When 1/3 goes to taxes (income tax and GST) and 1/3 (or more) to rent or home loans. Plus another 10% to rates and taxes (or strata fees), utilities and superannuation and 5% more to food and 12-15% to children. Seriously stretched.
People don’t want to pay more tax when they think it’s wasted already On big uncapped demand schemes.
They voted for job security (mining). Lab had said they’d close all the coal fired power station. It’s in their manifesto.
And they voted for income security. Franking credits.
more specifically because of the reassurance and peace of mind income security brings to particularly senior Australians.
As Alan Kohler remarked, people won’t vote for the nations surplus over their own household surplus. And we all know that timeless sentiment that when you spend all of what you earn or more you are putting yourself into a painful future.
for all of us who follow along, super taxes are blooming with the $1.6 million transfer balance cap, reducing the refunds of some franking credits in the process.
Why Labor's franking credits revenue loss claim is a myth
People do want corporations to pay more instead of hiding in the Cayman Is behind the chicanery of tax deduction.Had it been a clear taking from the corporations the result may have well be different and that said,
Corporate tax has been boosted by 40% within 2 years
https://www.ato.gov.au/uploadedFile...nual_Report_2017-18/annual report 2017-18.PDF Page 74
The stats for 2018-19....and I must admit this surprised me
In one year alone
Individual Income tax expected up by $21 billion (backpackers tax? Unicorns capital gains taxes paid?)
Corporate income tax up by $11 billion (carry forward losses, tax avoidance measures)
GST up by $5 billion (low cost imports?)
Other indirect taxes up by $9 billion. (???). Which may include HECs repayments ? I’d need delve into that
Customs duty of $16 billion is on the DOF doc but not on the ATO annual report
Bank levy $1 billion
That’s $46 billion more of taxes Wow ..... Which isn’t even balancing the books after all that.... and it’s about 11% boost in tax revenues in ONE YEAR ALONE...
Perhaps after all the above, it proves what impacts a sharp rise in taxes will do to the economy. And it doesn’t even extract any more taxes from the new Point Piper unicorns who paid $190 million for the former Fairfax mansions on the back of flogging off founders shares in the New York stock exchange for anything from $25 a share to $100. So there’s a windfall profit right there lightly taxed. Millionaires don’t earn income. Muses
Bill Gates says tax policies like Alexandria Ocasio-Cortez’s are ‘missing the picture’. Says the left don’t know
This election has been a victory for prudent income collection and spending. It rejects the high taxing, big spending idea of being “taking from the defenceless aspirational to give to the poor”. You can’t save the poor by making other people poor to do so. But it might just prune all that offshore holiday spending that’s not supporting our economy.
Oh yea And they voted for self-interest, and that includes everyone.
Data shows most high-income business owners vote for the Coalition and most lower-income workers vote for Labor
www.theguardian.com
