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The Forum > Article Comments > Albanese: take a stand on tax > Comments

Albanese: take a stand on tax : Comments

By Tristan Ewins, published 21/6/2019

Abbott blocked good policy; It wasn't without reason that he earned the nickname 'Dr No'. Now Labor has a right to block sweeping tax cuts that will indirectly hurt millions of its constituents.

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Amen.
Posted by Cyclone, Friday, 21 June 2019 10:08:59 AM
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Well of course! Albo and tax cuts is just the same as Abbo and the carbon tax.

"The Conservatives claim a mandate". Politicians can claim a mandate to break wind. Point is, mandates have no legal status in our system, otherwise we could sue politicians for all the promises they break.

The 'promise' of tax cuts was a vote buying exercise which might get through the senate or it might not. I don't give a damn. The government should be saving money, not giving it away; and the savings should be going into defence, with China in mind.

A few self-help books for the Prime Minister on how to stand up to China would be a good idea, too
Posted by ttbn, Friday, 21 June 2019 10:21:44 AM
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Someone that still is able to think rationally needs to promote real tax reform, that only grows with the economy, not ubiquitous bracket creep! Real reform would!

#1/ Raise the threshold generously so that those currently EXISTING below the poverty line do not pay income tax!

#2/ Set the tax a stand-alone, unavoidable flat tax of 15% in the sure and certain knowledge that this sum is already 2% more in real terms than the top tax paid in actual dollars, to treasury, the year ending 2017 by any corporation!?

With some paying as little as 4% and around a reported 40% not paying any company tax at all?

To those who say this would be something like looking after the big end of town! Need to go back to school and do some real maths, if only to understand that raising the ACTUAL TAX PAID burden by a minimum of 2% does not look like giving the big end of town a tax break in real terms but rather, imposes a larger 2% minimum burden on them!

Those whose creative accounting has got it as low as 4%, will find that they are burdened with another unavoidable 11%!

Finally, those who through various strategies and assisted by vagaries in the global economy pay none to anyone? Will find themselves unable to escape our treasury model and have to also cough up their fair share, or the full 15%!

The upside is, there would not be or need to be the usual annual reconciliation nor the tax compliance cost this also imposes. Thereby allowing hat former 7% tax compliance burden to be returned to the bottom line, meaning in adjusted terms the real tax burden and associated compliance cost would be reduced in real terms to 8%.

Moreover, in PAYE, the lowest current rate is 19%? Meaning even those currently paying any PAYE tax would see a real lower rate of not less than 4% and as this reform was rolled out? And far more equitable, bracket creep free, treatment!
Alan B.
Posted by Alan B., Friday, 21 June 2019 11:52:26 AM
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>It will also cost the Budget $160 billion over 10 years.This when we're likely heading for a recession
If we're still heading for a recession at the time those tax cuts are implemented, the resultant deficit should stimulate the economy enough to keep us out of it. But if the economy's booming, those tax cuts will be too inflationary and they should be rejected.

Labor is right to oppose those tax cuts so far in advance, as we can not tell what the economic situation will be.
Posted by Aidan, Friday, 21 June 2019 11:54:28 AM
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The author has a very structured view of "class". I don't aspire to reach a higher class, I just aspire to something better (if not for myself, then my children). Fundamentally, I don't aspire for my country to have a "flat outcome" system, and I believe the last election shows that to be a majority view.

Why not use the same comparative arguments to lower company tax?
http://comparativetaxation.treasury.gov.au/content/report/html/05_Chapter_3.asp

"Australia has a relatively high company tax burden. It is the third highest at 5.3 per cent of GDP, compared with the OECD-30 unweighted average of 3.3 per cent...."
Posted by Luciferase, Friday, 21 June 2019 12:10:42 PM
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Tax avoidance still remains a crime and where totally random audits expose same, the real penalties should include some real jail time for both offending CEO's, tax practice lawyers/accountants and all their supervising directors!

Plus a retrospective doubling-trebling-quadrupling of their tax liability including seizure/forfeiture of any and all spouse/familial transferred property and assets!

Crime cannot should not be allowed to pay! And were this so, much of the tax avoidance and parasitical practice would cease!

Former parasitic tax practice lawyer and accountants could find new far more productive profitable roles, heading up new employee owned and operated co-ops! Given such entities could enjoy a complete tax holiday/interest-free government loans along with all shareholding staff for 3-5 years!?

These proposed reforms as a package would quite massively turbocharge and grow the economy and the tax revenue simultaneously! And in many instances, in the new co-ops, make one dollar do the work of seven and 2.50 returned for every 1.00 invested!?

Those who for various perceived self-interest or servitude to powerful vested interest, are opposed, need to both explain themselves and their BS reasons! And why their current maniacal, preferred tax and economic management paradigm, sees us going ever backwards with every twist and turn?

Almost as if the inmates have taken over and are running the asylum?
Alan B.
Posted by Alan B., Friday, 21 June 2019 12:18:05 PM
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