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The Forum > General Discussion > The Folly of Labor's New Income Tax Rates.

The Folly of Labor's New Income Tax Rates.

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The new tax free threshold has moved from $6,000 to $18,200.This means that $12,200 difference per working person which was previously taxes at 15% must be found elsewhere.This is a tax loss to the Govt of $1800 per working person.There are 11 million workers so the real tax loss is $ 19.8 billion.

Obiviously the Carbon tax was going to make up this short fall and the tax reduction was a bribe to induce us to vote Labor.Hang on there.Didn't the Gillard Govt dedicate 10% of the Carbon taxes to the United Nations?

How are they going to service the debt plus reduce tax and have a resources tax that doesn't work?

Labor will finance our tax reductions by increasing our debt so the fools will again vote them in.In Greece and Spain they borrowed money for social services and paid people not to work.Guess who's taking us down this slippery slope?
Posted by Arjay, Tuesday, 30 October 2012 7:17:37 PM
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A friend of mine who lives in Spain said that in Spain you can work for 12mths and then lose you job and get 80% of your wage as social security.The Govt was borrowing from private banks to pay people not to work.Hence now comes the austerity.

The housing prices are collapsing in many parts of Australia and even with falling interest rates confidence in our economy is not there.The banks have observed that people are not borrowing.Our growth gets expressed as debt by the private banking system,so how can there be any growth if the mining sector slows?

This will mean rising unemployment thus loss of more taxes and we get the bill for more unemployment.They will have no options but to borrow from the private banking system under the existing agreements.
Posted by Arjay, Wednesday, 31 October 2012 5:05:41 AM
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Arjay what is left to be said regarding these Socialist imbeciles in government?

What can be said about the latest pole that finds half the nation supporting them, nothing except half the populations are imbeciles.

Sorry I canít comment further, but what is the use when you have a lefty media reporting on henhouse gender squabbles generated against the Coalition rather than the reporting of the facts regarding our economy.

With a surplus here and a surplus there, here a surplus, there a surplus, everywhere a surplus....in the dreams of that imbecile Swan.
Posted by sonofgloin, Wednesday, 31 October 2012 7:06:48 AM
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Arjay wrote: "The new tax free threshold has moved from $6,000 to $18,200.This means that $12,200 difference per working person which was previously taxes at 15% must be found elsewhere."

Not quite. When you account for the low-income tax offset and the Medicare levy, the EFFECTIVE threshold actually rose from $16,000 to $20,542, and the EFFECTIVE marginal rate above the threshold also rose, although nobody paid more tax as a consequence. John Humphreys has the details: http://johnhumphreys.com.au/2012/06/25/australias-income-tax-rates/ .
Posted by grputland, Wednesday, 31 October 2012 9:54:50 AM
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I have found it hard to put a figure on exactly how much the Federal
government owes;
Approx rounded figures
Accumulated deficits $70,000,000,000.
Unfunded PS Super $100,000,000,000.
Government Bonds $250,000,000,000.
My Total $450,000,000,000.

Direct government borrowing $??
I have seen reference to totals that reach to $700 billion.
Anyone know what I might have missed ?
Posted by Bazz, Wednesday, 31 October 2012 10:13:24 AM
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Arjay, not only do they have to fund what you mentioned, but they also need to find $12 million for every boat arrival. Four arrived just last weekend alone.

Then there is the surplus 'at any cost' that they are determined to achieve.

They have sent us backwards in just five years, they will most likely break us if they get another term.

Of cause they continue to blame the GFC, but they simply can't balme the GFC for the likes of the insulation stuff up, fuel watch, grocery watch, cash for clunkers, live export debacle, the list goes on.

Of cause, there is also the dumping of the Howard measures that stopped the boats.

I get accused often of being unreasonable when I suggest how on earth can anyone continue to support them.

But I have to ask, how can anyone not see what has gone on over the past five years and, what has caused it.
Posted by rehctub, Wednesday, 31 October 2012 10:14:44 AM
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