…At the moment tax law ensures that companies based here, with branches in other countries, don’t get taxed twice on the same money. They have to pay only the difference between our rate and that of the other country. If, for example, Dirty Oil plc pays 10% corporation tax on its profits in Oblivia, then shifts the money over here, it should pay a further 18% in the UK, to match our rate of 28%. But under the new proposals, companies will pay nothing at all in this country on money made by their foreign branches…
Great article by George Monbiot, I knew nothing of these plans until I read this.
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OK, so Barack Obama probably doesn’t need much in the way of an introduction, especially seeing as he has just been elected as the President of the Unite States of America. What an incredible election though. I have to say, even as someone who hoped for an Obama victory, the most most incedible post-election moment for me was John McCain’s speach. Even tough I wouldn’t agree with much of his political policies, I have to say he has extraordinarily dignity and, for that, I applaud him. Quite a contrast to some of the mud slinging from the Hilary Clinton leadership campain.
In terms of the election itself, the whole issue of race in this election is one that sat very uncomfortably with me. In hindsight I think I underestimated the significance of this issue but, perhaps naively, I thought it shouldn’t really matter. It clearly does. Listening to the radio and reading commentary since the election, it has clearly been an inspiration to the black diaspora around the world and, indeed, to many people in general.