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Is the answer hypothecated? : Comments
By Graham Young, published 18/2/2013The government has limited options for funding their promises, but they do exist, at least from a PR point of view.
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Goggle,i.e., paid just two thirds of one percent, of the billions they earned here!?
Reportedly, some 40% of our multinational guests, pay no company tax to anyone?
And others are using tax havens to protect money earned elsewhere!
Anything untried remains hypothetical Graham.
Before the Wright brothers, Wilbur and Orville, flying was hypothetical; and putting a man on the moon, science fiction or fantasy!
The current tax act, with its 40,000 pages of convoluted mind-numbing complexity, incorporates a tax loophole in virtually every page!
One very wise US republican Senator, Guest on an early Q+A, said, "at some point complexity always becomes fraud".
Our tax act is an instrument that no longer serves us, but rather the creative accountants; and or, the fraudsters/avoiders.
We need just one leader, with a clear mandate and the courage to throw it out, and replace all that, with a single stand alone expenditure tax.
Set at just 4.8%! A single stand alone expenditure tax will raise around 25% more net revenue, than the current raft of complexity!
Imposed as an unavoidable stand alone tax, it would end the need for around 20,000 public servants; and tax compliance and its costs, which currently rip around 7% from the averaged bottom line!
And the repeal of virtually all other tax measures, inclusive of the GST and fuel excise, would add as much as a further 30% to that same bottom line, and 25% to averaged household disposables; making a 15% non-contributory super, immediately available and affordable. Courtesy of mostly, foreign tax avoiders!
Moreover, the tax rate can be microscopically adjusted,region by region to control inflation or stagnation, meaning interest rates can be progressively lowered until the AUD finds it true value. And both manufacture and exports increase and become competitive once again!
Rhrosty.