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PacShady |
Latest page update: made by PacShady
, Mar 13 2008, 7:39 AM EDT
(about this update
About This Update
Moved from: Economy
- PacShady
No content added or deleted. - complete history) |
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Keyword tags:
GST
income tax
tax
tax cuts
More Info: links to this page
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| Started By | Thread Subject | Replies | Last Post | ||
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| almara | Tax Expenditure Only | 0 | Apr 21 2008, 11:48 PM EDT by almara | ||
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Thread started: Apr 21 2008, 11:48 PM EDT
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The sums were done prior to the commencement of GST - true statement. Consider - no state or federal taxes, have a flat GST with NO exemptions, what rate of GST would be required to equal the same cash collections? Answer - 2%. Why is rate so low? Because 60 % of all transactions are exempt. Pensioners will only be taxed once, on 2% of what they spend. It will help curb credit card spending. It should encourage savings. As an accountant (for 30 years), it will simplify the tax system state & federally in one stroke of the pen!! Diesel fule excise must drop 38 cents/litre. An immediate effect on inflation, as many of the items included in the basket of goods calculating changes in inflation, are distributed by trucks. I've been trying since late 1999 to get the above facts out amongs the community - papers & radio don't want to talk to me about it. PLEASE HELP AND GET THESE FACTS OUT AMONGST THE AUSTRALIAN PEOPLE PLEASE.
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| Anonymous | Introduce a Negative Income Tax | 17 | Apr 15 2008, 5:32 AM EDT by Anonymous | ||
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Thread started: Feb 27 2008, 4:50 PM EST
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It's ridiculous that people in as low as $6k start paying tax... and then receive it back in welfare. I propose we replace welfare with a negative income tax. You have 30% tax above $40K - and a 30% "negative tax" for amount below 40K. This works out similar to the basic wage idea someone else mentioned, but combines it with a tax system and a flat tax.
So... someone earning $0, would receive a negative income tax (NIT) of (30% x $40,000) = $12,000. Other earnings would be: Earn $10,000. Receive (30% x ($40K - $10K)) = $,9000 welfare Earn $25,000. Receive (30% x ($40K - $25K)) = $4,500 welfare Earn $40,000. Pay no tax, Receive no welfare. Earn $50,000. Pay (30% x ($50K - $40K)) = $3,000 tax Earn $100,000. Pay (30% x ($100K - $40L)) = $18,000 tax. You might want to play with the figures a bit - but even with a "flat rate" above 40K, you can see it's still a progressive tax, since someone on $50K pays 6% of their total income, whilst someone on $100K pays 18%. Yet the effective marginal rate of tax is the same for every dollar earned (ie, you either pay 30cents in tax, or lose 30 cents in welfare), so the incentive is the same for every dollar earned. |
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| Anonymous | Abolish income tax | 17 | Mar 7 2008, 6:38 AM EST by Anonymous | ||
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Thread started: Feb 25 2008, 7:19 PM EST
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Here is a simple but brilliant idea for the economy. Abolish the income tax. Its not needed, we never had one before the 20th century.
Without the income tax, the federal government would still have as much money to spend as it did in 1996 when John Howard took office. Employment would increase, people would be better equipped to save and have more money to spend on their own priorities (health, education) instead of getting bureaucrats to administer and spend it for them. Why should we punish success by taxing income ? It makes no sense whatsoever, and it forces people to work 40 or 50 years before they have a chance at retirement. |
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