The News Corp boss and, according to some, the opinion leader of the free
world, has complained that David Cameron is not offering a substantial
alternative to Gordon Brown on tax.
Will the Tories cut taxes? Cameron has stated that ‘stability’ would have to
come before tax cuts. But that doesn’t mean anything. A great deal has been read
into a somewhat banal phrase.
The idea that ‘the proceeds of growth’ will be used to cut taxes further down
the line offers a clearer indication,
and throughout this entire process, the Tories have insisted that they favour
a lower tax economy and a smaller state in the long term.
Favouring economic stability, as an objective does not rule out cuts in
corporation tax, for instance. This would encourage growth, higher profits and a
larger long-term tax take, a view I understand some senior Tories take.
Simultaneously, the Tories’ ‘flatter’ tax commission may cut a swathe through
the complex system of corporate reliefs, which is another move all advisers
should consider the significance of.
I wouldn’t be surprised if Cameron resisted promising specific tax cuts to
avoid being typecast as a Thatcherite by New Labour.
He is sure to cut taxes in the long term, though even if he doesn’t go around
shouting about the need to do so all the time as some organisations do.
Alex Hawkes edits the tax page
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