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Bludging off the kids : Comments
By Angus Taylor, published 9/1/2015Older Australians are wealthy and getting wealthier, while the young are going backwards.
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Fair taxation can be summed up as 'tax unproductive income - e.g. speculation, pollution, carbon, traffic congestion - and 'reduce taxes on the productive - businesses and wages/ salary income' . The other key word is 'revenue neutral'
Surely that's not too hard for a political party to sell as a package. List what will be taxed (or brought back to reasonable levels of tax):
-Housing speculation (phase out negative gearing)
-Profits on speculation (shares and property) - make all profits taxable
-Carbon
-Minerals - excessive profits
-Remove the tax breaks for rich superannuants.
Then emphasize that taxes on Australian businesses will be reduced as will be the lower levels of income tax. And show the public approximate numbers - how it will all work out - where the money will go.
By the way I'm a 61 y/o self funded retiree, albeit a 'low middle income' one. I've ridden the boom, own my home and a rental flat and have reasonable superannuation invested - most of it accrued by luck of circumstances.