If a 2% transaction tax would replace our current federal tax take and it could, if there were no exceptions or exclusions?
Then what do you think we could do with a 4.8% entirely unavoidable, stand alone expenditure tax?
As the only source of tax required, it would then grow with the economy rather than shrink with the tax paying demographic.
Given the entirely unavoidable nature of an entirely unavoidable stand alone expenditure tax collected via the banking system?
[In exchange for their continuing banking licences? Which by the way, is a virtual licence to print money and make massive profits.]
An entirely unavoidable system would end the need to pay compliance or any reconciliation costs!
Which currently rip out around 7% from the averaged Australian bottom line.
Given an expenditure tax would be the only tax take needed, we could repeal all the others and the endless complexity they create! Adding an averaged 30%, to the average AUSTRALIAN bottom line.
The practice of outsourcing to a subsidiary, in this or that tax haven, and creative accounting, merely to save money, would have just the opposite effect; and indeed, return the 100 billion or so we lose to too clever by half, tax avoidance.
The end of PAYE/PAYG, would add as much as 25% to averaged household disposables/savings/discretionary spending.
Fuel, tobacco, and alcohol excise, licence fees and registration, could stay, to provide seriously downsized state govts, with the GST free revenue, they would still need to manage diminished responsibilities, which logically, should not include education or health!
Rhrosty.

Yes Rhosty, we certainly do need a new tax system, as at the present rate, I doubt our current system will even go close to meeting demands.

I am not sure of the difference between a TT and a ET, but by far the most effective system would be to tax money, not people, as people can only spend money once, however money can be shifted from account to account many times over.

As for the MRRT, I am happy to agree to disagree, as we are all entitled to our opinions.

One thing I think we would all agree on, is that if mining here becomes unattractive, we will all suffer.

I wonder.
According to the stats -and speaking of shareholders- currently around 83% of all the shareholders in all the mining companies operating in Australia reside overseas.
That means, of the 51 billion dollars in mining profits, 42 billion went OS.
That's the thing about non renewable resources. That's 42 billion we'll never get back.
Fancy even considering slapping a tax on that 42 billion.
Disgusting.

Grim, I think you forgot the link.

As for OS investors, the shares are there for anyone to buy and, there's a fair chance that most OS shares are purchased by institutions, whereby the actual unit holders (share holders)) have no real say in what is bought or sold.

As for a TT I would like to see a small levy introduced, as a trial, to see just how it would work.

I always thought the natural disarster fund would have been a good example.

I read somewhere that a TT of just .02% could generate sufficient revenue to remove every other tax we currently pay.

I think a trial is a must.

But the underlying problem remains, whereby if our minerals become too expensive, what are we going to do, as we now rely on the revenue, as once we could have saved the spoils, but not anymore, especially if we see a repeat of the past five years.

What can we do?

We can stop IMMIGRATION. Its a bloody scourge on all Australians.

All immigration is doing is creating huge infrastructure cost burdens while Australian citizens are taxed more OR INVEIGLED more in poles and wires style corruptions to pay for what is essentially A politicians' immigration-for-power HARD-ON and wet dreams of infinite wealth.
The notion that our politicians are humanitarian giants via immigration programs falls flat when you look at how our citizens are being treated like 3rd worlders to keep immigrants in luxury so they will VOTE for incumbent Governments. For example all the current pollys have to do is suck up to a few shifty Imams and they get 600,000 lock-step votes. Its very dangerous and not democracy!

Adding a TT to the mix will only encourage this Pyramidal MEGALOMANIA that is like a deadly infection spreading social& environmental gangrene throughout this desert island.

The trick is to STOP immigration and consolidate our given assets and infrastructure for the benefit of those who DEPEND on this desert island for a decent standard of living.

Further, Global trade has failed because of the US printing money and STEALING in what then are bogus free trade agreements. They buy our goods for 15cents in the dollar which is what it costs to print a dollar bill. That is NOT free trade it is THEFT and our politicians are addicted to the numbers rather than the VALUE of our trade agreements. The insanity is palpable and I applaud people like Alan Jones for subtley getting this message across.

Instead of a TT, Make Jones the PM. I have not seen a better media communicator nor a sharper mind since Hawke and possibly FDR as well. Jones will ride to the sound of the guns and not play with fake dollar bills like our you-know-who half witted federal and state schizoid leaders. That's the way he coached Rugby to win and thats the way he would lead this nation ---TO WIN.

Just a thought; the carbon tax will achieve nothing so why dont we ask the federal Govt. to increase GST. on all imported goods to say 20%? This could have multiple benefits!

One it would give our manufacturing sector a competitive edge and secondly by substituting imports with the production of our own consumer goods it would reduce our growing foriegn debt.

The increased employment opportunities thus created would also increase the Govt's tax take and reduce the social security bill as people start earning again, another win win situation.

At the present time we can not compete with low cost imports and the current economic orthodoxy does not address this anomaly.

Australia needs to reclaim the right to produce its own wealth and like it or not the only avenue available to this end is through Government intervention.

We might also get better quality goods, ones worth paying extra for.
Den 71