Sort of ties in with defence but only partially, not heavily.
Lot of talk down under about tax reforms and it just irking me so much had to get it out so making a post seemed like a good idea (Will wait to be seen if it actually is
).
From my point of view, They want to talk about tax reform yet what they are proposing is lazy at best, incompetent at worst with suggestions such as raising the GST and lowering the income tax only being band aid's that in 5 years will be of no use once again.
In my view a tax system should be progressive and simple. If it is regressive then the largest portion of the population that earns the least actually has less to spend thus reducing economic growth. If it is complicated then it is too easy for people to either A. make mistakes or B. cheat the system.
They complain about bracket creep but rather then taking the logical step and moving the wage brackets up they want to lower the tax rate, No talk mentioned of cutting out the excessive tax write off's and loop holes.
In my uneducated view they should be:
A. Chance tax rates to-
$0 - $50,000 - 0%
$50,001 - $100,000 - 10%
$100,001 - $200,000 - 20%
$200,001 - $400,000 - 30%
$400,001 - 800,000 - 40%
and so forth while elimination all tax write off's, What you earn is what you pay, Nothing more nothing less.
B. Reduce the company tax down to a base 20% with zero tax write off's, A lower rate for companies investing in advanced manufacturing at say 10% (For Australia we cant compete in mass manufacturing, but in advanced we are well placed if we implement proper government systems) while taxing the Big banks and big miners a further 50% on profits. Was a past super tax profits on the miners but that system was riddled with loop holes making it pointless.
C. Scrap negative gearing on everything except for your very first home, Grand father clause the current ones.
Few other things that I cant think off of the top of my head.
Rant over
Lot of talk down under about tax reforms and it just irking me so much had to get it out so making a post seemed like a good idea (Will wait to be seen if it actually is
).From my point of view, They want to talk about tax reform yet what they are proposing is lazy at best, incompetent at worst with suggestions such as raising the GST and lowering the income tax only being band aid's that in 5 years will be of no use once again.
In my view a tax system should be progressive and simple. If it is regressive then the largest portion of the population that earns the least actually has less to spend thus reducing economic growth. If it is complicated then it is too easy for people to either A. make mistakes or B. cheat the system.
They complain about bracket creep but rather then taking the logical step and moving the wage brackets up they want to lower the tax rate, No talk mentioned of cutting out the excessive tax write off's and loop holes.
In my uneducated view they should be:
A. Chance tax rates to-
$0 - $50,000 - 0%
$50,001 - $100,000 - 10%
$100,001 - $200,000 - 20%
$200,001 - $400,000 - 30%
$400,001 - 800,000 - 40%
and so forth while elimination all tax write off's, What you earn is what you pay, Nothing more nothing less.
B. Reduce the company tax down to a base 20% with zero tax write off's, A lower rate for companies investing in advanced manufacturing at say 10% (For Australia we cant compete in mass manufacturing, but in advanced we are well placed if we implement proper government systems) while taxing the Big banks and big miners a further 50% on profits. Was a past super tax profits on the miners but that system was riddled with loop holes making it pointless.
C. Scrap negative gearing on everything except for your very first home, Grand father clause the current ones.
Few other things that I cant think off of the top of my head.
Rant over
