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The Forum > Article Comments > Bludging off the kids > Comments

Bludging off the kids : Comments

By Angus Taylor, published 9/1/2015

Older Australians are wealthy and getting wealthier, while the young are going backwards.

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Well spoken BJelly and Divergence. The more said about fair tax the better. The Coalition has done very little about it so far.

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.
Posted by Roses1, Friday, 9 January 2015 1:04:04 PM
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Angus has missed one very important point, inheritance. Provided I can stop their mother spending it all on round world trips & such if I go first, [joke Poirot], my kids will inherit at least $250,000 each from my estate. They would get at least another $50,000 from their mothers.

Their mother will inherit another $2/300,000 from her mothers estate, most of which will be passed on, so although I agree our kids are having to pick up much more burden of the elderly than my generation, Many of them are doing pretty well in the lump sum injection stakes.

Our younger 2 missed the property boom so are well behind their older sibling, but also don't have as much to lose in a property downturn.

Interestingly on a couple of other web sites it is the left oldies who are most resistant to any reduction in their "entitlements". There are continual cries for more pension, greater services, more public housing, & definitely no reduction in gravy train for retired bureaucrats & academics. If anything it is the collation supporters most amenable to reductions in government spending.

I think it is with out doubt that we are going to have to seriously reduce the range of medical procedures the tax payer funds for us oldies. Another thread is suggesting we often keep oldies alive past what they desire, I know it was so with my mother. Perhaps we should be making hugely expensively procedures such as transplants user pay. Then the oldie could decide whether to spend the kids inheritance on a new heart, or leave the money to their kids.
Posted by Hasbeen, Friday, 9 January 2015 4:11:01 PM
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Extremely disingenuous article!

In reality there's no intrinsic conflict between Keynesianism and Rationalism: the former's a macroeconomic policy; the latter microeconomic. Both are desirable. You appear to be using the false dichotomy to paint Keynesianism as irrational, but in reality there's nothing irrational about the government borrowinng more when the private sector borrows less and vice versa. If you want to see irrationality, have a look at your own policies:
The young, who can generally afford less, will be slugged with more (and higher) charges. Unemployment, already higher than under Labor, will be increased by your unnecessary belt tightening. You treat the environment contemptuously. And at a time when the younger generation's own budgets are stretched, you want to impose on them an additional obligation to pay off more of the nation's debt!

If you really want to help the younger generation, you should replace the GST with a broad based land value tax to slow the rise in house prices.
Posted by Aidan, Friday, 9 January 2015 4:32:10 PM
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My eldest at 27 owns her own unit in a capital city, my next eldest drives a car double the value I have ever driven and owns a home much better than I have ever had. My third, a trainee doctor is in France having travelled overseas many times. I rejoice in my childrens success but find this sort of article nausiating. The making of victims for political purposes is self destructive.

The only reason many can't afford a home as already stated is because they want a four by two close to the city. Travel a little out and you find many affordable places. Rockingham just 30 kilometres from the centre of Perth has always had houses (even during boom) around the 300k mark.
Posted by runner, Friday, 9 January 2015 5:30:07 PM
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The lifestyle of many older Australians is going backwards, just like the wealth and future of this whole nation.

Media driven focus in Australia is all about CO2 trading schemes, pink batts, solar and wind power, fuel excise, with no talk about new productivity to drive employment and exports to generate income and revenue.

Innovation is being held back due to politics bigotry and greed.

Many kids are doing it tough just like many old people are.

The author of the article here has a hide accusing older people in general of bludging.
Posted by JF Aus, Friday, 9 January 2015 5:32:37 PM
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Pericles makes no mention of why our taxes are growing and are killing off our economies. It is the Central bankers who conned our pollies into selling of 4 State Govt Banks and the Commonwealth. They used to create infrastructure debt free but now we are slaves to private banks that create both inflationary money and money for growth as debt.

The result is that exponentially more debt money must be created today,to pay for the debt of yesterday. It is like using a new credit card to pay off the old one. This system has now reached the point of total collapse.
Posted by Arjay, Friday, 9 January 2015 5:47:48 PM
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