Corbyn crushing capitalism WTAF

[Considermesometimes]

I am a labour supporter, I am even a labour member but I woke up with a pit of dread in my stomach about tomorrow.

It is not the massive nationalisation programme labour have pledged, nor the spending and wasting of trillions of pounds that keeps me awake, it is not even the idea of having Corbyn as PM as weak and as inept as he is.

It is having Momentum in charge of our country (with Corbyn held as a fig leaf so to speak) and their plans to crush capitalism that bothers me the most.

You can't simply crush capitalism, it is the financial world order that we are all part of, not just this country but most of the countries in the world. The idea that we can simply skip back to the 70s socialism in today's global world is ridiculous.
Labour will take over our companies by force, forced closure of private schools, taking over perceived empty homes after six months regardless of circumstances. This is the plan for an authoritarian state forcing a very hard left agenda, not a democratic civilised western country.

Do we suppose people will just stand idly by and let their schools be closed, their homes taken away, and see the deficit spiral out of control? Do we suppose companies being whacked with massive tax hikes and draconian state intervention will just stay in the UK?

No, it will cause a level of crisis and chaos we have never seen before as the labour government try to over throw capitalism and instal their new agenda, and all of this on the backdrop of the hate and division that will be caused by called another brexit referendum! It really does not bear thinking about.

I voted remain, but I honestly hate to think what a second referendum will do to the fabric of our country. It was bad enough the first time around.

I am genuinely feeling sick at the prospect of tomorrow. It is going to be the day of reckoning one way or another.

Yup

You need to change your newspaper.

I've heard John McDonnell being interviewed about "democratising" large companies and making them be less insistent on short term profits by forcing them to alter their Board.

Certainly, Labour's manifesto does say;

"We will require one-third of boards to be reserved for elected worker-directors"

Do we suppose companies being whacked with massive tax hikes and draconian state intervention will just stay in the UK? No, it will cause a level of crisis and chaos we have never seen before

This is what we need to be worried about, not Brexit.

Altough it will surprise DD to know that I was not around in 1948 I dont recall reading anywhere that the nationalisation of power, railways, coal steel and effectively health lead to riots, anger and direct action or any other sort of strife. No doubt the owners/shareholders were not too happy, but were no doubt recompensed. It is not a revolution taking over from a harsh imperialist/ dictator etc (NO IT IS NOT) .
Private schools would lose their tax and charitable status and some/many would die from "blood loss" but an overnight - outlawing of private education - well, the state system cannot cope with things as they are so would not do well with a flood of children from the private sector coming in. Likewise parents used to the standards and expectations of the private sector would demand the state sector address issues of shortcomings.

Good grief I'm not a Labour voter and here I am defending the scoundrels!

Oxford Economics:

"In total, around 620,000 school pupils - some six percent of the national total - attend independent as opposed to state schools in the UK.Taking into account associated 'indirect' (supply chain) and 'induced' (wage-funded spending) impacts, these schools' activities support £13.7 billion of GDP, 300,000 jobs, and £4.1 billion of taxation, via their impact on demand. They also save the UK taxpayer £3.5 billion per annum, as 530,000 of these pupils would otherwise be eligible for a state-funded school place."

This is what we need to be worried about, not Brexit.

No, it isn’t.

Under Blair, Corporation tax was 24%. Did large corporations flee then? (Spoiler alert: they didn’t)

We would still have a very good deal for businesses to remain in the U.K. when compared to many other European countries, and companies in the U.K. benefit enormously from state funded infrastructure and in work benefits.

What we need to be concerned about is a Tory no deal Brexit wherein the government can slash employment rights in a bid to make us more appealing to corporations compared to countries in the EU.

Under Blair, Corporation tax was 24%. Did large corporations flee then? (Spoiler alert: they didn’t)

Presumably because the UK had a lower rate of corporation tax than other countries at the time?

"1997 Britain now has the lowest rate of corporation tax of any of our main competitors, and, at just 31 per cent, the lowest rate ever in the UK, Gordon Brown proudly announced in his Budget speech."

Corporation tax in Europe 2018 - Ireland 12.5%, Poland 19%;
taxfoundation.org/corporate-tax-rates-europe-2019/

What about small businesses and entrepreneurs?

"It will come as no surprise to learn that Labour’s proposals include an increase in taxes on high earners and big businesses, but small businesses and entrepreneurs will also find life much tougher."

"Entrepreneurs’ relief, which gives a 10% rate of capital gains tax on up to £10m raised from selling a business, will be abolished." "Combined with the alignment of income tax and capital gains tax rates, this means that selling a business is likely to face a 50% tax rate–a five-fold increase, which may mean that some decide not to set up a business at all–or to set it up outside the UK."

"An owner of a relatively small business with profits of £400,000, paying corporation tax and then paying out all of the profits as a dividend, will see an increase in his or her tax bill from £199,000 to £252,000 (from the higher rate of corporation tax and the higher rate on dividends).That extra £53,000 would have paid the salary and overheads of an employee–will businesses be discouraged from expanding their workforce?"

I don't know why people are giving you a hard time, Op. Look at all the high profile Labour supporters, like Alastair Campbell or Alan Sugar, who wont back Corbyn. You are hardly unique as a disaffected Labour supporter.

I think people are just suspicious of the fact that the OP is dumping on Corbyn as a disaffected Labour member, but says not a word about a) why they were a Labour voter in the first place, and as a corollary, b) what they don't like about the Tories (and LibDems).

I know a LOT of Labour members who won't back a Corbyn/Momentum led party. The difference is that they also say things like "Corbyn and Bojo are both hideous and I hate them both" or "I won't back the Tories in a million years, I'm politically homeless" or "I wish I could vote for the Lib Dems but they enabled the coalition".

This OP has been quite careful to say not a word about how awful (or not) the Tories are. That's what leads people to speculate about how genuine they are.

@clavinova tax is generally worked out after operating costs like employing people. It's tax on profits. In the same way that not paying tax doesn't make Amazon treat its employees any better, a decent business owner isn't going to choose not to expand because they're paying more tax.

The higher rate of tax only applies if one person is earning the whole amount. And yes I get that losing £50,000 is a big deal and £150,000 isn't rolling in it, but when the alternative is ever increasing rates of child poverty, the UN expressing serious concern about how we treat our disabled people and a health, education and social care system that isn't functioning, it doesn't seem that important.

It's tax on profits.

Yes, but if a small business owner takes on a new employee and decides to pay them £20,000 pa (or whatever) there's no guarantee that profits will rise by £20,000 the following year (if at all) - the small business owner is taking a gamble. If he already has an extra £50,000 tax bill to pay, he may decide that his existing employees can work a bit harder or he will cover the work himself - instead of employing more staff.

This is bollocks. Look at the OP's posting history, they've posted numerous variations of this.

It's as bollocks as bollocks can be.

YANBU. I hope to feck that Labour don't win.

I can't vote for them again as long as Corbyn is leader. Loathe him, and the way he has turned the party ultra-left-wing.

This is bollocks. Look at the OP's posting history, they've posted numerous variations of this.

Surprise surprise!

Clavinova are all business owners men?

"I voted remain, but I honestly hate to think what a second referendum will do to the fabric of our country. It was bad enough the first time around."

Oh come on! how about making sure the fabric of this country is as soiled as it appears to be?