Capitalism ain't what it used to be; that's the real problem.

In fact, with the Left and Big Business snuggling up to each other, we no long have Capitalism, we have Fascism.

Capitalism (that means true capitalism, referring to Ttbn's last remark, not the state-protectionism of corporations that we now have) could well be the answer for the economy - but why should ordinary people have to suffer that much for economy's sake?

Yes Yuyutsu, for some time the tax burden has shifted from the haves to the have nots. As John Howard's GST and fuel excise.

Relief from capital gains tax, the abolition of death duties and negative gearing on steroids.

What we need is genuine tax reform as root and branch reform. Our current tax system, one of the most complex in the world is broken and need to be jettisoned in its entirety.

Capital gains tax relief and depreciation allowances needs to end at a five-year period. Negative gearing needs to be exclusive to new housing and limited to five/ten years, to be ushered in over a three-year period.

A hard one when one knows how many politicians from both sides of the isle who have negatively geared rental properties.

But needs to be done so to force the cost of older properties down as they depreciate/come back on the market.

Finally, the only income tax we need is a flat tax of 15%. And collected via the banking sector as a transition tax? An increase in actual dollars recovered by the ATO of 1.5-2%

And policed by former tax accountants who follow the spending patterns of various income earners. And if successful in exposing tax cheats, a healthy bonus for them and property confiscation for the tax avoiding tax cheats.

An unavoidable flat tax of 15%, with a generous tax-free threshold, allows former tax compliance costs of around 7% averaged, to be returned to the bottom line. In effect means the individual tax costs in total, with tax compliance costs removed, comes in a around 8%.

Moreover, a flat tax as described would increase the actual dollars following to the ATO and end forever, bracket creep.

With the end result, avoiding our new tax more costly than simply paying it!

The GST could be increased to 12.5% then as the economy recovers via tax relief, 15%.

And that recovery guaranteed by the transition to nuclear energy as walk away safe MSR thorium/MSR nuclear waste burning MSR! And consequently, our transition to/becoming an energy exporting superpower.
Alan B.

Yuyutsu

Why do ordinary people have to suffer? Well, the main reason is because the people who could do anything about the situation, the politicians, won't do anything that doesn't suit them, and the "ordinary" people, the real bosses in a democracy, let them get away with it.

The people have allowed themselves to be enslaved to politicians; and these politicians are mainly lunatics enslaved, in turn, to corporates and international tyrants infesting the UN.

As well, our own government is more interested in having a ‘good relationship’ with a Communist dictatorship than it is with us.

Any county happy to deal with the biggest threat in the world is effed.

Indy,

Capitalism will work for YOU. When "Seniors National Services Pty Ltd", of which you will own a 0.0001% share, comes in you will be sub contracted, working in the GIG economy, earning 2 bucks an hour, delivering road repair services. Now I hear you say, "but I don't own a pick and Shovel", no problem we will sell you a small pick and shovel at a rather inflated price, which you can pay off with interest over time, sounds good so far ah." Then in time, say 50 years time, with hard work and thrifty savings you will be able to buy an even bigger pick and shovel and earn maybe $3 an hour. In no time, say in another 100 years you'll own the whole box and dice, employing your own 'Pick and Shovel' brigade, a win win for all. Great idea is Capitalism! Agree?

Dear Alan,

I can think of better ways to make tax fairer, but what has this to do with the topic of capitalism?

Yes, right now we don't even have capitalism, right now we have a socialist government support and protect big corporations, leaving little chance for small, unincorporated and informal enterprises which stand no chance in complying with government's red tape.

In order to allow a capitalistic level playing field, government must not even recognise companies and corporations, but treat every individual equally.

But even if we had true capitalism, I would not support it because it forces people to compete just for their survival, or become employees who must submit to the whims of their bosses even when they are disagreeable or even immoral. That's a stressful, joyless dog-eat-dog kind of existence, which I cannot condone.