Australian Politics Forum - Unfair Morrison Tax Plan Will Cost All Of Us

juliar

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Re: Unfair Morrison Tax Plan Will Cost All Of Us
Reply #30 - Jul 9^th, 2019 at 10:43am

The reclusive inarticulate union propaganda parrot BlackDay is trying to sound intelligent but is really just squawking GetUp! propaganda.

Labor's planned huge increases in tax would have hit Australians very hard.

All Australians should give thanks to GOD ABOVE that Shorty did not get in.

Now Albo is trying to wriggle out from under the silly lying rubbish Shorty took to the election and which got him dumped.

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juliar

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Re: Unfair Morrison Tax Plan Will Cost All Of Us
Reply #31 - Jul 9^th, 2019 at 11:01am

Now side stepping the GetUp! propaganda and looking at the TRUTH.

One shudders to think of the devastating effect on Australians that Labor's planned huge tax increases would have caused.

Biggest Tax Shake-Up in a Decade Will Benefit 10 Million Australians
By Jason Scott July 4, 2019, 9:45 AM GMT+10 Updated on July 4, 2019, 7:57 PM GMT+10

Australian Prime Minister Scott Morrison secured the most sweeping changes to the nation’s tax system in more than a decade, delivering a major legislative victory for his newly elected government and injecting stimulus into the slowing economy.

Parliament on Thursday passed legislation that will bring A$158 billion ($111 billion) of income tax relief to more than 10 million workers and fulfill a pledge that was the cornerstone of Morrison’s bid for re-election in the May 18 ballot.

Scott Morrison on July 4.Photographer: Mark Graham/Bloomberg

“Low- and middle-income earners will keep more of what they earn and have more money in their pockets,” Morrison said in a statement after the legislation was passed. “This will ultimately boost household consumption, which will be good for the overall economy.”

Conservative Hero Faces Reality of Australia’s Faltering Economy

The cuts will be phased in and by 2024-25, new streamlined brackets will ensure 94% of Australians pay 30% income tax or less. The package includes immediate rebates of as much as A$1,080 for low- and middle-income earners, a much-needed sugar hit for the faltering economy that will be welcomed by the central bank.

Beyond the tax cuts and previously announced infrastructure spending, the policy agenda for the third-term government looks thin, other than tackling red tape and a review industrial relations laws to crack down on union corruption. Reserve Bank of Australia Governor Philip Lowe is urging the government to consider stronger action including increased infrastructure investment and structural reforms.

“There are options other than monetary easing for putting us on a better path,” Lowe said on Tuesday after the central bank cut interest rates to a record-low 1%. “We will achieve better outcomes for society as a whole if the various arms of public policy are all pointing in the same direction.”

Mathias Cormann in the Senate on July 4, 2019.Photographer: Mark Graham/Bloomberg

Lowe’s sense of urgency has been stoked by a litany of data that shows Australia is on track to record its weakest fiscal year since the last recession in 1991, dragged down by record household debt, moribund wages and two years of tumbling housing prices.

The Labor opposition is calling for the government to speed up the cuts instead of waiting until 2022-23, while there are concerns a loss in tax revenue may result in less spending on public services, especially if economic conditions further deteriorate.

The legislation ensures the top income tax rate of 45% kicks in at A$200,000 instead of the current A$180,000, and removes the 32.5% rate. By 2024-25, there will be three brackets:

The Australian Council of Social Service, a group that lobbies for poverty reduction, welcomed the immediate rebate, which will see those earning between A$48,000 and A$90,000 getting A$1,080 of relief.

Still, in a statement earlier this week, it labeled the long-term tax cuts as “too expensive, too risky, too unfair, and too late.”

https://www.bloomberg.com/news/articles/2019-07-03/morrison-eyes-early-win-with-...

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Dnarever

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Re: Unfair Morrison Tax Plan Will Cost All Of Us
Reply #32 - Jul 9^th, 2019 at 8:18pm

juliar wrote on Jul 9^th, 2019 at 10:43am:

The reclusive inarticulate union propaganda parrot BlackDay is trying to sound intelligent but is really just squawking GetUp! propaganda.

Labor's planned huge increases in tax would have hit Australians very hard.

All Australians should give thanks to GOD ABOVE that Shorty did not get in.

Now Albo is trying to wriggle out from under the silly lying rubbish Shorty took to the election and which got him dumped.

Quote:

The reclusive inarticulate union propaganda parrot BlackDay is trying to sound intelligent but is really just squawking GetUp! propaganda.

The good news is that if you are not trying to sound intelligent you are succeeding.

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Dnarever Gold Member Offline Australian Politics Posts: 58069 Here Gender:	Re: Unfair Morrison Tax Plan Will Cost All Of Us Reply #33 - Jul 9^th, 2019 at 8:37pm fail
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John Smith

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Re: Unfair Morrison Tax Plan Will Cost All Of Us
Reply #34 - Jul 10^th, 2019 at 5:07pm

Quote:

NAB warns tax cuts won't deliver much economic boost

National Australia Bank modelling has cast doubt on the belief the tax refunds that will soon start flowing into taxpayers' bank accounts will stimulate the economy in a meaningful way.

The Government's tax cuts passed through Parliament last week, with stage one soon to be seen in bank accounts as people lodge their tax returns.

On past behaviour, UBS economists estimate that half the returns will be lodged by the end of September, another quarter by the end of this year and the remaining quarter over the first half of 2020.

Treasurer Josh Frydenberg is hoping taxpayers will pass much of the cash they receive straight into the tills of their local stores.

"I'm very confident this money will be used to ensure greater economic activity. It will be used at the local shop. It will be supporting local employers and local businesses," he said.

"There are a number of things that are happening together with these tax cuts that will continue to see strong economic activity across the Australian economy."

But NAB's economists, using similar modelling to Treasury and the Reserve Bank, predict that the $7.5 billion in tax offsets is likely to have "only a marginal effect on the economy".

NAB's chief economist Alan Oster said the amount of cash being splashed was small in a roughly $2 trillion economy.

"So it's about 0.3 per cent of the economy, in terms of the cash," he told The Business.

"When we run our macro[economic] models we get very small impacts there, because half the money gets spent, half gets saved."

Economists at UBS expect that retailer sales could be about 1.1 percentage points higher than they would be otherwise over the next year.

"Based on the 08/09 cash handouts, we assume 50 per cent of these tax cuts will be spent on retail (with likely another 20 per cent on other non-retail consumption)," UBS noted.

"Following cash handouts in 08/09, clothing, department stores, and eating out showed the largest improvement. A similar pattern could be expected with 'windfall' money spent on discretionary consumption."

In a recent analysis, ANZ's economic team suggested that retail may not see as much of the cash as it did back in 2008/09.

https://www.abc.net.au/news/2019-07-10/tax-cuts-wont-deliver-much-economic-boost...

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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.

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Dnarever

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Re: Unfair Morrison Tax Plan Will Cost All Of Us
Reply #35 - Jul 10^th, 2019 at 7:44pm

John Smith wrote on Jul 10^th, 2019 at 5:07pm:

Quote:

NAB warns tax cuts won't deliver much economic boost

National Australia Bank modelling has cast doubt on the belief the tax refunds that will soon start flowing into taxpayers' bank accounts will stimulate the economy in a meaningful way.

The Government's tax cuts passed through Parliament last week, with stage one soon to be seen in bank accounts as people lodge their tax returns.

On past behaviour, UBS economists estimate that half the returns will be lodged by the end of September, another quarter by the end of this year and the remaining quarter over the first half of 2020.

Treasurer Josh Frydenberg is hoping taxpayers will pass much of the cash they receive straight into the tills of their local stores.

"I'm very confident this money will be used to ensure greater economic activity. It will be used at the local shop. It will be supporting local employers and local businesses," he said.

"There are a number of things that are happening together with these tax cuts that will continue to see strong economic activity across the Australian economy."

But NAB's economists, using similar modelling to Treasury and the Reserve Bank, predict that the $7.5 billion in tax offsets is likely to have "only a marginal effect on the economy".

NAB's chief economist Alan Oster said the amount of cash being splashed was small in a roughly $2 trillion economy.

"So it's about 0.3 per cent of the economy, in terms of the cash," he told The Business.

"When we run our macro[economic] models we get very small impacts there, because half the money gets spent, half gets saved."

Economists at UBS expect that retailer sales could be about 1.1 percentage points higher than they would be otherwise over the next year.

"Based on the 08/09 cash handouts, we assume 50 per cent of these tax cuts will be spent on retail (with likely another 20 per cent on other non-retail consumption)," UBS noted.

"Following cash handouts in 08/09, clothing, department stores, and eating out showed the largest improvement. A similar pattern could be expected with 'windfall' money spent on discretionary consumption."

In a recent analysis, ANZ's economic team suggested that retail may not see as much of the cash as it did back in 2008/09.

https://www.abc.net.au/news/2019-07-10/tax-cuts-wont-deliver-much-economic-boost...

Were the conservative supporters not telling us in 2009 that it was all going to be spent on Asian TV's and on the Pokies ?

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Dnarever

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Re: Unfair Morrison Tax Plan Will Cost All Of Us
Reply #36 - Jul 10^th, 2019 at 7:47pm

John Smith wrote on Jul 10^th, 2019 at 5:07pm:

Quote:

NAB warns tax cuts won't deliver much economic boost

National Australia Bank modelling has cast doubt on the belief the tax refunds that will soon start flowing into taxpayers' bank accounts will stimulate the economy in a meaningful way.

The Government's tax cuts passed through Parliament last week, with stage one soon to be seen in bank accounts as people lodge their tax returns.

On past behaviour, UBS economists estimate that half the returns will be lodged by the end of September, another quarter by the end of this year and the remaining quarter over the first half of 2020.

Treasurer Josh Frydenberg is hoping taxpayers will pass much of the cash they receive straight into the tills of their local stores.

"I'm very confident this money will be used to ensure greater economic activity. It will be used at the local shop. It will be supporting local employers and local businesses," he said.

"There are a number of things that are happening together with these tax cuts that will continue to see strong economic activity across the Australian economy."

But NAB's economists, using similar modelling to Treasury and the Reserve Bank, predict that the $7.5 billion in tax offsets is likely to have "only a marginal effect on the economy".

NAB's chief economist Alan Oster said the amount of cash being splashed was small in a roughly $2 trillion economy.

"So it's about 0.3 per cent of the economy, in terms of the cash," he told The Business.

"When we run our macro[economic] models we get very small impacts there, because half the money gets spent, half gets saved."

Economists at UBS expect that retailer sales could be about 1.1 percentage points higher than they would be otherwise over the next year.

"Based on the 08/09 cash handouts, we assume 50 per cent of these tax cuts will be spent on retail (with likely another 20 per cent on other non-retail consumption)," UBS noted.

"Following cash handouts in 08/09, clothing, department stores, and eating out showed the largest improvement. A similar pattern could be expected with 'windfall' money spent on discretionary consumption."

In a recent analysis, ANZ's economic team suggested that retail may not see as much of the cash as it did back in 2008/09.

https://www.abc.net.au/news/2019-07-10/tax-cuts-wont-deliver-much-economic-boost...

Quote:

"I'm very confident this money will be used to ensure greater economic activity. It will be used at the local shop. It will be supporting local employers and local businesses," he said.

Yet the biggest government effort was to get the parts passed that will cost us 100 X more than this first instalment and will give none of these benefits.

What they really wanted does not help at all.

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John Smith Gold Member Offline Australian Politics Posts: 74217 Gender:	Re: Unfair Morrison Tax Plan Will Cost All Of Us Reply #37 - Jul 11^th, 2019 at 6:23pm Dnarever wrote on Jul 10^th, 2019 at 7:44pm: Were the conservative supporters not telling us in 2009 that it was all going to be spent on Asian TV's and on the Pokies ? possible. I stopped listening to any claims by the libs. I'll start listening once I get my $550 bucks.
Back to top	Our esteemed leader: I hope that bitch who was running their brothels for them gets raped with a cactus. IP Logged

stunspore Gold Member Offline Australian Politics Posts: 5094 Gender:	Re: Unfair Morrison Tax Plan Will Cost All Of Us Reply #38 - Jul 11^th, 2019 at 6:55pm I'm glad the pensioners get their just desserts with the Coalition. Sure, some would have voted for ALP, but if they couldn't explain to their fellow pensioners the coalition lies, they might as well share in common misery.
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macman

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Re: Unfair Morrison Tax Plan Will Cost All Of Us
Reply #39 - Jul 12^th, 2019 at 9:14am

stunspore wrote on Jul 11^th, 2019 at 6:55pm:

I'm glad the pensioners get their just desserts with the Coalition. Sure, some would have voted for ALP, but if they couldn't explain to their fellow pensioners the coalition lies, they might as well share in common misery.

Not all. I'm a pensioner in Gilmore electorate and the pensioner vote was responsible for the libs finally getting the boot. Just hope they hang tough next election.

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Bam

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Re: Unfair Morrison Tax Plan Will Cost All Of Us
Reply #40 - Jul 12^th, 2019 at 9:55am

macman wrote on Jul 12^th, 2019 at 9:14am:

stunspore wrote on Jul 11^th, 2019 at 6:55pm:

I'm glad the pensioners get their just desserts with the Coalition. Sure, some would have voted for ALP, but if they couldn't explain to their fellow pensioners the coalition lies, they might as well share in common misery.

Not all. I'm a pensioner in Gilmore electorate and the pensioner vote was responsible for the libs finally getting the boot. Just hope they hang tough next election.

I hope they survive. The Libs are quietly trying to kill off as many vulnerable, non-Lib-voting people as they can. Pensioners can't vote against the government if they've frozen to death in an unheated home.

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You are not entitled to your opinion. You are only entitled to hold opinions that you can defend through sound, reasoned argument.

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juliar Gold Member Offline Australian Politics Posts: 22966	Re: Unfair Morrison Tax Plan Will Cost All Of Us Reply #41 - Jul 12^th, 2019 at 11:36am Nothing compared to the hurt and agony that Labor's planned huge tax increases on everybody would have caused.
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Captain Nemo

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Re: Unfair Morrison Tax Plan Will Cost All Of Us
Reply #42 - Jul 12^th, 2019 at 1:07pm

stunspore wrote on Jul 11^th, 2019 at 6:55pm:

I'm glad the pensioners get their just desserts with the Coalition. Sure, some would have voted for ALP, but if they couldn't explain to their fellow pensioners the coalition lies, they might as well share in common misery.

There will be an adjustment to the deeming rate and pensioners receive an increase to the pension on a regular basis.

Not to say that life isn't tough for pensioners .... it is.

On the other hand: half price car rego, cheap medicines, discounts on gas; water; public transport and electricity, bulk-billed doctor visits ...

Things could be worse.

We could be living in Greece for example ... or North Korea! Shocked

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The 2025 election could be a shocker.

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juliar

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Re: Unfair Morrison Tax Plan Will Cost All Of Us
Reply #43 - Jul 12^th, 2019 at 1:10pm

Yes Capt N but if the Labor Socialist Demons had gotten in retirees and pensioners would be living on the street by now after the Brutal Labor Butchers swung the axe.

The Brutal Labor Butchers plan to ease hospital bed shortages was to introduce euthanasia.

Not to mention their planned Death Tax and Retiree Tax.

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stunspore

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Re: Unfair Morrison Tax Plan Will Cost All Of Us
Reply #44 - Jul 12^th, 2019 at 1:32pm

juliar wrote on Jul 12^th, 2019 at 1:10pm:

Yes Capt N but if the Labor Socialist Demons had gotten in retirees and pensioners would be living on the street by now after the Brutal Labor Butchers swung the axe.

The Brutal Labor Butchers plan to ease hospital bed shortages was to introduce euthanasia.

Not to mention their planned Death Tax and Retiree Tax.

Reduced to hypotheticals and "what-ifs".
Right now, Coalition in charge and pensioners in trouble (though not for long, they don't have long to wait).

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