The government should end corporation tax relief on pay and bonuses worth more than £262,000 per year to raise £1.7bn for the public purse, the Trades Union Congress (TUC) has said.
The TUC launched its attack on pay worth more than ten times the average salary of £26,200 after a string of attacks on bonus culture. Royal Bank of Scotland chief executive Stephen Hester gave up his £1m bonus after a public outcry over the issue, and today, Network Rail bosses between them gave up £20m in bonuses. According to the TUC's report on bonuses, 81,000 people have incomes from employment of £262,000 in the UK, 29,000 of whom work in finance. Ending corporation tax relief on earnings above this figure would raise £1.7bn per year to help pay off the national debt, the TUC...
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