Claig … as usual your posts are as useful/accurate as pouring tea from a chocolate tea pot.
Any political party promising mass give aways/tax cuts prior to the 2010 General Election, without having first seeing the UK books being put together by a highly politicised UK Treasury Department with tax revenues denial – was being irresponsible, especially if like the Tories PROTECTING the then NHS budget other parties wouldn’t.
UKIP’s role in all this, lying that several UKIP Westminster MP’s could stop immigration and take us out of the EU, was to first by taking the Tory votes ENSURE there was a Lib Dem coalition – and quite how their (then) policy of a 31% Flat Tax including National Insurance would have helped the poorest – beats the hell outa me.
But as the Conservative led coalition saw UK real (inflation adjusted) earnings that had fallen from 2008 was not correcting, they were open to helping the people via tax cuts, especially as cutting back 13-years of the previous governments BIG State waste as a spending review or tax cuts would never have occurred to them, at the SAME time.
In other words, trying to teach Conservatives how to cut UK taxes, is like offering to teach a Russian grandmother how to such vodka through a straw.
In 1979 the Conservative’s inherited from Labour a 32p lower income tax rate, the top rate of income tax was over 60%, and apart from bashing companies with a 50% Corporate Tax – any unearned income from investments etc was taxed over 90%.
And over 18-years, with Reganomics/Thatcherism, the view was that the more competitive tax rates were through the whole economy, the more the tax take would RISE as the economy grew.
But there has to be tax rates that while competitive/fair, have to pay the annual bills, pay down the National Debt and create private sector employment that brings in more tax revenues – and a responsible government has to put in place that tax balancing act.
What Corbyn/McDonnell are proposing is lower taxes from very low levels and a higher MW when small companies are yet to pay the recent hike for votes – while bashing all the tax paying private sector funding the economy – all while expecting the tax payer receiving public sector to significantly grow.
And so are offering total sums-can’t-add-up economic incompetence.
Therefore as to what Trump is offering, I would say that it is more Reaganomics/Thatcherism, than Corbynomics/McDonnellism.
Trump Says Lower Tax Rate on All Businesses to 15%
www.bloomberg.com/politics/articles/2015-09-28/trump-says-lower-tax-rate-on-all-businesses-to-15-
No tax would be assessed against individuals earning
• “There will be a major tax reduction,” Trump says in unveiling plan. “It’ll simplify the tax code. It’ll grow the American economy at a level that it hasn’t seen for decades”
• Tax would be zero for 31m households that now pay tax, according to Trump plan
• Highest individual rate would be 25% vs current top rate of 39.6%; number of rates consolidated from 7 to 4 -- 0%, 10%, 20% and 25%
• Plan would impose 10% tax on overseas profits, also would place immediate tax on overseas earnings -- that tax can now be deferred