Victoria's 'socialist' budget to see land taxes 'go through the roof' Really?

That's my biggest issue. I would not have blinked an eye if taxes were even among all able and working Australians.

But of course no. The biggest consequence of these taxes will be paid by folks who more than likely have the money. And all because..... they have money. Every evening they go out to their gardens, sing a lullaby to their money trees and in the morning buckets of cash effortlessly appear.


Governments in general, but especially Labor will always unevenly tax the wealthy(ier) folks a lot more simply because they don't respect and appreciate why and how these folks became wealthy in the first place.

I don't mention the Greens as those dudes definitely been smokin hallucinogenic Cuban goodies since the beginning of time.

 

...and I just thought you picked that cash of trees without singing a lullaby?
You have stole my saying, I always say that to our kids, do you think I have a tree in my garden that I just pick infinite cash off?

 

When I was a young boy and asked for expensive things from my grandmother she used to say " what, you think I own the bank of China?!"

 

Welcome to the clan!
I often use this analogy with my younger family members.
Say you and I will receive $1 pay for planting trees in a day, within same time frame.
Say you want to plant many many many trees, you sweat your gut and tears, and you manage to plant 100 trees so you earn $100.00.
Whereas I am in no hurry I want to take it easy no sweat or tears for me so I decide 10 trees will do for me, so I earn $10.00.
But we now need to pay back in taxes for our hard work and let's assume you pay 50% tax and I pay say 10% tax.
So you are left with $50.00 whereas I am left with $9.00.
Makes sense right?
And all these young people say why, that's not fair?

 

Personally I think we should have an inheritance tax of some sort. One of more fairer taxes imo, along with land tax actually.

Controversial opinion on here I'm sure.

 

Any other?
I think everyone and every entity like businesses should pay tax. Let's make it 10% for everyone, whoever makes $1 and makes $1B. No expenses, nothing else.
That way everyone contributes fairly and in proportion. We would simplify tax laws and hence many jobs that administer all those tax rules.

 

I agree that's it's nice and good to have a stimulus, problem is it was way too much.
Land owners must now pay more tax.
Do the gov workers get asked to be more productive or remove the non productive?
As where is this tax going? To those who complain the most and produce the least?
And how many times do you tax the same money?
Also I think a higher level of home ownership = more stable economy. High taxes goes in the other direction.

The communist manifesto, by two who never had to work for a living, says that taxes must be scaled up according to earnings. Otherwise it's not fair.

And yet home ownership is diminuishing.
There's even a movement (FIRE) aimed at retiring at 40 with the minimum possible earnings barley covering expenses. Which means they will depend on gov for a lot of big expenses for 40yrs without paying any tax.

 

Mate, landlords "suffered" by losing out on profit. You are free to sell and take up other investments if property becomes unprofitable to you. In view of people who lost jobs/livelihoods all I can say to you is "cry me a river".

 

For some landlords that profit is their livelihoods. People who lost their jobs can also go out and get another job. Apparently there are significant staffing shortages in a number of industries right now, yet unemployment is still high.

See you can spin the story from many different angles to make your point.

Anyway I have wasted to much time in this thread. I’m going to go waste time in another thread.

 

2bn given to fuel refineries
billions to knock down and rebuild stadiums
double jobseeker no probs

but the "rich" need to pay their fair share. If you earn a bit above 200K you probably pay about 60%++ in taxes.. but somehow this is "fair"

 

i agree, a flat % tax on everyone would be the best arrangement. If the populous wants more government, then everyone needs to pay.

At the moment we have a perverse system where the majority of votes, vote to steal from the minority by increasing taxes on the upper % of income earners, in order to redistribute to themselves. Theft by "democracy"

 

Flat % tax on income arguably only fair if there's also a flat % tax on wealth. But since we generally don't have a tax on wealth, a progressively increasing income tax rate is how we deal with that.

But yeah, I'd be down with a flat % tax on income and wealth. But I imagine most people here wouldn't.

 

a tax on wealth makes no sense
You tax income
what remains, goes into "wealth"

then you want to tax it again? you are taxing post taxed income

Not to mention this is a property forum. If you have an asset portfolio of $10m, but generate free cashflow of $500K a year how can you afford to pay a wealth tax of 5%? or even 3%?

Even the lefty favourite country sweden abolished wealth and inheritance taxes

 

Lamords have nenefottedcrnotmously

Capital gains tax after a year holding asset is half the marginal rate. That is stupid, if we want to even thing up then start there.

 

ya, CGT should probably be 0. You tax income at the source, if i save and make a good investment (using post income tax dollars), why am i taxed again?

Governments across the world recognise that jobs come from capital investment. And the masses need jobs. so they give you a tax break. Most governments give you added incentive via zero capital gains for a lot of investments. e.g. australia gives you zero CGT if you invest in an early stage company via the program known as ESIC

Not to mention a large part of capital gains is simply inflation

If we are interested in "even"ing up the tax code we need to cut taxes for people across the board. Not punitively raise them

 

Its not taxed twice, the tax is paid on the GROWTH only, not what was previously earned. Kind of the same as you have to pay tax on dividends and interest on cash.

 

yes sir, i understand how the capital gains are currently taxed

but its going to be hard to convince a libertarian to punitively increase taxes especially in an area where society derives much of its progress from

 

That's because libertarians generally whinge about taxes that affect them personally and ignore most of the benefits that they use that are paid for by taxes.

Personal income taxes account for 50% of govt tax revenue. If you drop to a flat rate what programs are you going to cut to avoid a structural deficit?

 

No, libertarians believe in a limited government that doesnt take from one group and redistribute to others in order to win votes. Its a novel concept where if you want something, you pay for it

In terms of cuts you can start with not giving $2bn to ampol

 

Is that it? What does limited govt look like? There must be some pretty normal services on the chopping block if your going to cut revenue that much.