mariacostel wrote on Dec 17
th, 2015 at 11:39am:
Bam wrote on Dec 17
th, 2015 at 9:35am:
If Morrison wants suggestions, here are some.
- Increase funding to the ATO for tax compliance, particularly corporate taxation.
- Abolish negative gearing.
- Abolish dividend imputation.
- Abolish tax concessions on superannuation contributions.
- Abolish tax concessions for self-funded retirees and pay everyone the full pension once they reach 70 years of age.
- Abolish CGT concession (tax capitals gains at the full rate).
- Abolish fossil fuel subsidies. Make renewable fuels free of excise for 10 years.
- Replace cash grants for drought assistance with HECS-style loans that must be repaid out of future farm earnings.
- Abolish the rebate for private health insurance.
- Crack down on tax avoidance by corporations by systematically and methodically closing all of the corporate tax loopholes that they currently exploit.
- For example: Require all companies that claim interest on debts to borrow that money from an Australian bank. If they do not, the interest rate on non-standard debts is deemed to be equal to the RBA cash rate (currently 2%).
- Crack down on employers rorting subsidies for employing long-term unemployed people.
- Introduce a company turnover tax equal to 2% of revenue.
That will do for a start ... it's about time we went after the top end of town for a change.
Why not get rid of child care rebates, family tax benefits, single parent payments for kids over 5. What about getting rid of the dole until out of work for 6 months?
That's not the top end of town, doofus. The wealthy have hardly felt any pain at Budget time for a generation. Why should the wealthy be spared the pain of fiscal restraint?
mariacostel wrote on Dec 17
th, 2015 at 11:39am:
As for your 'turnover tax', that is inequitable and ludicrous. The reason we have a profit tax is because turnover is unworkable. Supermarkets and discount stores work on low margin, high turnover and sometimes the margins are under 5%. Other companies sell low volume, high margin. It destroys the former group.
Yet they make large profits and somehow have a bare cupboard to show the taxman at tax time. It's not convincing.
mariacostel wrote on Dec 17
th, 2015 at 11:39am:
There is a reason no one does it.
We already have a tax on company turnover that is implemented as payroll tax in every state and territory. If we taxed turnover, we could axe payroll tax. A turnover tax is hardly inequitable if every company pays the same percentage. Payroll tax does not do this, it varies by state and territory and this adds to the compliance burden for companies.
The real inequity is a tax system that allows about one-third of our largest companies to pay no tax at all. Where's the equity there?
Find me a regime that implements turnover tax. Up until then, your stupidity stands all on its own. as if payroll tax is turnover tax!! I used to think you were moderately bright. Obviously, I overstated your IQ.