Income Tax

[Buf-Phoon]

Some posts in another thread , and our broad and varying membership base have prompted me to ask this question

Whilst I have added a few options , there are obviously many more views out there.Please feel free to share them. This not to start a flame war , more a litmus test as to what people are thinking in terms of income tax rates and where it goes

[TurboDewd]

I think the income tax system sux because of how it is distorting the housing market in combination with low interest rates and high marginal tax rates.

Basically if you earn a significantly above average salary the system produces a huge incentive to buy property for negative gearing purposes. This demand pushes prices up.

I wish wage inflation would break out forcing the RBA to lift rates.

SOLUTION: abolish all tax deductions and reduce all the marginal the tax rates accordingly and appropriately.

[geea]

Don't start me on this welfare crap. One of the things I hate the most is seeing the low life scumbags getting the dole and sitting on their arses all day. I don't have a problem supporting the elderly or disabled (as long as they are disabled), but I do have a problem supporting healthy young people who choose not to work. Let the Fcukers starve. I also have a problem supporting single mothers. I can wear a young woman having one child and needing help, siht happens. But women who have 2,3,4 or more children and then expect me to pay for them can p*ss off. It's Bullsiht. Not only are they wasting my money they are also breeding the next generation of low life scum who will be crooks or bludgers.

I really don't mind what sort of tax I pay (within reason) as long as its helping me, my family and the country have a better quality of life. The free loaders and bludgers can p*ss off and live somewhere else.

Geea.

[Falchoon]

Maybe the GST should be more and scrap income tax altogether. Though this would disadvantage some low income people like pensioners, perhaps they could show their pension card at point of sale to claim an exemption or reduction.

The govt should get rid of all the other taxes/duties/surcharges and just stick with the one (or maybe two) tax (es).

[Flukey]

The current system definately penalises those that earn more. Where is the incentive to improve yourself if near on 50% gets kicked back to the government

[Blown BA]

Don't start me on this welfare crap. One of the things I hate the most is seeing the low life scumbags getting the dole and sitting on their arses all day. I don't have a problem supporting the elderly or disabled (as long as they are disabled), but I do have a problem supporting healthy young people who choose not to work. Let the Fcukers starve. I also have a problem supporting single mothers. I can wear a young woman having one child and needing help, siht happens. But women who have 2,3,4 or more children and then expect me to pay for them can p*ss off. It's Bullsiht. Not only are they wasting my money they are also breeding the next generation of low life scum who will be crooks or bludgers.

I really don't mind what sort of tax I pay (within reason) as long as its helping me, my family and the country have a better quality of life. The free loaders and bludgers can p*ss off and live somewhere else.

Geea.

<{POST_SNAPBACK}>

That's excalty how l feel too Craig.........................singal mothers pension and staying home having babys<<now they're the SLUTS

[TurboDewd]

Maybe the GST should be more and scrap income tax altogether. Though this would disadvantage some low income people like pensioners, perhaps they could show their pension card at point of sale to claim an exemption or reduction.

The govt should get rid of all the other taxes/duties/surcharges and just stick with the one (or maybe two) tax (es).

<{POST_SNAPBACK}>

Amen.

Raise the GST to 15%, abolish exemptions on rent and food and you could wipe out huge amounts of income tax across the board and shed half of the ATO. Although you would beef up their GST audit arm a bit to keep businesses in check.

[Lumpen]

*cough* Jules oh Jules....

All I can say, those who think dumping income tax and raising the GST is a good idea, perhaps you should consider the repercussion or effect that would have on people who are on minimum income (OLD AGE pensioners, unemployed etc) those who consume goods at a rate not much less than what they receive.

and sometimes I find it TRULY amazing that people think the single mother's pension can actually support a single mother, come on guys, do you honestly think that an Adult can support kids on the payment? For a single mother with 2 kids, one 0-5 and another 5-13, the '*beep* money' is ~$900/forthnight, that's based on FULL rent assistence. Maybe, just possibly in the bush...maybe.But in the city

Lumpy

[bcl]

15% flat income tax

15% gst

15% company tax rate

15% super contributions tax

Would put a lot of accountants out of work.

I'd love to do the economic modelling.

Less artificially contrived schemes to avoid tax.... less incentive for things such as negative gearing, income equalisation schemes between spouses, trusts etc

More incentives to work, and less incentive for people to stay out of the tax system (as they do).

Anyone who earns over $100k will tell you how much they hate paying tax.

Scrap payroll tax (a tax on employment)

Somehow I think the labor & welfare bigots would scream, but they don't understand economics.... they just don't want to think that some people may suddenly gain an advantage.

(fyi I do have a economics degree, with a focus on mathematical economics and econometrics).

Brian

Here's something from another forum I read a year ago.

Subject: Tax Cuts- A simple lesson in Economics This is brilliant !!!

Sometimes Politicians can exclaim; "It's just a tax cut for the rich!", and

it is just accepted to be fact. But what does that really mean? Just in case

you are not completely clear on this issue, we hope the following will help.

Tax Cuts - A Simple Lesson In Economics

This is how the cookie crumbles. Please read it carefully.

Let's put tax cuts in terms everyone can understand.

Suppose that every day, ten men go out for dinner.

The bill for all ten comes to $100.

If they paid their bill the way we pay our taxes, it would go something like

this:

The first four men (the poorest) would pay nothing.

The fifth would pay $1.

The sixth would pay $3.

The seventh $7.

The eighth $12.

The ninth $18.

The tenth man (the richest) would pay $59.

So, that's what they decided to do.

The ten men ate dinner in the restaurant every day and seemed quite happy

with the arrangement, until one day, the owner threw them a curve.

"Since you are all such good customers," he said, "I'm going to reduce the

cost of your daily meal by $20."

So, now dinner for the ten only cost $80. The group still wanted to pay

their bill the way we pay our taxes.

So, the first four men were unaffected. They would still eat for free.

But what about the other six, the paying customers? How could they divvy up

the $20 windfall so that everyone would get his 'fair share'?

The six men realized that $20 divided by six is $3.33. But if they

subtracted that from everybody's share, then the fifth man and the sixth man

would each end up being 'PAID' to eat their meal.

So, the restaurant owner suggested that it would be fair to reduce each

man's bill by roughly the same amount, and he proceeded to work out the

amounts each should pay.

And so:

The fifth man, like the first four, now paid nothing (100% savings).

The sixth now paid $2 instead of $3 (33% savings).

The seventh now paid $5 instead of $7 (28% savings).

The eighth now paid $9 instead of $12 (25% savings).

The ninth now paid $14 instead of $18 (22% savings).

The tenth now paid $49 instead of $59 (16% savings).

Each of the six was better off than before. And the first four continued to

eat for free. But once outside the restaurant, the men began to compare

their savings.

"I only got a dollar out of the $20," declared the sixth man. He pointed to

the tenth man "but he got $10!"

"Yeah, that's right," exclaimed the fifth man. "I only saved a dollar, too.

It's unfair that he got ten times more than me!"

"That's true!!" shouted the seventh man. "Why should he get $10 back when I

got only $2? The wealthy get all the breaks!"

"Wait a minute," yelled the first four men in unison. "We didn't get

anything at all. The system exploits the poor!" The nine men surrounded the

tenth and beat him up.

The next night the tenth man didn't show up for dinner, so the nine sat down

and ate without him.

But when it came time to pay the bill, they discovered something important.

They didn't have enough money between all of them for even half of the bill!

And that, boys and girls, journalists and college professors, is how our tax

system works. The people who pay the highest taxes get the most benefit from

a tax reduction. Tax them too much, attack them for being wealthy, and they

just may not show up at the table anymore. There are lots of good

restaurants in Europe and the Caribbean.

David R. Kamerschen, Ph.D

Distinguished Professor of Economics

536 Brooks Hall

University of Georgia

[ZAP]

The Australian tax system punishes people who are sucessful.

I just found out today that we have to pay the F'ing state government payroll tax. This tax was designed by some genius that thought they would punish businesses for employing people. It is 6% on any wages over $600k, this now includes overtime and holiday pays. How dumb is that ?

We also get punished for making money. Not only am I a bloody tax collector for the federal government, but I have to pay 30+% company tax on my profits. Again, how dumb is that ?

The GST is a joke, I am all for a consumption tax, but all it has done is created a black economy. How many times do you get a 10% discount for cash ? I just wished I had a cash business so I can do some tax evasion...

Do not even get me started on personal tax, I am with Craig (Geea) on that subject. I will just be more pi$$ed if I get into this further.

The government can kiss and stick my taxes up their hole