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Income taxes will skyrocket without reform - Treasury Secretary Martin Parkinson
Topic Started: 24 Aug 2014, 05:23 PM (463 Views)
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http://www.canberratimes.com.au/federal-politics/political-news/budget-could-have-been-sold-better-treasury-secretary-martin-parkinson-20140821-106qe5.html

“If Australia gets the same productivity growth as its long-term average, then living standard growth will be about a third to a half of what the Australian public has gotten used to over the past 10 years. You can imagine that creates quite an interesting dynamic for the political process”…

So fast was bracket creep pushing up the income tax take that by next year the average earner would be in the second-highest tax bracket, he said…

“People talk about the regressivity of petrol taxes, that’s actually regressive.”

Without tax reform the average income tax rate would climb from 23 per cent to 28 per cent within a decade.

Raising the top tax rate was not an alternative, he said. It would not bring in enough money, in part because it would encourage avoidance. Australia had to look at increasing indirect taxes
Quote:
 
http://www.afr.com/p/national/we_got_it_wrong_says_treasury_bfLuF9NdRQYVfu4rA5Fr2K

Dr Parkinson, who will leave the job in December, said the government should have spent more time linking its first budget to broader changes likely to be outlined in a white paper on tax, which could cut tax breaks on superannuation for the wealthy…

Major changes to the taxation system have been postponed to the government’s second term of office – if there is one – and will be discussed in a tax white paper that has not been started.

Mike Callaghan, a former Treasury deputy secretary, said criticism of the budget was made worse because most of the government’s focus was on spending cuts that by definition hit those on lower incomes rather than tax concessions that affected the more wealthy.

“If you had a more comprehensive approach to all these items, I think the government wouldn’t be in the pickle that it’s in at the moment,” he said.
Quote:
 
http://www.afr.com/p/national/we_got_it_wrong_says_treasury_bfLuF9NdRQYVfu4rA5Fr2K

“The public just aren’t conscious of the challenges that confront Australia. In the 1980s, everyone understood there was a problem, and the public was informed about it in a better way than in almost any other country.”

“[Yet] if you don’t have the burning platform of a crisis, it’s much harder to get good reform done.”

Dr Parkinson questioned the ability of traditional media – after years of cut backs and the emergence of “narrow-casting” via blogs and social media – to build awareness of the challenges.

“What’s happened is a fragmentation of messages,” he said.

“What it’s doing is creating communities of interest, often around one or two things, and that also then means you can whip up that community to put pressure on [policy makers].
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Chris
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I think as a nation we are aware how the two parties operate, Libs spend on nothing, cut back and tax and Labor spend yo big to counteract the yrs of Libs non spend and then overshoot the mark.

The system Is incredibly flawed but they are looking for change in all the wrong places. The reforms are there it just means either party has to shit in the face of the vested interests that brought then to power, so what I'm saying is there will be no real change, not fir the better anyway.
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Jimbo
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Chris
24 Aug 2014, 05:44 PM
I think as a nation we are aware how the two parties operate, Libs spend on nothing, cut back and tax and Labor spend yo big to counteract the yrs of Libs non spend and then overshoot the mark.

The system Is incredibly flawed but they are looking for change in all the wrong places. The reforms are there it just means either party has to shit in the face of the vested interests that brought then to power, so what I'm saying is there will be no real change, not fir the better anyway.
That is the problem with two party politics. We vote for the one that will give us the most lollies today and we don't think about the diabetes to come in 20 years time. We just want more lollies today.

Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
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