The U.K. Chancellor, George Osborne, is considering introducing a corporate tax reform. In particular, he is targeting to update and strengthen the code related to multinational companies that earn income in the United Kingdom, but pay taxes abroad.

a. Do you think that the Chancellor will encounter opposition and lobbying by the Confederation of British Industry?

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b. Suppose that updating and tightening corporate tax on multinational firms would increase tax revenues by $1 trillion, which could then be used to lower the tax rates of the individual income tax. Wouldn’t such a change benefit most taxpayers? If so, is the change likely to be enacted? Briefly explain.


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