All the tax whingers

My whinge about tax.

After reviewing the latest round of reporting from the direct shares I hold, the amount of $’s that will ultimately flow through to me from Job Keeper is a bloody disgrace. I didn’t/don’t even have a bloody job FFS.

Business did not need the amount of stimulus that they have directly received. The financial response to the pandemic has been another bloody big transfer of wealth to capital.

How long now have wages been stagnate?? Oh wait there I think I can hear a trickle……… No sorry that’s just the privileged wealth holders ******* themselves with laughter.

 

Company profits tax is just an intermediary tax, for the most part company profits get taxed at the personal rate of its respective share holders (unless profits are retained by the company permanently).

Nothing is given, the same system which sees those paying 47% on dividends (ie paying extra over the 27.5%/30%), also sees those with $1.6m in super paying $0 tax in the pension phase.

Franking credits aren't the "enemy" here. Super needs a rethink imo.

 

I agree. I'm not opposed to franking credits being treated in accordance with one's marginal tax rate. It's those that get franking credit refunds on tax-free income in super pension phase that's the big issue for me.

 

There are flaws in the way jobkeeper was implemented, and there are certainly businesses that exploited it, but I am loath to criticise it because it did exactly what is was supposed to do - it got cash into the hands of those who would spend it, via a route that would support businesses staying viable. That businesses profiteered off it is not surprising, but to be able to implement a support package quickly and effectively meant there were a number of potential loopholes. I can live with that, and now jobkeeper is being wound back, which is fine.

What is amusing is that this demonstrated exactly that trickle down economics does not work, but trickle up economics does - it baffles me that certain people complain about welfare, when it is evident that putting cash in the hands of those that spend it obviously benefits the businesses and upper tax brackets as well.

 

I propose a simple fair solution, every one pays a %, say 10% of all income generated even the $10.00 earner as well as the $5M earner, every corporation too, etc.... 10% equally between all population and all entities, that way we all feel we contribute to our society, the poorest to the richest, we need an actuary to see if that would be enough revenue?
However, I doubt this will happen, imagine the job losses in public sector, all those tax rules and laws and regulations out they go, etc....?

 

Combine it with a UBI and you might be on to something. Imagine all the savings not having to pay compensation for the the likes of the robodebt debacle, or screening/monitoring/enforcing welfare issues.

 

But really... wouldn't all then feel they contribute in some way to our society as a whole?
Also, no expenses would be tax deductible, all just pay 10%. To simple then right?

 

I don’t think you get where I’m coming from.

I don’t have a problem at all with the wage subsidy side of it. But it didn’t really do that broad enough to be equitable. To the extent it subsided wages of those that couldn’t work it was great.

To the extent that it was actually a business subsidy and the rules allowed for subsidy of wages even when staff had resumed productive employment it was more problematic

I don’t think too many businesses exploited it illegally. They just followed the rules. Some have handed it back because the rules were a joke and they have returned it on moral grounds. Many haven’t.

As you say the trickle up part of it worked. Many businesses recovered and matched or bettered previous revenues and it is these businesses where they still legitimately qualified for Jobkeeper that have had the windfall of their payroll being heavily subsidised when not needed. It flows through to the bottom line and out the door as dividends or into retained earnings and asset pricing.

I don’t work, but back of envelope Jobkeeper will flow 100K+ cash to me from business that received it and didn’t need the direct support. That’s without counting the support to revenue from the trickle up effect of true wage replacement. Then there’s the asset price impact from retained earnings which will be even greater.

Why we havn’t supported everybody that was required to stop working for as long as they were required to stop working in this pandemic perplexes me.

Why we have paid some businesses wage bill for people that could work also perplexes me.

We could have easily supported (and still be) supporting “full” wage replacement for those that can’t work if the policy didn’t waste so much in windfall profits to Businesses where revenue returned.

Anyrate – obviously I’m in the wrong thread, seems I’m meant to be whinging about tax paid not about receiving backdoor transfers to my wealth.

 

That was my point .... we collect no revenue whatsoever in those situations. Its madness.

 

The concept of imputation is fine. I dont believe double dipping should occur. Of course shareholders should not pay tax that a company has already paid. My issue is where we refund company tax to people beyond the point their taxable income is reduced to NIL. No revenue is collected whatsoever... its a totally excessive vote buying policy from Johnny from back in the day, and we cant afford it .

As far as super goes, that's a big can of worms for another day.

 

And they had the nerve to complain about waste associated with building school halls.

 

IMHO there are hard working people (lots of them), smart people (a few of them) and hard working smart people (very few of them).

Maybe, @Sackie is one of those very few hard-working-smart people?

 

The cheque is in the mail mate

 

You have my bank account details - just EFT the funds please .

 

Is that 10% GST (Grovel and Suckup Tax)?

 

I believe my friend is just messing around and being nice.

Nothing on earth could make @kierank grovel or suck up to anyone.

 

Wrong.

You haven’t seen me with the wife (of 40 years) .

 

GETTING READY TO PAY MORE TAX, SO WE CAN SUBSIDIZE ALL THOSE THAT PAY NO TAX

 

?????
You mean those that get housing and "their money" fortnightly

 

What’s wrong with that?