000 per year) can be used to help fund schools, the disabled and lower income families who need financial assistance. I do understand that schools need more money, the disabled need proper benefits to survive and lower income families could use financial help as well. This tax plan of 2% - 5% would address that (if channeled to those causes, which I think the funds should be).

As stated previously on this site, I propose the government undertake a small 5-20 pence tax on purchases in the United Kingdom to better fund the NHS, who needs more money due to mass migration from the European Union, Africa and the Middle East. The British population swelled to 60,000,000 in approximately 15-years, which means there are more patients to treat via the health service. In Britain, citizens and legal residents do not have to pay for healthcare.

That's another thing, Corbyn stated he is for uncontrolled immigration and that everyone should be able to move to Britain. However, the country cannot afford that. No nation can. Corbyn has no way of financially supporting such a policy. Britain would go bankrupt, there would be massive overcrowding and the NHS would outright collapse, forced to cut many key services.

As stated several years ago on this site, the benefits system in Britain needed a revamp and it has since received one (Britain's Benefits and Britain’s Benefits Part 2). Articles had been published in the Daily Mail UK and the Mirror UK, showing people coming into Britain from other nations, stating they have large families and subsequently receiving big benefits checks. When journalists interviewed the benefits recipients in the homes and flats paid for by the local housing councils in Britain (taxpayer money) the properties were full of flat screen TVs, video game systems, designer clothes and expensive trainers (sneakers).

That's not the purpose of benefits. The purpose of benefits is to help people not end up hungry and homeless. Charity is good, but as stated in previous articles, the benefits recipients should have been housed in less expensive rural areas on the outskirts of London, such as Surrey, where one can rent a larger home for less money, in order to accommodate large families.

Some benefits recipients who went to a government housing council in the heart of London, were housed in expensive areas such as Notting Hill, after complaining they have big families and need more room. It is commendable that such charity was shown, but for the sake of the taxpayers, well-to-do areas should be excluded from council housing. The home counties and Essex are also other affordable options.

The truly disabled should be given priority treatment regarding benefits payments. In Miami, I briefly met a woman who told me she was on disability benefits. I couldn't see what was wrong with her, so I asked her what is her medical condition. She told me she claims for mental disability. However, she smirked and said she goes into the disability office and pretends to be "crazy and stupid" and they approve her as mentally disabled. She said to me while giggling, "I go in there and act crazy and they give it to me" regarding mental disability benefits, equating to several hundred dollars per month. In speaking to her she sounded quite sane...just devious and dishonest. It's not right that people should do things like that.

My mom is a social worker who teaches disabled adults how to function as best as they possibly can in everyday life situations. Over the years, I've met many of the students my mom has taught, some of whom are mentally disabled due to Down Syndrome and Cerebral Palsy. They sometimes struggle to do many basic things you and I take for granted. Therefore, for people to be faking mental disability is offensive and unethical. There are people in different nations claiming disability who are not disabled. To save each respective nation money, said people faking illness should be removed from the disability lists. 

Mayor Sadiq Khan pulls mayoral funding for Garden Bridge in April 2017

Britain and many other nations, need to save money by "trimming the fat" as the phrase goes in eliminating financial projects that are not of necessity, when greater priorities exist. Months ago I wrote on my Twitter.com social networking page that the proposed London "Garden Bridge" should be scrapped, as it is an expensive vanity project and the funds being allocated for it could be better used to build more affordable housing. The project has since hit a massive setback, with the government pulling funding.

I've heard many young Brits state and write online that they want to own their own flat (apartment) or house. However, due to mass migration to Britain, with most of the traffic flooding into glamorous London, properties in the city have become expensive. The British government broke ground on new affordable housing schemes in 2014 and 2015. Some of the projects have been completed and look quite good. However, more projects need to be done to assist young Britons with buying affordable housing, which will make them feel more a part of their nation.

My Garden Bridge tweet in January 2017

My Garden Bridge tweets in April 2017

In closing, Corbyn is espousing many socialist ideals for Britain, but has no workable plan to pay for and sustain it. Corbyn's own party members admit that the numbers are not correct in his proposed political plans. Corbyn's proposed financial plans for Britain will cause preventable human suffering, when a financial crisis ensues from him scaring off wealthy British and foreign businesses/investors and taking so much from the rich and middle class, they leave the nation.

You already have some, not all, wealthy Brits such as Mick Jagger, Victoria Beckham and David Beckham, dodging paying full income taxes to Inland Revenue by living in Britain half the year and other nations for the remaining six months annually. The tax dodging is going to go full speed and among much more people if Corbyn is elected and implements his drastic taxation plan of a 75% - 90% income tax rate.

Again, as stated previously on the site, I predicted the 2008 U.S. financial crisis, two years before it happened (via my Sound Off Column site). I have gotten many other things correct as well. Corbyn means well, but his political policies are a disaster waiting to happen that will bring immense human suffering via poverty, because he cannot afford to pay for what he is promising the British people via his faulty financial plans and when the money runs out from the massive cash grab via his socialist/communist policies of over taxation, his government will have to cut all benefits and scrap many necessities, as there will be no money left to pay out.  

STORY SOURCE

McDonnell Admits Manifesto Not Fully Costed

Labour have made a big play of their manifesto being “fully costed”, yet when gently asked by Nick Robinson how much their water nationalisation policy would cost, McDonnell admitted they don’t have a number. That’s tens of billions missing…

https://order-order.com

TAX BOMBSHELL Jeremy Corbyn unveils £50bn tax grab in Labour manifesto – and that doesn’t even cover cost of renationalising water, energy and rail firms

16th May 2017, 11:31 am - Updated: 16th May 2017, 12:40 pm - Leader makes raft of new spending pledges – which he insists he will pay for by jumbo income tax and corporation tax hikes, as well as a new high pay levy. JEREMY Corbyn is unveiling a £50billion tax grab in his party’s manifesto – and that doesn’t even cover cost of renationalising water, energy and rail firms.

The Labour leader’s hard-left Socialist blueprint to run Britain collapsed within minutes of being released after a multi-billion pound black hole opened up in his sums. He revealed his hard-left Socialist blueprint to run Britain after June 8. Issuing the most expensive election document in the party’s 120-year history, he is making £48.6billion of new spending pledges – which he insists he will pay for by jumbo income tax and corporation tax hikes, as well as a new high pay levy.

But missing from the 50-page long plan – unveiled in Bradford this morning – are any costings for huge ticket items such as renationalising key industries or keeping the retirement age at 66. The party insists that every promise in the manifesto is “fully costed”, but party officials have refused to put aside money to pay for the policy, because they count it as an investment which will theoretically return a revenue stream in future.

Highlight pledges from document include:

Return of 50p tax rate for those on £123,000 a year and threshold from 45p rate down to £80,000
Corporation tax to rise from 21% to 26%, and levy on employers paying high wages
National Transformation Fund to invest £250billion over 10 years to upgrade economy
Bring private rail companies back into public ownership as their franchises expire
Transition to publicly-owned, decentralised energy system
Replacement of water system with regional, publicly-owned companies
Reversal of Royal Mail privatisation “at the earliest opportunity”
Scrap Conservatives’ Brexit White Paper and instead focus on retaining Single Market and Customs Union membership
No cap on immigration and describing targets as “bogus”
National Education Service, scrap university tuition fees and reduce class sizes
Extend the 30 hours of free childcare to all two-year-olds

If Labour did take power, they would have to shell out billions to take over privatised services - for example, Royal Mail alone is worth more than £4billion. However, buying up large companies is a risky proposition because their value could easily fall if they are mismanaged by politicians and civil servants, leaving the public out of pocket.

https://www.thesun.co.uk

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