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The Forum > Article Comments > The Henry Tax Review: pearls before swine? > Comments

The Henry Tax Review: pearls before swine? : Comments

By Bryan Kavanagh, published 28/2/2014

Others want to drive down wages (apparently so they can match those of the Chinese) in order to keep turning a profit.

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Individual. In 1955 GMH in the USA paid it's workers adjusted for inflation $37 per hr in todays money. Walmart pays its workers an average of $8.80 per hr today.

We have had massive improvements in technology thus efficiencies. Why do the super elite need more money ? The whole planet should be increasing wages so we once again have a large middle class.
Posted by Arjay, Sunday, 2 March 2014 8:59:17 AM
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Arjay,
What is really required is something resembling some balance in the game. Tax is probably the single most factor in preventing a level playing field. There's no reward for effort, only for connivance & deceit & gross unfairness. There's no better example than the public service & the "writing off" rort.
Unless we rectify those two to a morally acceptable level it is pointless to even discuss wages.
Rich movie Stars ? Well, rehctub they definitely didn't get rich from my money & the likes of me. I suppose since stupidity is not a criminal offence we can take comfort that the fans get punished via their wallets by their mindless devotion to the celebrity stars. There wouldn't be a single mega rich star if people didn't go & spend their money on them. But, just as we can't stop stupidity we can't stop stupid people from stupidly blowing their dough.
Posted by individual, Sunday, 2 March 2014 9:27:42 AM
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One Tax to Rule them All: A universal
Automated Payment Transaction Tax

How it would work: remove all income tax, GST, sales tax, Company Tax...

Every financial transaction between any 2 accounts would attract an instant fee of 0.35%. Thus an employee paid $1,000 would have $3.50 deducted from his deposit. The employer would have $3.50 deducted from their account. As the employee spent their $996.50 they would have a further $3.49 deducted straight into government coffers.

Does not sound like much, but a loan of $100,000 would attract $350 and each repayment a small fee again. Purchases and Sales of all commodities, consumer goods and services constantly clicking over.

Share buys and sells, derivatives, currency transactions, large corporate buyouts, all raising of capital - all currently virtually exempt from taxation would be picked up.

NO TAX RETURNS, NO DEDUCTIONS FOR 90% of citizens and businesses.

The efficiencies are irresistible and intrinsically universal and progressive. It ticks all the boxes for a good tax.

PROBLEMS: encourages Cash economy as the only means of avoidance
SOLUTION: Penalty rate for Cash withdrawal and deposit but this is a red herring - $0.35 cents in a $100 dollars why would you bother.
Posted by YEBIGA, Sunday, 2 March 2014 9:47:33 AM
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Some claim, a transaction tax hurts the poorest the most? Well, only as an add on, that simply cascades through the length and breath of the economy, forces the cost of living up and adds immeasurably to the current convoluted complexity!
We already have the GST, and that was brought in to replace corporate tax, that is no longer paid by those who have off-shored and rotated/repatriated profits through tax havens or foreign parent companies.
And that clearly cascading GST impost hurts the poorest the most, who patently have nobody downstream to pass it on to.
I'm almost certain every poor person and those living in struggle street, would gladly trade the 10% GST, for a much broader expenditure tax of just 4.8%, even more so, if it was virtually the only tax collected from anybody. Nor would they miss fuel excise, which adds to the cost of almost all goods and services, which impacts the hardest, who can least afford it. (There are over a million poor people living in Britain, who can no longer afford to heat their homes or pay current energy charges; a position only ever aggravated by their VAT!)
Yes there would be losers; arguably only those who earn an entirely unproductive income, as tax practitioners, or as part of the 5,000 strong ATO, which like the rest of the unproductive and costly tax industry, would be made completely redundant by my suggested and long overdue reform and simplification!
Hence all the outraged screeching, the world owes us a living white noise; and endless false and fatuous obfuscation.
Self evidently, the only thing that prevents real economic/tax reform and restructure, are powerful vested interests, and their political lackeys?
Rhrosty.
Posted by Rhrosty, Sunday, 2 March 2014 12:08:26 PM
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