By Tomáš Tengely-Evans
Downloading PDF. Please wait... Issue 2557

It’s the rich who have a ‘magic money tree’—and it needs shaking

This article is over 6 years, 10 months old
Issue 2557
Theres no magic money tree, says tax-avoiding Tory minister Amber Rudd
There’s no magic money tree, says tax-avoiding Tory minister Amber Rudd (Pic: Flickr/WorldSkillUK, Pixabay, WikimediaCommons/Victorgrigas, Socialist Worker)

Theresa May lectured a nurse suffering under Tories’ public sector pay freeze on BBC Question Time last week.

“There isn’t a magic money tree that we can shake that suddenly provides what people want,” the prime minister condescendingly claimed.

But the Tories have done exactly that when giving away money to bankers, bosses and their super wealthy friends.

By 2021, their latest giveaways alone will have allowed the rich to snatch £70 billion more.

They’ve got the money - let’s raise the taxes on the rich
They’ve got the money – let’s raise the taxes on the rich
  Read More

One of Philip Hammond’s first acts as chancellor was to slash corporation tax to just 19 percent.

It’s the fifth time the tax on big business has been cut since the Tories took office in 2010—and shows May is firmly on the side of the bosses.

It amounts to a giveaway of £63.8 billion to big business.

A further £800 million goes with their capital gains tax changes for big business deals.

The Tories have shown they care more about dead rich people than working class people.

While the Tories “dementia tax” would force elderly people to pay more for social care, they’ve pushed through an inheritance tax cut worth £3.6 billion.

That’s on top of the wealth that big business and wealthy individuals already have, revealed in the Sunday Times Rich List last month.

Despite austerity and a sharp fall in real wages for workers, the rich have become richer since the global crash.

In 2009 the richest 1,000 people and families had a total wealth of £258 billion—that wealth has now more than doubled to £658 billion.

That’s why the rich attack Jeremy Corbyn when he argues for raising corporation tax to 26 percent—still lower than the 28 percent under the last Labour government.

He is right to argue for raising taxes on corporations and the rich—but the elite’s money tree needs more than pruning.

Britain now has more than 134 billionaires—the highest number there has ever been in its history.

Taking that wealth off them could pay for a better standard of living for working class people for years to come.

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