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Keir Starmer pins economic growth hopes on British Hollywood with new tax relief
(www.independent.co.uk)
this post was submitted on 09 Oct 2024
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We need more taxation not less of it!
We need a tax system that takes not just the headlines into account but assess the relative benefits of various degrees of tax in various industries and individuals vs what they can or can't contribute back in terms of other economic activity that benefits the economy as a whole.
Simply saying we need more tax (or less if you're Liz Truss inclined) is a, frankly, GCSE level of understanding of the economy and should be discouraged.
We need the wealthy to be taxed more
Sure, why not 🤷. Let's go with that. Nice and simple.
The tax the wealth that they can’t take out of the country. Bring in land value taxes and start raking in the revenue from all those posh London flats (more properly the land they sit on).
Fact is, if you're not tax competitive in the movie business then production shifts somewhere else. However, a single production can employ thousands of people across a multitude of companies, all of whom pay tax.
What matters is the overall tax take, not the tax rate.