Mr Davis slated Jeremy Corbyn’s policies, which includes increasing corporation tax for big business, but also will see families face a rise in inheritance tax and council tax dubbed the garden tax.
The Conservative BrexitSecretary was asked by an audience member on BBC Question Time whether the proposals would scare away wealth from Britain.
Mr Davis said: “Corporation tax has come down over the years, in terms of the actual rate. As its come down, the amount collected has gone up.
Brexit Secretary David Davis appearing on Question Time
“It’s now £56 billion – it’s highest level ever. The effect of bringing the tax rate down is that businesses come here – whether its Microsoft or Apple or whether it’s McDonalds.
“One of the problems we have is collecting tax from internationally mobile companies. There was a thing called the tax shortfall which is the lowest in this country of any country in the Western world, which is six per cent – which is more tax than anybody else.
“It will cut jobs, it will cut wealth creation. It will cut the tax base. It will end up not delivering.”
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It will cut jobs, it will cut wealth creation. It will cut the tax base. It will end up not delivering
Brexit Secretary David Davis on Labour's tax plans
Former Liberal Democrat leader Nick Clegg also took Labour to task over their tax plans for the future: “I think the fallacy about the Labour Party’s proposals is they’re saying you can have lots of free stuff and only five per cent of the tax paying population is going to pay for it.
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“The most difficult bit of the British economy to tax effectively is the top five per cent, whether you like it or not. They move, they change their behaviour, they relocate. The more honest thing to do, if you want to provide for the NHS and social care everyone is going to have to chip in.”
Labour’s Shadow International Trade Secretary Barry Gardiner hit back, saying: “Under Margaret Thatcher corporation tax in this country was 52 per cent.
Labour's Barry Gardiner speaking on Question Time
Ukip deputy chair Suzanne Evans
“The lowest she ever got it to as Prime Minister was 34 per cent. This government in 2010 has taken it from 28 per cent to 19 per cent and said that it will go down to 17 per cent.
“Our proposal is to take it back up to 26 per cent, half of where it was under Thatcher and still two points lower than it was in 2010 when this Government came into office.
“What we’ve seen in the past seven years is as corporation tax has gone down, instead of those companies using the money, money they have gained, to invest in research and development as they ought to have done, increasing new jobs, in growing our economy.
SNP deputy leader Angus Robertson speaking on the BBC debate show
“What they have actually done is that they’ve stuck it in their reserves and given it to their shareholders. That’s not what that money should be used for.”
He added: “This government has given tax give-aways to the corporations and the very wealthiest in society and yet they have cut the benefits, they have cut the funding to our schools. They have introduced the bedroom tax.”
Over Ukip’s tax plans Suzanne Evans, the party’s deputy chair said the party was the only one not with plans to raise taxes whatsoever.
Former Liberal Democrat leader Nick Clegg also attacked Labour's tax plans
Ms Evans told the audience: “We would fund the NHS and social care by re-appropriating money from elsewhere.”
The SNP deputy leader Angus Robertson laid into the Tory’s tax plans.
He said: “I think there is an elephant in the middle of the room here, its about a choice of what kind of society we want to live in and are we prepared to pay for it. The government wants to carry on with its austerity agenda making the poorest in society pay disproportionately. I think that has gone on for too long.”