Why do we get taxed for going to work and earning money?
Why do we have to pay more tax on top when we spend our money?
Why do we need so many layers of government?
Because lots of people don't go to work. And they've got the vote too. And their pollies reckon they luv them. 'N they reckon the more layers of their pollies they can have luvving them the better ...
Suck it up - It's called Socialist Democracy - LOL!
PS: I'd personally let the baskets live in caravan parks. But their welfare workers reckon that's VERY unkind. 'N the banks reckon that doesn't let them make big profits lending out tax payer funded loot to buy them houses - So reckon it's VERY unkind too. So I'm obviously just a VERY unkind dude from pretty much every dude's perspective - But I'm personally OK with pretty much every dude's assessment of me ...
1. Land tax 1% $150 billion to $200 billion 2. GST to 20%, another $100 billion.
Abolish stamps, paye threshold at $80k and give welfare a kick in the arse up.
This is not the time to abolish Stamp duty, it will remove a significant disincentive for buying to flip.
herbie
18 Aug 2014, 05:57 PM
Agreed.
But at the end of the day, it's not that much of a biggy to me Blondie - If my country isn't nice to me, I'll just naff orf overseas somewhere that'll be nicer to me.
Then come back in my dotage 'n say I'm an Aussie; I'm a bludger; I'm entitled ta suck orf the tax payer teat like all youse other Aussie bludgers ...
Not so easy to do that these days. The Aussie taxman has much longer arms and the chances you you will be taxed on the income earned overseas.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
This is not the time to abolish Stamp duty, it will remove a significant disincentive for buying to flip. Not so easy to do that these days. The Aussie taxman has much longer arms and the chances you you will be taxed on the income earned overseas.
Skamy Correct, sorry, I left our 3.
3. CGT on all property, inc the PPOR, at no discounted rate, if sold under 10 years. Exemptions for health, work or baby related causes to move. NO CGT for investors that hold. 50% CGT on the bot who is flipping his PPOR's every 12 months.
Taxes need to rise… and savings. For all his faults and mistakes, I think Keating was/is a visionary and personally courageous to bring in the Australian superannuation scheme. It has created a pool of capital that would have never been present otherwise (hence our current banking system). Likewise, his recent call for an older pension tax to last beyond when current superannuation expires is also well reasoned and insightful. Australia was very lucky to have a guy like that as treasurer (arguably not quite as good as PM).
You don’t want to be like Europe in many ways (but take the best bits maybe) – but as a whole, in Europe there is absolutely no public monies put away for future generations – its just one big fire trucking Ponzi scheme whereby the current generation fork up for the excesses of previous administrations (and in places like France, Belgium, Holland, even the UK, they have been big). And its not the obvious taxes that headline, when I was in the north of the UK, the council where I lived charged a little over £300 per month in council rates – amounting £3,800pa (a sizable portion of my net income). What I found remarkable (from a neighbour who worked with the council as an analyst) was that half of that monthly council intake was entirely funding pension liabilities.
Something needs to be done to make the system sustainable. But we have a decent demographic (unlike Europe) – we either need to (a) save more and/or (b) tax more.
Personally, I liked Keating’s old age tax proposal. I think it out of the box forward thinking. Its not a problem for Australia yet – but yes UE is right its a big one coming up, and we had better do something about it now.
Savings can not rise in isolation - someone must spend more then their income for this to occur. Taxes reflect unspent income which in turn creates unemployment - so it is a curious prescription given the environment.
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I think Keating was/is a visionary and personally courageous to bring in the Australian superannuation scheme.
History will prove this to be the most disastrous policy in Australia's history. Nothing more than a highly regressive tax.
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It has created a pool of capital that would have never been present otherwise (hence our current banking system)
Rubbish. the loan creates the deposit. So there is always enough capital for any creditworthy / equity worthy project. The growth in our super assets IS the debt bubble. Thanks to Paul Keating.
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You don’t want to be like Europe in many ways (but take the best bits maybe) – but as a whole, in Europe there is absolutely no public monies put away for future generations
Under any fiat current system (including europe), public money is issued when required. No need for it to be "stashed away". Europe's problems revolve around their institutional arrangements which make them behave as though they are tied to the gold standard. Deflation here we come!
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Something needs to be done to make the system sustainable. But we have a decent demographic (unlike Europe) – we either need to (a) save more and/or (b) tax more.
Why is the system unsustainable? Are we running out of food? Water? Energy? We will never run out of fiat, so, how does savings and higher taxes help grow more food and deliver more energy?
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Personally, I liked Keating’s old age tax proposal. I think it out of the box forward thinking. Its not a problem for Australia yet – but yes UE is right its a big one coming up, and we had better do something about it now.
History will prove both Keating and Costello as two of our worst treasurers in Australia.
B_b So you do not support comp Super and if it had not been introduced in 1992, you would have next to no boomers with anything but their home. As it is now, 80% of the 5.2 million boomers will get a part of full pension. Comp Super should have been in place for the entire working lives of the boomers, not half of it....
B_b So you do not support comp Super and if it had not been introduced in 1992, you would have next to no boomers with anything but their home. As it is now, 80% of the 5.2 million boomers will get a part of full pension. Comp Super should have been in place for the entire working lives of the boomers, not half of it....
Well before CS, middle income Australians (like my parents) always contributed to their superannuation. No need for legislation.
But comp. super has been a tax on the poor. A flat 9% withholding rate on income (less for people earning over $100k) is highly regressive no matter how you cut the numbers. In order to maintain spending = income, those on lower / middle incomes borrow the difference. Not directly, but it manifests itself as personal and mortgage debt. It is no co-incidence private debt exploded at the same time as Comp super. It is no co-incidence they are roughly the same number today (and ten years ago). The money does not come from outer space. The capital is created via the lending process.
And here is the sick joke - there is NO CHANCE these contributions will provide enough for the poor or middle class to retire. Super is already > GDP, and is growing 3x company profits. It means ROCE will fall, which means comp super is nothing more than legislated dilution. Increasing super contributions means more dilution. The system chases its tail. Meanwhile everyone has to borrow the difference in the absence of meaningful fiscal deficits.
If you think having huge amount of private debt is great, then sure, comp super is great. But if you are like me, and think excessive private debt creates financial instability, then comp super should be abolished. Paul Keating will be responsible for any financial crisis in Australia. History is not on his side.
We do not need digits to provide in retirement. We need food, water shelter and energy.
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