Quote:http://www.ato.gov.au/individuals/ Quote:Taxable income/Tax on this income
1985–86
$0–$4,594 = Nil
$35,000 and over = $11,346.25 + 60 cents for each $1 over $35,000
2000-01
$1 - $6,000 = Nil
$60,001 and over = $15,580 + 47 cents for each $1 over $60,000
2009–10
0 – $6,000 = Nil
$180,001 and over = $55,850 plus 45c for each $1 over $180,000
2010–11
0 – $6,000 = Nil
$180,001 and over = $54,550 plus 45c for each $1 over $180,000
What's right and wrong with the above trends!?
How can it be that the tax-free threshold barely moved in a 1/4 century - and certainly didn't get indexed for inflation - but the threshold for the top marginal rate was dramatically increased and, to add insult to injury to 97% of Australians, the top rate was also dramatically lowered for the elite 3%!?
Now, add to this the dramatic polarisation of income and wealth over the past 1/4 century - and compound the inequity by the introduction of the regressive GST from 2000, the patently inequitable 15% Superannuation Tax Concessions Scam and a range of other effectively-exclusive WEALTHfare handouts....
How is it that we have allowed our pollies to make our income tax and transfer systems so much more regressive!?!?!?!?