When banks make losses, they are free to deduct the losses from future profits to reduce tax paid into the public purse. Banks are using this right to boost profits – and bonus pay-outs – at the expense of taxpayers who bailed them out. When employees lose their jobs because of bank-funded land speculation, they are not allowed to set their losses against taxable income when they are re-employed. Why? Can someone explain this discrimination?
The question assumes importance because government policies – attrition on public services – is degrading the fabric of our communities down to the levels of the depression years of the 1930s. The health gains in the Welfare State, for example, are being returned to those of the pre-war years according to Dr. Mark Porter, chairman of the British Medical Association’s hospital consultants committee.
Living standards are being shot to pieces for people who do not own mortgage-free land. It’s back to the Bad Old Days. Politicians won’t admit this, of course, because they have no alternative to the austerity policies which, they claim, is the only way to pay down sovereign debt. False, as you can see by reading the analysis by Ron Banks on www.landresearchtrust.org.